reports
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
HEIA HEINEKEN NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
ABB ABB LTD.
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
OR L'OREAL SA
SCHP SCHINDLER HOLDING AG PREF
EZJ EASYJET PLC
VOD VODAFONE GROUP PLC
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AGN AEGON N.V.
- Pierre Tegner
L'Oreal : Very robust Q1 wrong-foots recent caution
>Q1 set to go down well on two counts. Target price upgraded to € 416 – Neutral rating maintained on a very high-quality stock - We maintain our Neutral rating on a very high-quality stock, with a higher target price of € 416. The major surprise in Q1 in organic terms is likely to be well received on two counts; a cautious stance had been adopted over the last few weeks given the marked slowdown in the beauty market and L’Oréal’s Q1 clearly beat expectations, with org...
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
HEIA HEINEKEN NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
ABB ABB LTD.
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
OR L'OREAL SA
SCHP SCHINDLER HOLDING AG PREF
EZJ EASYJET PLC
VOD VODAFONE GROUP PLC
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AGN AEGON N.V.
- Pierre Tegner
L'Oréal : Un T1 très dynamique qui prend à contre-pied la prudence réc...
>Un T1 qui devrait être doublement bien accueilli. OC relevé à 416 €- Neutre maintenu sur une valeur de très grande qualité - Neutre maintenu sur une valeur de très grande qualité avec un OC relevé à 416 €. La très forte surprise du T1 en organique devrait être doublement bien accueillie ; la prudence était de mise depuis quelques semaines vis-à-vis d’un fort ralentissement du marché de la beauté et le T1 de L’Oréal ressort clairement au-dessus des attentes avec une c...
- Loic Morvan
- Paul Rouviere
L'Oréal reports encouraging Q1 2024 sales figures
L'Oréal's Q1 sales were above market expectations. Excluding a technical one-off positive impact, sales grew 8.1% lfl over the quarter (consensus: +6.4%) thanks to strong performances in the mass market and Derma Beauty divisions. L'Oréal continued to outperform a still dynamic beauty market (+6%).
- Arancha Pineiro
- Research Department
INFORME DIARIO 19 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY. EUROPA: ESSILORLUXOTTICA, L’ORÉAL, SCHNEIDER ELECTRIC. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex vuelve a ser el mejor de Eurozona Sesión sin referencias macroeconómicas importantes, pendientes de la tensión en Oriente M...
First quarter 2024 sales
First quarter 2024 sales A very good start to the year High single digit rhythm maintained Sales: 11.24 billion euros, +9.4% like-for-like1, +8.3% reported.First quarter sales included a positive 130 million euro phasing impact ahead of the implementation of new IT systems in North America. Adjusted like-for-like growth amounted to a strong +8.1%.Continued outperformance in a global beauty market that remained dynamic.All Divisions grew with stellar performances from the Consumer Products and Dermatological Beauty DivisionsParticularly remarkable growth...
Chiffre d’affaires du 1er trimestre 2024
Chiffre d’affaires du 1er trimestre 2024 TRÈS BON DÉBUT D’ANNÉEMAINTIEN D’UN RYTHME DE CROISSANCE SOUTENU Chiffre d’affaires : 11,24 milliards d’euros, + 9,4 % en comparable1, + 8,3 % en publié.Les ventes du 1er trimestre incluent un impact favorable de phasage en Amérique du Nord de 130 millions d’euros lié à la mise en place de nouveaux systèmes informatiques. La croissance ajustée à données comparables est forte à + 8,1 %.Surperformance continue dans un marché mondial de la beauté qui reste dynamique.Croissance dans toutes les Divisions, avec des performances spectaculaires d...
LVMH 2023 Dividend
LVMH 2023 Dividend Paris, Thursday, April 18th, 2024 At the Annual Shareholders’ Meeting of LVMH Moët Hennessy Louis Vuitton held on Thursday, April 18th, 2024, approval was given for the payment of a dividend for financial year 2023 of 13.00 Euros per share. Taking into account the 5.50 Euros paid on Wednesday, December 6th, 2023, the balance of 7.50 Euros will be paid on Thursday, April 25th, 2024. The last trading day with dividend rights is Monday, April 22nd, 2024. LVMHLVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & ...
- Jean Danjou
ODDO : March down in double digit leads to a -6.3% decline in Q1 for S...
>Swiss watch exports: March down -16.1% leads to a Q1 at -6.3% y-o-y (luxury category also negative over the quarter at -2.8%) - - Over March 2024, exports amounted to CHF 2,002m down 16.1% y-o-y after -3.6% in February and +3.1% in January. This is a very weak figure but was obviously impacted to a good extent by a negative working days effect. On the whole, Q1 was down -6.3% (as a reminder: Q4 2023 witnessed +4.7% growth, FY 2023 growth ended at +7.6%). The l...
- Jean Danjou
ODDO : March down in double digit leads to a -6.3% decline in Q1 for S...
>Swiss watch exports: March down -16.1% leads to a Q1 at -6.3% y-o-y (luxury category also negative over the quarter at -2.8%) - - Over March 2024, exports amounted to CHF 2,002m down 16.1% y-o-y after -3.6% in February and +3.1% in January. This is a very weak figure but was obviously impacted to a good extent by a negative working days effect. On the whole, Q1 was down -6.3% (as a reminder: Q4 2023 witnessed +4.7% growth, FY 2023 growth ended at +7.6%). The l...
- Carole Braudeau
- Carole Braudeau
- Salome Charamalet
- Stefano Toffano
- Salome Charamalet
- Stefano Toffano
- Jean Danjou
LVMH : What’s surprising about Q1 is the lack of any real surprises
>Organic growth in the quarter reflects the slowdown that was expected - Compared to H2 2023 when it was close to 10%, the group’s organic growth slowed to +3% for Q1 2024, with reported sales of € 20.694bn (reported growth of -2%). We had expected organic growth of +2.8% based on sales of € 20.88bn and the pre-announcement Factset consensus showed a sales estimate of close to € 21.029bn. Depending on forex and scope effects, the release is in line. Indeed, there is ...
- Jean Danjou
LVMH : La surprise du T1, c’est l’absence de vraies surprises
> La croissance organique sur le trimestre reflète le ralentissement qui était anticipé - Après un second semestre 2023 où elle s’affichait proche de 10%, la croissance organique du groupe ralentit à +3% pour le T1 2024 avec un CA publié à 20 694 M€ (croissance en publié à -2%). Nous attendions une croissance organique de 2.8% sur la base d’un CA de 20 880 M€ et le consensus FactSet avant publication faisait ressortir une estimation de CA voisine à 21 029 M€. Aux chan...
LVMH achieves 3% organic revenue growth in the first quarter
LVMH achieves 3% organic revenue growth in the first quarter Paris, April 16th, 2024 LVMH Moët Hennessy Louis Vuitton, the world leader in high-quality products, recorded revenue of €20.7 billion in the first quarter of 2024. Organic revenue growth came to 3%. LVMH had a good start to the year despite a geopolitical and economic environment that remains uncertain.Europe and the United States achieved growth on a constant currency and consolidation scope basis over the quarter; Japan recorded double-digit revenue growth; the rest of Asia reflected the strong growth in spending by Chin...
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/04/2024
The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAP SAP SE
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