reports
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2024
EPS growth prospects are brighter in the US than in Europe, which is justified given the differential in the growth and inflation outlook between the two regions. However, the adjustment that has taken place on EPS in Europe is a positive factor: we are now "at the price" ahead of the cyclical recovery that is taking shape for the rest of 2024. Sector-wise, the ongoing upward revision of EPS in travel & leisure, banks and media is expected to continue apace and provide support for sec...
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HFG HELLOFRESH SE
KBX KNORR-BREMSE AG
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/04/2024
Les perspectives de croissance des BPA sont supérieures aux Etats-Unis qu’en Europe, ce qui est justifié étant donné le différentiel de perspectives de croissance et d’inflation entre les deux zones. L’ajustement qui a eu lieu sur les BPA en Europe est toutefois un facteur positif : nous sommes désormais « au prix » avant la reprise cyclique qui se dessine pour la suite de 2024. Sectoriellement, la révision à la hausse en cours des BPA sur le Travel & Leisure, les banques et les Media...
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HFG HELLOFRESH SE
KBX KNORR-BREMSE AG
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: what we know, what we need - At least we now know with good precision what we need in order for the sector’s perception to improve again. Reporting Q1 sales that featured 2% growth at cc for its soft luxury division, LVMH indicated that over the quarter spending from the Chinese cluster grew 10% while the local demand from Europeans, Americans and Japanese taken together was down in low single digit. To get to the reacceleration, we and the consens...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: what we know, what we need - At least we now know with good precision what we need in order for the sector’s perception to improve again. Reporting Q1 sales that featured 2% growth at cc for its soft luxury division, LVMH indicated that over the quarter spending from the Chinese cluster grew 10% while the local demand from Europeans, Americans and Japanese taken together was down in low single digit. To get to the reacceleration, we and the consens...
- 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.
- 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.
- Oscar Rodriguez
- Jean Danjou
EssilorLuxottica : Beyond the negative forex effects, solid growth and...
>Growth above 5% in Q1 on cc but negative forex effect reaches 250bp - The group reported Q1 growth of +3% or +5.5% on cc for sales of € 6.335bn. We forecast € 6.346bn reflecting y-o-y growth of 3.2% and 4.7% on cc, while the FactSet consensus saw sales of € 6.394bn with similar growth on cc. The pace of growth on cc weakened only slightly relative to the level of just above 6% seen in H2 2023 and despite a tough comparison base (two-year growth at over 20% in Q1 20...
- Jean Danjou
EssilorLuxottica : Au-delà d’effets changes négatifs, une croissance s...
>Croissance au-dessus de 5% au T1 à tcc mais l’effet changes négatif atteint 250 pb - La croissance publiée par le groupe au titre du T1 s’élève à +3% soit +5.5% à tcc pour un CA à 6335 M€. Nous tablions sur 6346 M€ reflétant une croissance y/y de 3.2% et de 4.7% à tcc , le consensus FactSet montrait un CA à 6394 M€ avec une croissance à tcc similaire. Le rythme de croissance à tcc ne s’affaiblit que légèrement par rapport au niveau lég. au-dessus de 6% observé sur ...
- 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...
EssilorLuxottica: Q1 2024 Revenue - Solid revenue trend in the first q...
EssilorLuxottica: Q1 2024 Revenue - Solid revenue trend in the first quarter Q1 2024 Revenue Solid revenue trend in the first quarter Q1 revenue up 5.5% at constant exchange rates1All the regions growing, in both PS and DTC channelsAlso North America positive, on a softer paceStrong growth in EMEA, across all channels and categoriesProduct innovation and new brands as a key growth factor, driving price/mix upVarilux, Stellest and Ray-Ban Meta continuing to accelerate Charenton-le-Pont, France (April 18, 2024 - 6:00 pm) – EssilorLuxottica announced today that consolidated revenue for the ...
EssilorLuxottica: Fatturato del primo trimestre 2024 - Solida traietto...
EssilorLuxottica: Fatturato del primo trimestre 2024 - Solida traiettoria di crescita del fatturato nel primo trimestre Fatturato del primo trimestre 2024 Solida traiettoria di crescita del fatturato nel primo trimestre Fatturato del primo trimestre in aumento del 5,5% a cambi costanti1Tutte le aree geografiche in crescita, in entrambi i segmenti Professional Solutions e Direct to ConsumerIl Nord America positivo con un ritmo meno sostenutoEMEA in forte crescita in tutti i canali e le categorie Innovazione di prodotto e nuovi brand fattori chiave della crescita, portando a un migliorament...
- 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...
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/15/2024
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
- 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
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: no party planned this earnings season - If the most recent trends for luxury stocks are to be taken seriously, expectations related to the coming Q1 earnings season must have been seriously downgraded over the last weeks. The sector as a whole now witnesses a YTD gain below 10% and modestly above the one visible on the Stoxx 600; Hermès aside, it is trading at a discount versus pre-Covid. If a few franchises with above average brand momentum and/or...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: no party planned this earnings season - If the most recent trends for luxury stocks are to be taken seriously, expectations related to the coming Q1 earnings season must have been seriously downgraded over the last weeks. The sector as a whole now witnesses a YTD gain below 10% and modestly above the one visible on the Stoxx 600; Hermès aside, it is trading at a discount versus pre-Covid. If a few franchises with above average brand momentum and/or...
EssilorLuxottica closes the acquisition of Washin to grow its optical ...
EssilorLuxottica closes the acquisition of Washin to grow its optical retail presence in Japan EssilorLuxottica closes the acquisition of Washinto grow its optical retail presence in Japan Complementing its investment in ‘made in Japan’ manufacturing, the transaction confirms the Group’s commitment to further elevate vision care in the region Charenton-le-Pont, France (April 9, 2024) – Luxottica Japan, part of EssilorLuxottica, closed the acquisition of Washin Optical Co., Ltd., a Japanese optical retail player counting approximately 70 direct stores in the country with a strong heritage ...
EssilorLuxottica finalise l'acquisition de Washin et renforce sa prése...
EssilorLuxottica finalise l'acquisition de Washin et renforce sa présence dans la distribution optique au Japon EssilorLuxottica finalise l'acquisition de Washinet renforce sa présence dans la distribution optique au Japon Cette opération complète les investissements du Groupe dans la fabrication « Made in Japan » et confirme son engagement à développer le secteur de l’optique dans la région. Charenton-le-Pont, France (9 avril 2024) – Luxottica Japon, filiale du Groupe EssilorLuxottica, a finalisé l'acquisition de Washin Optical Co., Ltd. Cette enseigne japonaise d’optique compte environ ...
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