ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/28/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/06/2024

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H&M: Doubts on profitability, or on Europe's political stability?

In our view, yesterday's 13% drop in the share price is mainly due to weakening investor sentiment amid political turmoil (Europe is 63% of H&M's revenue), rather than to disappointing June sales (-6% FX-n), as CSSe (9.1%) was already well below the company's EBIT margin target of 10%. Arguably

Adidas : Q2 due 31 July – Underlying sales growth to be in the double ...

>Accelerating momentum, expecting 11% underlying sales growth - adidas will report Q2 2024 results on 31 July. We forecast sales to increase 4% y-o-y to € 5.5bn. The major driver should be currency neutral growth of 7% y-o-y. This reflects some 11% growth of the underlying business which is an improvement compared to 5% in Q1 and a Yeezy effect of -4%. We assume a 3% contribution from Yeezy this year compared to 7% in Q2 last year. In terms of regions, China (up 10%) ...

Fashion: consumers backpedaling on sustainability due to inflation

In our recent Fashion report "Is sustainability the new luxury?", we were highlighting the green consumer paradox vis-a-vis sustainable brands. A McKinsey survey just discovered that consumers are indeed de-emphasising the importance of ESG in their purchases in an inflation-impacted world. This wo

Wedbush Morning Call - Jun 12 2024 6:56AM

Mgmt Meeting Highlights; Dillon 'Em Softly With Their Song

On the shelves now: Consumer weekly #32

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a fresher look at the (still ongoing) Red Sea freight crisis. Happy reading!

Wedbush Morning Call - Jun 07 2024 6:49AM

Just Kickin' It, Jun'24 Sneaker Tracker, NKE Unlikely To Regain Tracti...

Inditex: defying gravity

In our sector update last week, we highlighted that it was becoming hard for ITX to beat the CSS which has been revising estimates upwards over the past two years. And yet, ITX unveiled a good set of Q1 numbers yesterday, marked by a 13th consecutive quarter of double-digit FX-n sales growth, and,

Fashion: a wet spring but blooming publications

Despite a wetter-than-average spring season over a large part of Europe, key European fashion markets have shown some resilience over recent months, partly thanks to a gradual improvement in European consumer sentiment. Inditex is due to report Q1 results (February-April) on 5th June, followed by H

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/29/2024

European economic and environmental policies are unlikely to be significantly disrupted by the elections on 6-9 June. However, the EU has its back to the wall on crucial questions: defence, technological sovereignty, the ecological transition, energy autonomy, the automotive industry, banking and airline industry consolidation. This report gives a recap on the previous mandate and discusses the main challenges for the next mandate for the sectors and stocks most affected by the EU. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/05/2024

Les politiques économiques et environnementales européennes ne devraient pas être bouleversées par les élections des 6-9 juin. L’UE est toutefois au pied du mur sur des sujets cruciaux : défense, souveraineté technologique, transition écologique, autonomie énergétique, industrie automobile, consolidation bancaire ou aérienne. L’étude fait le bilan de la précédente mandature et dresse les principaux enjeux de la prochaine pour les secteurs et valeurs les plus impactés par l’UE. - ...

Adidas : Road show feedback – Momentum improving

>Road show confirms our positive view on adidas - Yesterday, we organised a road show with adidas’ IR in Italy. The main messages from the meetings were: 1/ improving the mindset of the group’s employees mindset has been key and a big change under the leadership of new CEO Gulden. 2/ In China, adidas remains confident on achieving double digit growth this year. 3/ In Europe momentum has improved, and the terrace activity remains a driver as no slowdown has been observ...

Fashion: Is sustainability the new luxury?

The bankruptcy of circular fashion startup Renewcell combined with the stellar success of Chinese platforms Shein and Temu have highlighted the green consumer paradox: consumers say they want sustainable clothing, but the majority are not tending to buy them, especially at a time when cost-of-livin

Deck Cleared? Kevin Plank Rebases Sales/EPS In His First Call Back As ...

Just Kickin' It, Monthly Sneaker Tracker, May'24 Edition

Adidas AG: 1 director

A director at Adidas AG sold 3,536 shares at 224.302EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

On the shelves now: Consumer weekly #27

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a look at the Q1 earnings season in the US, which is set to be a good vintag