reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #44
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 look at the latest Swiss watch exports data. Happy reading!
- Cedric Rossi
adidas: Marathon is not over
The share price only partly recovered at the end of last week after the steep decline on Wednesday despite a Q3 beat and third guidance upgrade this year. This correction showed that it is becoming more difficult for ADS to meet more demanding investor expectations as we read that some of them woul
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2024
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Carole Braudeau
- Charlotte Vaisse
- Christophe-Raphaël Ganet
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/10/2024
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...
VIE VEOLIA ENVIRONNEMENT SA
CA CARREFOUR SA
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
FGR EIFFAGE SA
ABB ABB LTD.
HNR1 HANNOVER RUECK SE
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
RACE FERRARI NV
VACN VAT GROUP AG
FDJ LA FRANCAISE DES JEUX SA
WDP WAREHOUSES DE PAUW SCA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Carole Braudeau
- Geoffroy Michalet
Carrefour : Q3 preview: indications on l-f-l France, expectations upgr...
>We have removed the l-f-l effect for Cora+Match from l-f-l France (transfer to scope effect), which prompts us to upgrade our l-f-l for France. - We have revised our l-f-l estimate for France for Carrefour. This change only impacts our reported l-f-l forecast but does not change either overall revenues (communicating vessels effect between l-f-l and M&A effect), or our margin expectations.We had forecast -3.9%e and now see -2.9%e (company-compiled consensus at -...
- Geoffroy Michalet
Carrefour : Preview T3 : précisions sur le LFL France, attente relevée...
>Nous enlevons l’effet LFL de Cora+Match du LFL France (transféré sur l’effet périmètre) ce qui nous amène à relever notre attente LFL France. - Nous revoyons notre estimation de LFL pour la France pour Carrefour. Ce changement impacte uniquement notre attente de LFL publié, mais ne change ni le CA global (effet vase communiquant entre LFL et effet M&A), ni notre attente de marge.Nous tablions sur -3.9%e, nous passons à -2.9%e désormais (CSS compilé par la sociét...
- Carole Braudeau
Credit Morning 10/16/2024
Ipsos: new warning on 2024 revenues with no impact on margins Moody’s upgrades Crelan’s issuer rating from A3 / positive to A2 / stable Rexel cuts full-year guidance after lower-than-forecast Q3 Fnac Darty revises up its full-year guidance for current operating profit after Q3 LVMH: Q3 sales below expectations with a 5% drop in fashion & leather goods. 2024 production targets revised downwards for manganese in Gabon and nickel in Weda Bay>...
- Marc Lavaud
- Robert Jan Vos
- Carole Braudeau
Morning Crédit 16/10/2024
Fnac Darty relève sa guidance annuelle de ROC après le T3Rexel abaisse ses guidances annuelles après un T3 inférieur aux attentesLVMH : un CA T3 inférieur aux attentes avec une baisse de 5% de Mode et MaroquinerieEramet : Révision en baisse des objectifs de production 2024 pour le manganèse au Gabon et le nickel à Weda BayMoody’s upgrade Crelan de A3 / positif à A2 / stableIpsos : nouveau warning sur le CA 2024 sans impact sur la marge>...
- Geoffroy Michalet
Carrefour : A very disappointing performance on market share in Septem...
>Carrefour continues to underperform - Kantar has published market share data in value terms for the P10 period from 2 September to 29 September: At first glance, Carrefour gained 130bp of market share, but this includes the effects of the acquisitions of Cora and Match. In real terms, excluding the contribution from Cora, Carrefour delivered a far less favourable performance.By format: Hypermarkets: Carrefour posted a +90bp gain, but this includes the cont...
- Marc Lavaud
- Robert Jan Vos
- Geoffroy Michalet
Carrefour : Performance très décevante des parts de marché en septembr...
>Encore une sous-performance de Carrefour - Kantar a publié ses parts de marché en valeur pour la période P10 allant du 2 septembre au 29 septembre 2024 : A première vue, Carrefour gagne 130 pb de part de marché, mais cela inclut les effets des acquisitions de Cora et Match. En réalité, en excluant la contribution de Cora, la performance réelle de Carrefour est nettement moins favorable.Par format : Hypermarchés : Carrefour affiche un gain de 90 pb, mais in...
- Arancha Pineiro
ADIDAS AG: RDOS. PRELIMINARES 3T’24 Y ELEVAN OBJETIVOS’24 (ANÁLISIS BA...
Rdos. 3T'24 vs 3T'23: Ventas: 6.438 M euros (+7,3% vs +7,5% consenso); EBIT: 598 M euros (+46,2% vs +36,4% consenso). Rdos. 9meses’24 vs 9meses'23: Ventas: 17.718 M euros (6,2% vs +6,7% consenso); EBIT: 1.280 M euros (98,5% vs 92,2% consenso).
- Cedric Rossi
adidas: the sprint continued in Q3
Yesterday evening, ADS pre-released Q3 numbers showing a strong beat at the profit levels, confirming robust brand momentum (buoyant sell-through) and more moderate impacts from FX headwinds. Note that ADS' upgraded FY24 EBIT guidance of EUR1.2bn is c.2% above CSSe. We increase our PT to EUR265 vs.
- Research Department
INFORME DIARIO 16 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SECTOR BANCOS, SECTOR ENERGÍA, TALGO. EUROPA: ADIDAS, ASML, LVMH, SECTOR BANCOS ITALIA. 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. 3T’24 que se publicarán en España y Europa en los próximos días. El Ibex sigue liderando Europa y se desmarca de las caídas del Euro STOXX Jornada de más a menos en Eu...
- Andreas Riemann
Adidas : Q3 EBIT above expectations, raising FY 2024 targets again
>Some 14% underlying top-line growth and 9% underlying EBIT margin in Q3 - Yesterday evening, adidas announced preliminary Q3 2024 results. In Q3, currency-neutral revenues increased 10% y-o-y (7% reported growth) to € 6.4bn. Excluding Yeezy sales in both years, currency-neutral revenues increased 14%. Both were in line with consensus expectations. The gross margin increased 200bp to 51.3% with an even stronger increase of the underlying gross margin excluding Yeezy. ...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #43
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. As we are now entering the crucial holiday shopping season, this week we look at external facto
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2024
We are removing GSK from our European Large Caps Convictions List. The company is the only one of the six Big Pharma groups to have experienced a break in trend, which could act as a drag on future publications. Our analyst adjusted this morning his EPS estimates for 2024/2025/2026 by -0.6%, 2.0% and- 3.4% respectively, factoring in weaker growth for Arexvy and Shingrix, hence the lowering of his target price from 2,150p to 1,900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
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