reports
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
- Carole Braudeau
- Carole Braudeau
- Andreas Riemann
Zalando : Q3 in line with prelims, FY outlook confirmed
>Some 8% GMV growth and 290bp margin improvement in Q3 - In Q3, GMV was up 8% y-o-y to € 3.46bn (prelim € 3.5bn). Sales increased 5% to € 2.39bn (prelim: € 2.4bn). Revenue growth by segment: B2C +4%, B2B +11%. Adjusted EBIT came in at € 93m (prelim: € 93m) with a margin of 3.9% (up 290bp). The strong demand in September resulted in very good full price business which supported the gross margin. The gross margin increased 400bp and fulfilment costs were down 120bp wher...
- Cedric Rossi
Hugo Boss: resilient sales increase and EBIT beat in Q3
This morning Hugo Boss has reported in-line Q3 sales of EUR1,029m incl. +1% FX-n sales growth thanks to limited exposure to China (c.6% of sales) and a resilient performance in EMEA. Q3 EBIT came in at EUR95m, or 5% above CSSe of EUR90m as the miss at the GM level was more than offset by tighter op
EQS-News: Zalando Records Strong Q3 Growth in Both B2C and B2B, Invest...
EQS-News: Zalando SE / Key word(s): Quarter Results Zalando Records Strong Q3 Growth in Both B2C and B2B, Invests in Customer Loyalty, Lifestyle Propositions, Fashion Discovery and Logistics 05.11.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Zalando Records Strong Q3 Growth in Both B2C and B2B, Invests in Customer Loyalty, Lifestyle Propositions, Fashion Discovery and Logistics Q3 gross merchandise volume (GMV) rises 7.8% to 3.5 billion euros, r...
EQS-News: Zalando verzeichnet im dritten Quartal starkes Wachstum im B...
EQS-News: Zalando SE / Schlagwort(e): Quartalsergebnis Zalando verzeichnet im dritten Quartal starkes Wachstum im B2C- und B2B-Geschäft und investiert in Kund*innenbindung, Lifestyle-Angebot, Fashion Discovery und Logistiknetzwerk 05.11.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Zalando verzeichnet im dritten Quartal starkes Wachstum im B2C- und B2B-Geschäft und investiert in Kund*innenbindung, Lifes...
- Jean Danjou
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
OSE OSE IMMUNOTHERAPEUTICS SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
PNL POSTNL NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
FIE FIELMANN AG
TUB TUBACEX S.A.
AIXA AIXTRON SE
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
JEN JENOPTIK AG
FUR FUGRO NV
- Bruno Cavalier
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ABI ANHEUSER-BUSCH INBEV SA/NV
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
STMN STRAUMANN HOLDING AG
- Bruno Cavalier
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ABI ANHEUSER-BUSCH INBEV SA/NV
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
STMN STRAUMANN HOLDING AG
- Jean Danjou
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
OSE OSE IMMUNOTHERAPEUTICS SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
PNL POSTNL NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
FIE FIELMANN AG
AIXA AIXTRON SE
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
JEN JENOPTIK AG
FUR FUGRO NV
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #46
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 growing valuation gap between European and US retailers. Happy reading!
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: the long run - Luxury benefited from a strong upcycle between 2017 and 2023 with annual average growth for the sector that we estimate at +13% but in truth the sector growth has been strong over a much longer period with annual average growth close to or above 8% for the last 20-25 years. As this growth has now come to a halt, it would be obviously tempting to conclude that what lies ahead now might have become less favourable for good, a typical i...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: the long run - Luxury benefited from a strong upcycle between 2017 and 2023 with annual average growth for the sector that we estimate at +13% but in truth the sector growth has been strong over a much longer period with annual average growth close to or above 8% for the last 20-25 years. As this growth has now come to a halt, it would be obviously tempting to conclude that what lies ahead now might have become less favourable for good, a typical i...
Nestlé SA: 1 director
A director at Nestlé SA bought 300 shares at 84.616CHF and the significance rating of the trade was 53/100. 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 showin...
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Jean Danjou
Moncler : The slowdown was stronger than expected, the outlook even mo...
>A sharper slowdown than expected in Q3 with Moncler DTC just flat - After the already visible slowdown in Q2 (total revenue growth of just +3% cc), Q3 revenue of € 635.5m marks a further slowdown with y-o-y growth now negative at -3%, we had expected c.-1% based on a Q3 revenue forecast of € 648.5m, while the company-compiled consensus was at € 645m, reflecting growth of c.-1.5%. The disappointment was slightly more visible on the Moncler brand (Q3 revenue of € 532m...
- Jean Danjou
Moncler : Le ralentissement est plus fort qu’attendu, la perspective e...
>Freinage plus brutal que prévu au T3 avec Moncler DTC tout juste flat - Après le ralentissement déjà visible au T2 (croissance CA total à seulement +3% à tcc), le CA T3 à 635.5 M€ marque un freinage supplémentaire avec une croissance y/y tcc désormais négative à hauteur de -3%, nous attendions c.-1% sur la base d’une prévision CA T3 à 648.5 M€ alors que le consensus relevé par la société ressortait à 645 M€ et reflétait un repli à c.-1.5%. La déception est un peu plu...
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