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Pierre Tegner ... (+2)
  • Pierre Tegner
  • Pierre-Adrien Fraisse

ODDO : Choix restreints entre faiblesse du T1, retour du M&A … et risq...

Dans un contexte M&A inédit, le T1 2026 devrait être un retour à la réalité. Il sera soit très faible (Beiersdorf, Henkel, Danone, Nestlé, Pernod Ricard, Diageo) soit fragile vis-à-vis des attentes annuelles de lfl (L’Oréal, PUIG, Unilever, Campari). Rémy Cointreau bénéficiera de facteurs techniques (comparaison et CNY) qui pourraient entretenir les espoirs d’inflexion dans les spiritueux. Mais le T3 2025/26 de Pernod Ricard montre que la visibilité reste faible. Enfin, les cours du pétrole repr...

Pierre Tegner ... (+2)
  • Pierre Tegner
  • Pierre-Adrien Fraisse

ODDO : Limited choices between Q1 weakness, the return of M&A ... and ...

In an unprecedented M&A context, Q1 2026 should be a return to reality. It will either be very weak (Beiersdorf, Henkel, Danone, Nestlé, Pernod Ricard, Diageo) or fragile in relation to the full-year expectations l-f-l (L'Oréal, PUIG, Unilever, Campari). Rémy Cointreau will benefit from technical factors (comparison and CNY) which could sustain hopes of a turnaround in spirits. However, Pernod Ricard’s Q3 2025-26 results show that visibility remains limited. Lastly, oil prices represent a majo...

Bruno Cavalier ... (+2)
  • Bruno Cavalier
  • Luis de Toledo Heras
Ahmed Ben Salem
  • Ahmed Ben Salem
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