reports
- Alvaro del Pozo
- Delphine Brault
- Quentin Borie
Rexel : Un warning sur les résultats 2024 (CA et marge d’EBITA ajusté)
>Un CA T3 publié en avance et inférieur aux attentes - Rexel a publié hier soir son CA T3 (initialement prévu le 30 octobre). Les ventes ont affiché un recul de 2.1% en organique (et à nombre de jours constants), contre -0.1% attendu par le consensus. L’essentiel de l’écart provient des régions DACH, Benelux et UK, avec un recul de, respectivement -8.3%, -11.2% et -7% de l’activité. Le management indique une dégradation de l’environnement par rapport au T2, notam...
- 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...
- Anthony Dick
- Michael Foundoukidis
Michelin : September trends still weak, but not more than expected
>Volumes weakness now well known and already included in our Q3/FY estimates - Overall, September volumes continued the trend of previous months, with global replacement volumes positive (mostly linked to EU Winter/all-season in PLT) and OE volumes (strongly) negative, both for light vehicles and trucks. These figures are in line with most tyre manufacturers' messages recently and back our cautious approach towards Q3 sales (€ 6.7bn, -4.7% incl. volumes at -5.6%e) as...
- Alvaro del Pozo
ASML HOLDING NV: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 7.467 M euros (+11,9% vs +6,4% BS(e) y +7,7% consenso); EBIT: 2.441 M euros (+11,9% vs +0,4% BS(e) y +2,5% consenso); BDI: 2.077 M euros (+9,7% vs -0,2% BS(e) y +0,8% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 19.000 M euros (-6,5% vs -8,3% BS(e) y -7,9% consenso); EBIT: 5.667 M euros (-14,8% vs -18,5% BS(e) y -17,9% consenso); BDI: 4.878 M euros (-15,8% vs -19,0% BS(e) y -18,7% consenso).
- Arnaud Autier
- Pierre Tegner
Remy Cointreau : Q3 2024 results for LVMH and company css: we must wai...
>Outperform rating maintained with unchanged target price of € 90 - We maintain our Outperform recommendation and our target price unchanged at € 90. We still think that the upturn on the spirits market that will materialise in the US and/or China should be more beneficial for players that are the most exposed to these two markets, which is the case for Rémy Cointreau. The valuation level for the French cognac group (19x PE NTM) would then represent a good entry oppor...
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
AXA : Favourable operational momentum continues
>A robust increase in revenue anticipated for 9M 2024 - AXA is due to publish its trading indicators for 9M 2024 after market on 30 October. We forecast total revenues of € 84,562m (+7.4% on a reported basis), a shade above the consensus (€ 84,142m). Our forecast corresponds to l-f-l revenue growth of 7%, stable vs H1 2024, above the target for average annual growth of 5% in the group’s three-year plan out to 2026. We forecast revenue of € 24,690m (+7.2% reported) for...
- 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).
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Major misstep, disappointing orders and downgrade for 2025, but...
>Unpleasant surprise, but impact more under control than feared, 2025-2026 outlook cut by 10% and target lowered to € 950, Outperform rating maintained - ASML yesterday mistakenly issued its Q3 2024 results release during trading. It contained good Q3 results and satisfactory Q4 guidance, but also very disappointing orders (even relative to our forecast which was actually lower than the consensus) and a downgrade to its 2025 guidance to the lower end of the range (€ 3...
- Emna Ben Bdira
- Maxime Kogge
Rio Tinto Plc : Soft Q3 production release but almost all 2024 targets...
>Underwhelming Q3 production numbers - Rio Tinto last night released mixed Q3 production numbers that slightly undershot our expectations for the three main divisions. In the core iron ore division (71% of 2024e EBITDA), production stood at 84.1mt, +1% y-o-y, and shipments at 84.5mt, +1% y-o-y, as productivity gains offset ore depletion. The mix continued to deteriorate with the share of low-grade SP10 up at 19% vs 17% in H1. In aluminium (12% of EBITDA), production ...
- Emna Ben Bdira
- Maxime Kogge
Rio Tinto Plc : Soft Q3 production release but almost all 2024 targets...
>Underwhelming Q3 production numbers - Rio Tinto last night released mixed Q3 production numbers that slightly undershot our expectations for the three main divisions. In the core iron ore division (71% of 2024e EBITDA), production stood at 84.1mt, +1% y-o-y, and shipments at 84.5mt, +1% y-o-y, as productivity gains offset ore depletion. The mix continued to deteriorate with the share of low-grade SP10 up at 19% vs 17% in H1. In aluminium (12% of EBITDA), production ...
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: NLFI selling down to 30% stake, outlook for below 15%. ASML: 3Q24 results – ouch, that hurts. Gimv: Linking Belgian brewery craftmanship with Dutch commercial spirit. Just Eat Takeaway.com: No order growth yet. PostNL: New CLAs for PostNL employees and for Saturday deliverers
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Delphine Brault
- Quentin Borie
Rexel : Warning on 2024 profits (revenues and adjusted EBITA margin)
>Q3 revenues reported ahead of schedule and lower than expected - Rexel reported Q3 revenues yesterday evening, ahead of the scheduled date of 30 October. Revenues came in 2.1% lower in organic terms (and at constant number of days), vs -0.1% expected by the consensus. Most of the gap stems from the DACH region, Benelux and the UK, with a decline of respectively -8.3%, -11.2% and -7% in business. Management indicated a worsening environment relative to Q2, partic...
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