reports
- Martin Marandon-Carlhian
- Stephane Houri
- Eya Drira
- Geoffroy Michalet
SGS : A credible CMD but with no major revelations
>A very marked focus on North America and near-shoring in Asia... - At the CMD, the group issued an update on its performance by region and reiterated its growth ambitions, notably in North America (c.10% of sales), driven by bolt-on acquisitions in environmental tests and connectivity, followed by pharma and cosmetics. In ASIA-Pacific (34% of sales), the group confirmed that it was maintaining strong momentum in China, a key market. The group is capitalising on an ad...
- Martin Marandon-Carlhian
- Stephane Houri
- Eya Drira
- Geoffroy Michalet
SGS : CMD crédible mais sans révélations majeures
>Un focus très prononcé sur l’Amérique du Nord et le near shoring en Asie … - Lors du CMD, le groupe est revenu sur sa performance par région et réaffirmé ses ambitions de croissance, notamment en Amérique du Nord (c. 10 % du CA) portée par des acquisitions bolt-on dans les tests environnementaux et la connectivité, suivis de la pharma et des cosmétiques. En Asie-Pacifique (34 % du CA), le groupe confirme maintenir une bonne dynamique en Chine, un marché clé. Le group...
- Eya Drira
- Geoffroy Michalet
SGS : CMD: realistic update on 2027 targets – guidance confirmed
>Digital and sustainability at the heart of growth initiatives with a focus on North America. More reasonable M&A ambitions than anticipated - For its Investor Day in Rotterdam and Antwerp, SGS this morning issued an update on its 2027 targets. Key points to highlight: The group confirmed its 2027 guidance, with: i/ mid-single digit organic growth (5-7%), ii/ EBITA margin improvement of at least +150bp out to end-2027 (target of 16.2% for AOI margin) and iii...
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Eya Drira
- Geoffroy Michalet
SGS : CMD : un point sur les objectifs 2027 – Guidance réitérée – réal...
>Le digital et la durabilité au cœur des initiatives de croissance avec un focus sur l’Amérique du Nord. Ambition M&A plus raisonnable qu’anticipé. - À l'occasion de son Investor Day tenu à Rotterdam et Anvers, SGS publie ce matin un update sur ses objectifs 2027 Nous retenons les principaux points suivants : Le groupe réitéré ses objectifs 2027 à savoir : i/ une croissance organique mid-single digit (5-7%) ii/ une amélioration de la marge d’EBITA d’au moins...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #47
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 impact of Donald Trump's election. Happy reading!
- Cedric Rossi
Sporting Goods: hurdling the threat of higher tariffs
With 99% of all shoes sold in the US being imported in 2023, Donald Trump’s proposal to place a universal 10-20% tariff on imports from all foreign countries and an additional 60-100% tariff on imports specifically from China, would significantly impact the footwear (and apparel) categories. The in
- Clement Genelot
Zalando: On track, constant execution needed to continue rerating
Post-FY guidance upgrade and the full Q3 release, we still believe in Zalando's ability to further accelerate growth in 2025 and have notched up our estimates and our PT from EUR36 to EUR37. We no longer see Zalando as an e-commerce growth story, but more as a business model optimisation/show-me st
- 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...
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...
- 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!
- 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
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