reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #48
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 annual Bain-Altagamma Luxury Goods study which expects a period of tur
- 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
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Carole Braudeau
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Geoffroy Michalet
Carrefour : Rumors of Non-Core Country Divestiture Studies by the Comp...
>Mulling exit from non-core countries: what are they and what do they represent? - In a review of options to increase the value of its share price, Carrefour is considering pullouts from noncore countries, a press article claims. The three core countries are i/ France (45% of sales), ii/ Brazil (23% of sales) and iii/ Spain (13% of sales).The other five non-core countries collectively account for around 20% of sales (€ 18.4bn in 2023 sales).They are Italy (5...
- Carole Braudeau
- Geoffroy Michalet
Carrefour : Rumeurs d’étude de cessions de pays non-core par la sociét...
>Cession potentielle de pays non-core : que sont-ils et que représentent-ils ? - Un article de presse mentionne que Carrefour, dans une étude de ses options pour revaloriser son cours de Bourse, étudierait la possibilité de céder des pays non-core. Les 3 pays core sont i/ la France (45% du CA, ii/ le Brésil (23% du CA) et iii/ l’Espagne (13% du CA).Les 5 autres pays non-core représentent globalement c.20% du CA (18.4 Md€ de CA 2023).Il s’agit de l’Italie (5%...
- Carole Braudeau
- Carole Braudeau
- Clement Genelot
Carrefour: considering all scenarios to revive the share price? Our br...
With Carrefour reportedly in the early stages of discussions with advisors to consider capitalistic/operational scenarios that could revive the share price (source: Bloomberg), we have listed the six potential scenarios. More than half are unrealistic or negative to the share price in our view, whi
- 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
- Cedric Rossi
adidas: no inflection in robust momentum
Having stated in yesterday's PR that inventory composition would allow for "continued double-digit top-line growth", management confirmed that scenario during the call, supported by strong current trading that showed no signs of slowing. Interestingly, this momentum is broad-based as ADS is activat
- Andreas Riemann
Adidas : Q3 conference call – very strong order book for next few quar...
>Some 14% underlying top-line growth - Yesterday, adidas reported final results for Q3 2024 in line with prelims which were out on 15 October. Sales rose 10% at constant FX and even 14% excluding Yeezy effects. Regions excluding Yeezy: Europe (+21%), LatAm (+30%) and Emerging markets (+17%) did well. China (+8%) was good despite negative comments from other consumer names and North America grew again (+1%). Segments: Footwear +14% and Apparel +5%. Moreover, adidas spe...
- Oliver Metzger
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
ALV ALLIANZ SE
ISP INTESA SANPAOLO S.P.A.
SIX2 SIXT SE
UCG UNICREDIT S.P.A.
BP. BP P.L.C.
DWS DWS GROUP GMBH & CO. KGAA
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
- Oliver Metzger
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
ALV ALLIANZ SE
ISP INTESA SANPAOLO S.P.A.
SIX2 SIXT SE
UCG UNICREDIT S.P.A.
BP. BP P.L.C.
DWS DWS GROUP GMBH & CO. KGAA
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
- Andreas Riemann
Adidas : Final Q3 in line with prelims, outlook confirmed
>Some 14% underlying top-line growth and 9% EBIT margin - Today adidas reported final results for Q3 2024 in line with prelims which were out on 15 October. Sales rose 10% at constant FX and even 14% excluding Yeezy effects. Regions including Yeezy: Europe (+18%), LatAm (+28%) and Emerging markets (+16%) did well. China (+9%) was good and North America improved as well (-7% including Yeezy and growing excluding Yeezy). Segments: Footwear +14% and Apparel +5%. Moreover...
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