reports
- 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
- Cedric Rossi
Hugo Boss: still limited visibility on FY25 outlook and MT targets
After outperforming the luxury sector over recent weeks, the stock was subject to profit taking moves yesterday, unleashed by the group's Q3 GM miss which overshadowed the EBIT beat, and another delay in its MT targets. We cut our FY24-26 estimates by 5% on average and adjust our WACC assumptions t
- 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
- 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!
- Cedric Rossi
Fielmann: management eyeing a strong rebound in Q4 after a bumpy Q3
Last Friday, FIE reported weaker-than-expected Q3 numbers, with consolidated sales of EUR604m 4% shy of the CSSe, while EBITDA was significantly below CSSe (EUR124m vs. EUR157m) due to one-off costs and, arguably, an overly-optimistic CSSe margin uplift scenario for FIE's US business. During the ca
- 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...
- Arancha Pineiro
- Cedric Rossi
adidas: Strong Q3 2024 results match pre-released figures
Definitive Q3 2024 results unveiled this morning are in line with the pre-release in mid-October. Q2 FX-n sales growth ex-Yeezy amounted to 14%, driven by DD growth in Europe, while China was up a solid 9% FX-n and North America would have been in positive territory ex-Yeezy. Q2 EBIT margin improve
- Research Department
INFORME DIARIO 29 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANCO SANTANDER, ECOENER, FERROVIAL. EUROPA: ADIDAS, LINDE. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. El Ibex reconquista los 11.900 puntos La semana previa a las elecciones en EE.UU. cuando publicarán resultados las “7 magníficas” arran...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #44
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 latest Swiss watch exports data. Happy reading!
- Cedric Rossi
adidas: Marathon is not over
The share price only partly recovered at the end of last week after the steep decline on Wednesday despite a Q3 beat and third guidance upgrade this year. This correction showed that it is becoming more difficult for ADS to meet more demanding investor expectations as we read that some of them woul
- Marc Lavaud
- Robert Jan Vos
- Marc Lavaud
- Robert Jan Vos
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.