ODDO BHF Small & MIDCAP MORNING NEWS – 11/29/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 29/11/2024

Hugo Boss : CEO communication led to preliminary examination

ODDO BHF Small & MIDCAP MORNING NEWS - 11/12/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 12/11/2024

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Hugo Boss : Q3 post view: lowering gross margin assumptions, Neutral r...

>Q3 - sales up 1% but EBIT down 8%, gross margin decreases 50bp - Last week, Hugo Boss reported Q3 2024 results broadly in line with expectations and confirmed the FY 2024 outlook. In Q3, sales were up 1% y-o-y excluding forex to € 1,029m as expected. Regions: EMEA +1% as improvements in Germany compensate for softer sales trends in the UK and France, Americas +4% but Asia -7% due to China. Channels: Retail -3% on less traffic, Wholesale +4% and Digital +6%. EBIT was ...

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

Hugo Boss : Q3 profits better than feared, FY 2024 outlook confirmed

>Sales up 1%, gross margin down but cost savings help EBIT somewhat - In Q3, sales were up 1% y-o-y excluding forex to € 1,029m as expected (consensus: € 1,023m, ODDO BHFe: € 1,027m). Regions: EMEA +1%, Americas +4% but Asia -7% due to China. Channels: retail -3% on less traffic, wholesale +4% and digital +6%. EBIT was down 8% y-o-y to € 95m (consensus: € 90m, ODDO BHFe: € 92m) and thus some 5% above the consensus with the margin down 80bp. The gross margin was down ...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/01/2024

Like Astérix in the album of the same name, Michel Barnier has a cauldron to fill. Two measures to manage this have “leaked” in the press in the last few days: a reduction in the CIR research tax credit and an exceptional tax increase on large companies. We measured the sensitivity to these two measures of the 90 and 80 companies most concerned in our coverage universe. 20 companies have a CIR >5% of their EBIT and 22 companies would see their EPS fall by more than 5% due to the addit...

ODDO BHF Small & MIDCAP MORNING NEWS - 01/10/2024

Comme Astérix dans l’album éponyme, Barnier a un chaudron à remplir. Deux mesures pour y parvenir ont « fuité » ces derniers jours dans la presse : rabotage du CIR (Crédit d’impôt Recherche) et hausse « exceptionnelle » de l’impôt des sociétés sur les grands groupes. Nous avons mesuré la sensibilité des 90 et 80 sociétés les plus concernées dans notre univers de couverture à ces deux mesures. 20 sociétés ont un CIR > 5% de leur EBIT et 22 sociétés verraient leurs BPA baisser de plus d...

Hugo Boss : Q3 due 5 November – Sales flat, EBIT down, lowering FY 202...

>Retail tough, wholesale ok, EBIT margin down >100bp - Hugo Boss will report results for Q3 2024 on 5 November. We forecast sales to remain flat at € 1bn. We therefore assume no major recovery after a difficult Q2. Retail should be down 1% as we don’t expect a material improvement in China, the UK or other markets. Wholesale (up 4%) should be growing similarly to what we saw in Q2, while growth in digital should remain in negative territory (down 2%). In terms regions...

Hugo Boss AG: 1 director

A director at Hugo Boss AG bought 26,996 shares at 36.405EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

ODDO : First feedback – DAY 1

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...

ODDO BHF Small & MIDCAP MORNING NEWS - 08/01/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 01/08/2024

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Hugo Boss : Final Q2 in line, focus now on cost savings initiatives

>Revenue down 1% and EBIT margin down c. 500bp in Q2 - This morning, Hugo Boss released final Q2 2024 results after giving a material profit warning for Q2 and FY 2024 mid-July. In Q2, sales decreased 1% y-o-y excluding FX to € 1,015m mainly on a declining retail business in Europe and China. Regions: EMEA -2%, Americas +5% and Asia -4%. Channels: Retail -2%, Wholesale +5% and Digital -4%. EBIT was down over 40% to € 70m, with the margin down c. 500bp. The gross margi...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/16/2024

The new roadmap, unveiled at the CMD held on 19 June, reveals a potential for value creation based on growth of at least 10% per year in the digital and locker businesses and a sharp upswing in their profitability, enabling these two units to turn in EBITDA margins estimated at 20-30%, close to the margins delivered by the core business (20-25%). We expect the 2023-30 EBIT CAGR to work out at +7.2%, i.e. nearly a 500bp upsurge in the current operating margin, with the digital and lock...

ODDO BHF Small & MIDCAP MORNING NEWS - 16/07/2024

La nouvelle feuille de route, dévoilée lors du CMD du 19 juin, révèle un potentiel de création de valeur à l’appui d’une croissance d’au moins 10% par an des activités Digital et Lockers et d’un net redressement de leur profitabilité pour atteindre des marges d’EBITDA (20/30%) voisines de celle de l’activité historique (20/25%). Nous tablons sur un TMVA 2023/30e de l’EBIT de +7.2%, soit une MOPC en amélioration de près de 500 pb avec une contribution de Digital + Lockers de près de 50...

Hugo Boss : Q2 prelims out, no more growth, downgrade to Neutral

>Q2 EBIT way below expectations - Last night, Hugo Boss pre-released weaker-than-expected Q2 2024 results. Group sales decreased 1% y-o-y currency-adjusted to € 1,015m (consensus: € 1,026m, ODDO BHFe: € 1,022m), which was 1% below consensus. In terms of channels, brick-and-mortar retail (-2%) and digital (-4%) were difficult. Regions: while growth continued in the Americas (+5%), the group recorded revenue declines in EMEA (-2%) and Asia/Pacific (-4%). The company sp...