>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
>August exports show a growth rebound mainly driven by luxury watches - Strange things can happen in August: watch exports are growing even faster than in July at +6.9% y-o-y versus +1.8% the month before (the year-to-date growth remains negative at -1.4%) but this is entirely driven by 14.9% growth in the luxury segment, mainly fuelled by watches incorporating precious metals, according to Fédération Horlogère. The other categories show a significant decline fo...
Total number of shares and voting rights at August 31, 2024 17 September 2024 Orange: information on the total number of shares and voting rights referred to in Article L.233-8 II of the French Commercial Code and Article 223-16 of the General Regulations of the Autorité des Marchés Financiers. In application of Article L. 22-10-46 of the French Commercial Code (Code de commerce), as from 3 April 2016, a double voting right is automatically granted to fully paid-up shares that have been held in registered form and under a single shareholder name for at least two years. DateNumber of shar...
Nombre d'actions et de droits de vote au 31 août 2024 17 septembre 2024 Orange : Information relative au nombre total d’actions et de droits de vote prévue par l’article L. 233-8 II du Code de commerce et l’article 223-16 du Règlement général de l’Autorité des Marchés Financiers En application de l’article L. 22-10-46 du Code de commerce, il est automatiquement conféré, à compter du 3 avril 2016, un droit de vote double aux actions entièrement libérées inscrites au nominatif depuis deux ans au nom d’un même actionnaire. DateNombre d’actions composant le capitalNombre d’actions auto-détenu...
LVMH: Share transactions disclosure Paris, September 17th, 2024 The disclosure of share transactions carried out from September 9th to September 13th, 2024 was sent to the AMF on September 17th, 2024. As required by current law, this document is publically available and can be consulted on the Company’s website () under the section «regulated information». LVMH LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Châte...
>We adopt a more cautious scenario on Fashion & Leather: H2 2024 expected to show growth of +1% with a fall in the margin to 37.5% and 2025 growth of 4% - Consumer spending trends in China increasingly strongly suggest that Q3 has seen a persistent deterioration in luxury goods sales and it is very unlikely at this stage that demand will improve significantly in Q4. This now leads us to expect even sharper declines in sales in the Asia-Pacific region in Q3 and Q4 f...
>Persistently calamitous situation on three counts: FCF, debt and customers - One of our fears for Orange is a turnaround at Altice France (SFR), which was historically its leading competitor before its collapse in recent years:Financial results remain untenable. ODDO BHF credit analyst (Pierre-François Merveille) forecasts negative FCF of ~€ 450m in 2024 and 2025, including € 1.45bn in financial expenses. In June, the reported net debt of Altice France (restrict...
>Une situation toujours désastreuse en 3 points : FCF, dette, clients - Une de nos craintes pour Orange est un redressement d’Altice France (SFR) qui était historiquement son premier concurrent avant son décrochage ces dernières années :Les résultats financiers restent intenables. Notre analyste crédit ODDO BHF (Pierre-François Merveille) prévoit des FCF négatifs de ~450 M€ en 2024 et en 2025, dont 1,45 Md€ de frais financiers. En effet, à fin juin, la dette nett...
>Strong cash flow generation - Phoenix Group released its H1 2024 results yesterday morning. Premium volumes on annuity products dropped to £ 1.7bn (vs £ 3.2bn in H1 2023), with £ 0.4bn stemming from BPA down sharply on H1 2023, but the group indicated that transactions equating to an additional £ 2.2bn are currently under way. Phoenix Group continued to develop its positions in the Pensions and Savings market, with an increase of 9% in H1 in assets under administrati...
>Upcoming CMD may largely confirm ambitious 2030 targets - Wacker Chemie is hosting its CMD on the 19 September at its largest single site in Burghausen. We don’t expect a full overhaul of strategic cornerstones laid out until 2030 back in 2022. The group sales target of more than € 10bn and >20% EBITDA margin (>€ 2bn EBITDA) target looked ambitious in 2022 and remain ambitious in light of € 6.1bn sales and € 1.2bn EBITDA (18.2%) generated on average in 2019-2023. The...
>Forte progression de la génération de cash-flow - Phoenix Group a publié hier matin son RN du S1 2024. Le volume de primes sur les produits annuity a baissé à 1.7 Md£ (vs 3.2 Md£ au S1 2023), dont 0.4 Md£ provenant des BPA en net recul par rapport au S1 2023, mais le groupe indique que des opérations représentant 2.2 Md£ supplémentaires sont actuellement en cours. Phoenix Group poursuit son développement sur le marché Pensions and Savings, avec une hausse de 9% au S1...
>Nous adoptons un scénario plus prudent sur Mode et Maroquinerie : S2 2024 attendu à +1% avec une baisse de la marge à 37.5% et une croissance 2025 à 4% - L’évolution de la conjoncture de consommation en Chine laisse de plus en plus fortement à penser que le T3 a connu une dégradation persistante des ventes de luxe et il est à ce stade bien peu probable que la demande connaisse une amélioration significative sur le T4. Ceci nous incite désormais à attendre des recu...
>Topic of the week: fade to grey - We highlighted last week that taking into account a scenario where growth stalls over H2 2024 and remains below 5% next year would amount in our model for the luxury sector to a 10%/15% cut in estimates for 2025. This scenario looks more and more likely as each week passes. First, we have mounting evidence that the situation in mainland China has deteriorated in Q3 over Q2 with the last piece of evidence released over the weekend re...
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