JET reported a mixed 1Q24 trading update. There was, again, good performance in its core European stronghold, Northern Europe & UK. There was continued weak performance in North America and Southern Europe & Australia. We have small upward revisions to our estimates. We remain positive on the overall investment case as we believe the business is at the inflection point to both grow and improve profitability. In our view, the positives strongly outweigh the negatives, and we reiterate our BUY rat...
Post TKWY and ROO's Q1 figures and ahead of DHER's publication, we note an improving growth trend in Q1. This growth will nevertheless have to rebalance towards orders as out-of-home food is also set to face disinflation this year. The ability to recreate HSD% growth will be the name of the 2024-25
Azelis: Bloomberg report citing M&A interest. BE Semiconductor Industries: 1Q24 preview, focus on order intake. Greenyard: Crème de la Crème acquisition. Just Eat Takeaway.com: Deliveroo reports 1Q24 trading. Melexis: 1Q24 Preview, focus on pricing. NSI: Guidance confirmed, LTV improves, small but interesting investments might come. Sligro: 1Q24 results in line with expectations Vastned: Key €100m single asset disposal achieved
1Q24 GTV decreased by 2% at constant fx to € 6547m (kbcse: € 6519m, css: € 6559m), but was up 3% at constant fx when excluding for N-A, or in line with the +2% to +6% FY24 guidance. Although order volumes of 214.2m came in slightly below expectations (kbcse: 215.1m, css: 216.7m), this was offset by a strong ATV growth 4.5% to € 30.6 per order (kbcse: € 30.3, css: € 30.2m), especially in N-E, the UK & IRE. We are pleased that performance in JET's core geographies continued to improve in 1Q24, eve...
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
ASML: 1Q24 Results; weak orders but case intact. CM.com: Reasonable 1Q24 trading update, positive EBITDA surprise. Just Eat Takeaway.com: 1Q24 trading update - slowly creeping back to order growth. Staffing: Dutch period 3 - March volume and revenue seeing slight recovery in the trend. TomTom: 1Q24 results - touch weaker but no major surprises
>Orders slightly weak and GTV slightly better. - The 1Q24 orders missed company compiled consensus by 1%. The miss is equally spread over the four regions. On GTV the group number was in line with consensus with UK&I and NE beating by 1%, NA missing by 1% and SE&ANZ missing by 3%. Looking at momentum we note that this continued to improve in both orders as well as GTV and for all regions. Excluding NA orders where down 3% yoy (was still down 4% yoy in 4Q23) with -1% i...
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 highlight how resilient equity markets had been over the past months, despite a c
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 recovery in global passenger air traffic. Happy reading!
Nexity obtains a waiver on its bank debt Clariane confirms that it is considering selling its HAD business in FranceSaur: in response to the sharp fall in results in 2023, S&P placed its BBB- rating on negative creditwatch and Fitch directly downgraded its rating to BB+.>...
Nexity obtient un waiver sur sa dette bancaire. Clariane confirme que le groupe envisage de céder son activité HAD en France.Saur : réagissant à la forte baisse des résultats en 2023, S&P a placé son rating BBB- sous creditwatch négatif et Fitch a directement abaissé sa note à BB+.>...
EQS-News: Delivery Hero SE / Schlagwort(e): Personalie Delivery Hero gibt Zeitplan für das Ausscheiden von Finanzvorstand Emmanuel Thomassin bekannt 25.03.2024 / 07:38 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Delivery Hero gibt Zeitplan für das Ausscheiden von Finanzvorstand Emmanuel Thomassin bekannt Berlin, 25 März 2024 - Delivery Hero SE ("Delivery Hero", die “Gesellschaft" oder “die Gruppe”), die weltweit führende lokale Lieferplattform, hat heute den Zeitpunkt des Ausscheidens von Emmanuel Thomassin, Chief Financial Offic...
EQS-News: Delivery Hero SE / Key word(s): Personnel Delivery Hero Announces Timeline for Departure of Chief Financial Officer Emmanuel Thomassin 25.03.2024 / 07:38 CET/CEST The issuer is solely responsible for the content of this announcement. Delivery Hero Announces Timeline for Departure of Chief Financial Officer Emmanuel Thomassin Berlin, 25 March 2024 – Delivery Hero SE ("Delivery Hero", the "Company" or “the Group”), the world’s leading local delivery platform, today announced the departure date of Emmanuel Thomassin, Chief Financial Officer (CFO), who will be leav...
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