Maisons du Monde : Filing of the 2023 Universal Registration Document PRESS RELEASENantes, 26 April 2024 Regulated InformationFiling of the 2023 Universal Registration Document Maisons du Monde announces the release of its 2023 Universal Registration Document. The 2023 Universal Registration Document was filed with the Autorité des Marchés Financiers (AMF) on 25 April 2024 in ESEF format, under number D.24-0332. This 2023 Universal Registration Document (fiscal year ended on December 31, 2023) includes among other items: - the annual financial report,- the report prepared by t...
Maisons du Monde : Mise à disposition du Document d’Enregistrement Universel 2023 COMMUNIQUE DE PRESSENantes, le 26 avril 2024 Mise à disposition du Document d’Enregistrement Universel 2023 Maisons du Monde annonce la publication de son Document d’Enregistrement Universel 2023. Le Document d’Enregistrement Universel 2023 a été déposé auprès de l’Autorité des Marchés Financiers (AMF) le 25 avril 2024 sous le n°D.24-0332. Le Document d’Enregistrement Universel, établi pour l’exercice clos le 31 décembre 2023,inclut notamment :- le rapport financier annuel,- le rapport du Conseil d’adminis...
A director at Maisons Du Monde bought 10,000 shares at 4.500EUR and the significance rating of the trade was 54/100. 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 clear...
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 expected growth recovery among e-commerce players and the necessary b
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
>Feedback from the post-FY 2023 management meeting - After contact with management, we reviewed FY 2023 results and the outlook for growth in the short and medium term. Our main takeaways are: For FY 2023, operating profit was down 33% to € 45.8m, revealing a 140bp deterioration in profitability to 4.1%. In the context of a decline in activity (sales -9.3% to € 1,125.4m) the group was able to: 1/ maintain its gross margin more or less stable at 64.5% (-20bp vs 20...
>Feedback réunion management post FY 2023 - A l’occasion d’un contact avec le management, nous sommes revenus sur les résultats annuels 2023 et les perspectives de croissance à CT/MT. Au titre de son exercice 2023, le résultat opérationnel s’est replié de 33% à 45.8 M€ laissant apparaitre un déclin de la profitabilité de 140 pb à 4.1%. Dans un contexte de baisse de l’activité (Ventes -9.3% à 1 125.4 M€), le groupe a réussi à : 1/ maintenir une quasi-stabilité de ...
Zalando's new 2028 plan resonates as a confession of pragmatism within a fashion e-commerce world where growth has become much less abundant. The group's shift from B2C (wholesale, marketplace) to new B2B services (fulfilment services to non-partners, marketplace SaaS provider, fashion blog...) mak
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
>Inspirational shopping and B2B as new elements - Yesterday after the release of FY 2023 results and FY 2024 outlook, Zalando hosted a CMD. Major takeaways from the presentations are: 1/ Out to 2028, GMV and sales should grow at a 5-10% CAGR and adjusted EBIT margin should rise to 6-8%. Both are in line with expectations. 2/ In addition to its B2C business (focus on inspirational shopping and quality brands), Zalando is now starting a B2B strategy (mainly logistics se...
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...
>Lower costs drive EBIT beat in Q4, FY 2024 outlook not as bad as feared - Q4 2023: In Q4, GMV was down 3% y-o-y to € 4,450m (consensus: € 4,498m, ODDO BHFe: € 4,474m) and sales decreased 4% to € 3,056m (consensus: € 3,059m, ODDO BHFe: € 3,083m), both in line with expectations. Adjusted EBIT came in some 16% above expectations at € 183m (consensus: € 158m, ODDO BHFe: € 157m) with a margin of 6% (up 140bp) mainly thanks to a higher gross margin and lower fulfilment c...
EQS-News: Zalando SE / Schlagwort(e): Jahresergebnis Zalando entwickelt Strategie weiter, um mit europaweitem Ökosystem für Kund*innen und Partner größeren Teil des Mode- und Lifestyle-Marktes zu bedienen 13.03.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Zalando entwickelt Strategie weiter, um mit europaweitem Ökosystem für Kund*innen und Partner größeren Teil des Mode- und Lifestyle-Marktes zu bedienen Das Ökosyst...
EQS-News: Zalando SE / Key word(s): Annual Results Zalando evolves strategy to cover larger share of fashion and lifestyle e-commerce market with pan-European ecosystem for customers and partners 13.03.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Zalando evolves strategy to cover larger share of fashion and lifestyle e-commerce market with pan-European ecosystem for customers and partners Ecosystem around...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
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