reports
- Carole Braudeau
- Ahmed Ben Salem
- Jean Danjou
- Carole Braudeau
- Jean Danjou
Kering : Leadership transition at Gucci not yet a gamechanger
>Stefano Cantino to replace Jean François Palus at Gucci’s helm by January 2025 - Kering has slightly rushed the leadership transition that was in the making at Gucci by announcing yesterday evening that the current number 2 to acting CEO Jean François Palus, Stefano Cantino, would take over as CEO, replacing Mr. Palus in January 2025. Such a move had already been the subject of press speculation over the last months: the timing of the announcement is a bit of a surpr...
- Jean Danjou
Kering : Leadership transition at Gucci not yet a gamechanger
>Stefano Cantino to replace Jean François Palus at Gucci’s helm by January 2025 - Kering has slightly rushed the leadership transition that was in the making at Gucci by announcing yesterday evening that the current number 2 to acting CEO Jean François Palus, Stefano Cantino, would take over as CEO, replacing Mr. Palus in January 2025. Such a move had already been the subject of press speculation over the last months: the timing of the announcement is a bit of a surpr...
Kering: Stefano Cantino appointed CEO of Gucci, succeeding Jean-Franço...
Kering: Stefano Cantino appointed CEO of Gucci, succeeding Jean-François Palus PRESS RELEASE October 8, 2024 STEFANO CANTINO APPOINTED CEO OF GUCCI, SUCCEEDING JEAN-FRANÇOIS PALUS Kering today announced the appointment of Stefano Cantino as CEO of Gucci, reporting to Francesca Bellettini, Deputy CEO of Kering in charge of Brand Development. Stefano Cantino, who joined Gucci in May 2024 as Deputy CEO and will have a seat on Kering’s Executive Committee, will succeed Jean-François Palus as of January 1, 2025. Jean-François Palus had been appointed CEO of Gucci in Jul...
Kering : Stefano Cantino nommé Directeur général de Gucci, succédant à...
Kering : Stefano Cantino nommé Directeur général de Gucci, succédant à Jean-François Palus COMMUNIQUÉ DE PRESSE 8 octobre 2024 STEFANO CANTINO NOMMÉ DIRECTEUR GÉNÉRAL DE GUCCI, SUCCÉDANT À JEAN-FRANÇOIS PALUS Kering annonce aujourd’hui la nomination de Stefano Cantino en tant que Directeur général de Gucci, rattaché à Francesca Bellettini, Directrice générale adjointe de Kering en charge du Développement des Maisons. Stefano Cantino, qui a rejoint Gucci en mai 2024 au poste de Directeur général adjoint, et qui siègera au Comité exécutif de Kering, succèdera à Jean-Franç...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: around the world in a few lines - Ahead of the Q3 results season, we review the most recent evidence on luxury trends by geography, focusing on what has happened over the summer and how the coming winter season looks at this point. First things first, China; this is the place where the message is probably the most similar across luxury groups: persistent low traffic over the summer is set to result in a visible y-o-y decline in sales over Q3 (we ha...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: around the world in a few lines - Ahead of the Q3 results season, we review the most recent evidence on luxury trends by geography, focusing on what has happened over the summer and how the coming winter season looks at this point. First things first, China; this is the place where the message is probably the most similar across luxury groups: persistent low traffic over the summer is set to result in a visible y-o-y decline in sales over Q3 (we ha...
- Nicolas David
ODDO : Iberian Forum – Day 1
We host our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024 virtually. In total, 63 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - >Acciona (=) : Confidence in Non-energy business steady, Acciona Energía stake sparks intense scrutiny - Acciona Energia (=/-) : A trajectory beyond 2024 to be explained at the 9 months results - Acerinox (=/-): Softness persists in Europe and US - Amadeus (=/+): sol...
ACX ACERINOX SA
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
ENG ENAGAS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
CABK CAIXABANK SA
IDR INDRA SISTEMAS S.A. CLASS A
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ENER GRUPO ECOENER S.A.
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Luxury Goods: beware of excessive optimism on China in the near term
Although most stocks in our luxury sample rebounded last week following the launch of a stimulus "bazooka" by the Chinese authorities, we expect no material improvement in China's consumption or household confidence in the near term. As such, we would not be surprised if the Chinese government were
- Juan Ros-Padilla
EO FAURECIA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALCAR CARMAT SA
ALO ALSTOM SA
TRI TRIGANO SA
NEX NEXANS SA
01913 PRADA S.P.A.
SHA SCHAEFFLER AG
MONC MONCLER SPA
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
WAGA WAGA ENERGY SA
FLOW FLOW TRADERS LTD
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: landing aborted - What a difference a week makes. Luxury stocks were trading at a greater than 20% discount vs pre-Covid levels and then they suddenly gained more than 15% in just one week; as a result, they are now trading at close to parity (at a 10% modest discount Hermès aside), no small feat given the recent and visible negative earnings momentum. What happened last week was primarily a re-pricing of the luxury Chinese exposure as authorities ...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: landing aborted - What a difference a week makes. Luxury stocks were trading at a greater than 20% discount vs pre-Covid levels and then they suddenly gained more than 15% in just one week; as a result, they are now trading at close to parity (at a 10% modest discount Hermès aside), no small feat given the recent and visible negative earnings momentum. What happened last week was primarily a re-pricing of the luxury Chinese exposure as authorities ...
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