reports
- Clement Genelot
Tesco: ever-stronger momentum
Post-Q1 publication and P06 Kantar market share release, we continue to favour Tesco for its over-exposure to a still healthy UK grocery market (no deflation, volume/mix looking better than the rest of Europe, no price war until late 2025) and its robust commercial execution currently unlocking eve
- Clement Genelot
French Food Retail: welcome back to deflation
With France returning to food deflation in May at -0.1%, and the trend set to persist if not worsen over coming months, we foresee even more negative market growth and a greater likelihood of a price war in the short-term. Among the key grocery markets, France is becoming the hotspot, fuelling our
- Clement Genelot
UK food retail: stronger momentum for Tesco in a still healthy market
Kantar's P04 2024 data revealed a continued divergence between Tesco/Sainsbury's and Asda/Morrisons while trends are normalising for Aldi/Lidl. The recovery in the market's volume/mix effect and Tesco's market share gains are both accelerating and leave us confident with our Buy rating. Fuelled by
- Clement Genelot
Food Retail: Navigating stormy waters of deflation and price war
As food deflation risks increasingly diverge from one market to another, we take a fresh look at local price war risks and at the sector earnings cycle. We remain puzzled by the YTD sector derating and underperformance while FY 2024-25 expected EPS growth is still strong. Many investors seem to be
- Clement Genelot
Tesco: Building credibility as a defensive yield story (coverage initi...
In a food retail industry that has to slalom between the risks of food deflation and price wars in 2024, we are initiating coverage of Tesco at Buy to play its very high exposure to a still-growing and rational UK market. Tesco's earnings beat and raise cycle does not seem over to us, while its imp
- Louis AZAIS
Short term view - TESCO : The 62% retracement is causing the bounce.
The previous high has been passed, the bullish trend is confirmed. The next target is at 250.90 p. The invalidation level is below 200.00 p.Arguments :- The resistance has been passed.- The 62% retracement is causing the bounce.- The moving average is supporting prices.- The measuring gap, opened in the middle of the rally, reinforces the bullish trend.
- Louis AZAIS
Analyse court terme - TESCO : Le retracement de 62% est atteint, il ca...
Le précédent sommet vient d'être franchi, ceci confirme la tendance haussière. Le prochain objectif est à 250,90 p. Le niveau d'invalidation est sous 200,00 p.Arguments :- La résistance est dépassée.- Le retracement de 62% est atteint, il cause le rebond.- La moyenne mobile sert de support.- Le gap haussier ouvert en milieu de mouvement renforce la tendance haussière.
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