Morning Crédit 23/05/2025

Carrefour et Ahold Delhaize aurait envisagé un rapprochement, sans succès|Grifols : Moody’s relève le rating corporate de B3/positive à B2/positive|

Credit Morning 05/23/2025

Carrefour and Ahold Delhaize reportedly considered a merger, without success|Grifols: Moody’s raises the corporate rating from B3/positive to B2/positive|

Food for thought on Ahold Delhaize's aborted acquisition talks with Ca...

Ahold Delhaize is said to have approached Carrefour in late 2024 before walking away in January 2025. The failed discussions are positive for us as a deal would have totally transformed Ahold Delhaize's equity story from "defensive/yield" to a tentative and very risky "growth/recovery" with a likel

Food Retail: trade war lifted multiples, beware of future sector rotat...

European food retail enjoyed a paradoxical 1.5x P/E expansion vs. deteriorating earnings trend YTD now turning negative, fuelled by a sector rotation with investors looking for defensive stocks. With trade wars easing, we have reviewed the valuation, earnings momentum and sector indicators for each

On the shelves now: Consumer Weekly #70

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 initial impact of tariffs on the US consumer and economy. Happy readi

Credit Morning 05/14/2025

URW (Investor Day): Focus on growth and shareholder value|Atos unveils ambitious 2028 targets that will be presented during an Investor Day|

Morning Crédit 14/05/2025

URW (journée investisseurs) : place à la croissance et à la rémunération des actionnaires|Atos dévoile des objectifs 2028 ambitieux dans le cadre de son Investor Day|

Ahold Delhaize: Europe to make up for US margin erosion this year

Post a strong Q1 print, we have cut our FY25 EBIT and EPS by 2% and 3% respectively, to reflect the reversing USD while a faster European profitability recovery should offset likely US margin erosion fuelled by a dilutive sales mix. PT lifted to EUR39 however, with a lower beta and untouched safe-h

AHOLD DELHAIZE: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T’25 vs 1T’24: Ventas: 23.276 M euros (+7,1% vs +6,1% BS(e) y +6,1% consenso); EBIT: 890,0 M euros (+3,4% vs -0,8% BS(e) y +0,5% consenso); BDI: 554,0 M euros (+8,0% vs +4,9% BS(e) y +5,3% consenso).

On the shelves now: Consumer Weekly #68

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 fragile US consumer sentiment which might precede a sharp pullback in spe

Credit Morning 04/28/2025

Isabel Marant: improving Q4 results (main takeways)|Verallia: the board of directors issues a favourable opinion on the takeover bid|Mediobanca bids €6.3 bn for Banca Generali|

Morning Crédit 28/04/2025

Isabel Marant : résultats T4 supérieurs aux attentes (premiers éléments)|Verallia : le conseil d’administration émet un avis favorable à l’offre de rachat|Mediobanca lance une offre à 6.3 mds EUR sur Banca Generali|

Credit Morning 04/25/2025

Coty: new cost-saving and productivity improvement plan for 2026-27|Verallia asks lenders to waive CoC clause|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/25/2025

Morning Crédit 25/04/2025

Coty : nouveau plan d’économies de coûts et de gains de productivité pour 2026-27|Verallia demande à ses prêteurs de renoncer à la clause de remboursement anticipé|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 25/04/2025

Carrefour : Q1 publication a shade above forecasts, limited catalysts ...

Carrefour : Publication T1 un peu au-dessus des attentes, peu de catal...

Carrefour: soft start to the year in France

Q1 was a soft start to the year with 0.6% LfL excl. Argentina, slightly below expectations mostly driven by France where price elasticity of 2024 price investments remains limited. We expect no material css adjustments and stick to our recent Sell rating. Upcoming court rulings over May-June will b

On the shelves now: Consumer Weekly #66

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 correlation between robust financial markets and healthy US consumer