Morning Crédit 05/06/2025

Credit Morning 06/05/2025

ZF issues EUR 1.25bn 2030 notes|Hanwha sells its 5.4% stake in Eutelsat|

Credit Morning 06/04/2025

Worldline: pricing of the new 2030 notes and € 550m tender on the 2026 convertible notes|

Morning Crédit 04/06/2025

Worldline : pricing des nouvelles obligations 2030 et tender de 550 m EUR sur les OCEANEs 2026|

Suspension of Coverage

From 2nd of June we are suspending coverage of companies below due to a reallocation of resources. Our prior estimates should no longer be used as an indicator for the company moving forward.ADIDASBEIERSDORFCARREFOURDELIVERY HEROESSILORLUXOTTICAHELLOFRESHHermès InternationalHUGO BOSSINTERPARFUMSJUS

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/05/2025

Carrefour : Risk of flowback from former Brazilian minority shareholde...

Carrefour : Risque de flowback des anciens actionnaires minoritaires b...

Eyewear: what caught our eyes in Q1 publications

Against macro uncertainty and a fluid tariff backdrop, the O&E industry has played its defensive role with an average performance of +15% YTD (vs. soft luxury sample at -5% and sportswear at -11%), supported by reassuring Q1 publications, proactive tariff mitigation initiatives and reiterated F

On the shelves now: Consumer Weekly #71

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 how tariffs have dominated recent earnings calls over other topics such a

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

Ceconomy: "growth businesses" continue to overshadow softening German ...

Post-Q2, we have cut our FY sales and EBIT by 1% and 2% to reflect a softening German environment while still believing in the company's ability to meet its FY 2024/25 and 2025/26 EBIT targets. We believe the back-end loaded contribution capacity of "growth businesses" is underestimated by the cons

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|

Ceconomy: CFO appointed as interim CEO

With CEO Karsten Wildberger stepping down to become a federal minister in Germany, Ceconomy has appointed CFO Kai-Ulrich Deissner as interim CEO. In our view, this is the best option to ensure completion of a well-thought FY 2025/26 strategic plan (still not fully priced-in by the consensus and sha