Ahold Delhaize: navigating investments and FX headwinds well

Post-Q2, we have left our FY25-27 estimates broadly unchanged with a EUR38 PT. Ahold Delhaize continues to demonstrate its ability to balance growth investments and margin preservation while the USD headwind is already reflected in EPS expectations and the P/E multiple de-rating. At 12.7x P/E, valu

INFORME DIARIO 06 AGOSTO + RDOS. EUROPA 2T’25. PREVIEWS (ANÁLISIS BANC...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IBERDROLA, SOLARIA. EUROPA: AHOLD DELHAIZE, BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 2T’25 que se publicarán en España y Europa en los próximos días. Poco movimiento en los mercados Jornada de más a menos y de escaso volumen en las bolsas europeas, donde el calendario de Rdos. y la posible baja...

Ceconomy: walking down the aisle with JD.com and a €4.6 offer

JD.com has presented its €4.6 cash bid with an acceptance period opening in Aug/Sep and delisting around Jun 2026. Support from strong anchor shareholders and a deal structured to avoid political scrutiny makes us more confident in the likelihood of it materialising. PT consequently aligned with th

BIC: gradual recovery to continue in H2

The H1 2025 beat was driven by a reassuring sequential improvement in Q2, which bodes well for more favourable sales and profit trajectories in H2 2025. While H1 was clearly marked by disruption in sell-in trends, a stabilising tariff landscape may support the gradual resumption of wholesale orders

BIC: 1H 2025 results exceed expectations, FY25 outlook confirmed

Yesterday evening, BIC reported stronger-than-expected 1H 2025 results. 2Q sales exceeded expectations by 2%, while 1H aEBIT came in 6% above a cautious consensus estimate (EUR147m vs. CSSe EUR139m). The sequential improvement from a very challenging 1Q was broad-based across all divisions and geog

Credit Morning 07/25/2025

ELO: overview of H1 results and further details on the new financing structure|Takeover rumours around JD.com and Ceconomy become (more) concrete|Nexity reassures in H1 2025 with numerous positive signs, even though business remains weak|Entry into exclusive negotiations for the joint acquisition of the Milleis Group|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/25/2025

Morning Crédit 25/07/2025

ELO : commentaires résultats S1 et précisions sur la nouvelle structure de financement|Takeover rumours around JD.com and Ceconomy become (more) concrete|Nexity rassure au S1 2025 avec de nombreux signaux positifs, même si l’activité reste faible|Entrée en négociations exclusives en vue de l’acquisition conjointe du Groupe Milleis|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 25/07/2025

Carrefour : Mixed impressions: markets not as bad as expected, guidanc...

Carrefour : Sentiments mitigés : marchés moins mauvais, guidance confi...

Ceconomy: discussing EUR4.6/share takeover with JD.com

With Ceconomy confirming it is in advanced negotiations with JD.com for a EUR4.6/share cash takeover, we have looked at the implied valuation vs. peers. The implied 8.5x EV/EBIT multiple logically places Ceconomy at the low-end of the range, reflecting its short-term low FCF generation, but could b

Groupe SEB: caught in the tariff storm, which should calm down in H2 2...

Yesterday evening, Groupe SEB reported weaker-than-expected H1 2025 results, as the tariff headwind was underestimated by the market in light of the company's limited US exposure (9% of sales). This tough first half has consequently forced Groupe SEB to cut its FY25 outlook. We are lowering our FY2

Fnac Darty: clarified FY guidance already priced in

Post-good Q2 publication, we have left our estimates unchanged with the updated FY EBIT guidance looking credible to us, but also already fully priced in by ourselves and the consensus. We remain on the sidelines with a Neutral rating with the stock being fairly valued at 11x EV/EBIT and a consiste

Credit Morning 07/21/2025

Carrefour said to be mulling sale of Italian operations|Malakoff enters into exclusive negotiations to acquire 85% of Unofi|

Morning Crédit 21/07/2025

Carrefour étudierait une cession de ses activités italiennes|Malakoff entre en négociations exclusives pour l’acquisition de 85% d’Unofi|

Morning Crédit 11/07/2025

Levi’s publie de très bon résultats T2 et relève sa guidance de chiffre d’affaires annuelle|ZF CFO sees cloudier H2 25 and necessity for additional cost measures|

Credit Morning 07/11/2025

Levi’s posted excellent Q2 results (ended 1 June) and raised its full-year sales guidance|ZF CFO sees cloudier H2 25 and necessity for additional cost measures|

Ahold Delhaize: Q2 momentum to hold up, USD weighing on FY

Ahead of H1 2025 earnings on 6th August, we have marginally lifted our Q2 2025E sales and EBIT forecasts by c.1%. Despite a solid underlying Q2 setup, we have trimmed our FY25-27 EPS by 2% to reflect the June USD devaluation and expect EPS FY guidance to be cut in line with css and SFe forecasts fo

Credit Morning 07/08/2025

Fives: sale of its Cryogenics unit completed|