reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #52
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. For the last Consumer Weekly of 2024, we look at the normal inertia effect between improving US
- Cedric Rossi
BIC: call with detangling effects
The conference call hosted yesterday morning was the opportunity for management to provide the market more details on the governance transition process and the Tangle Teezer acquisition. While we expect the latter to be accretive to the group's aEPS in FY25 by 4%, we will include Tangle Teezer afte
- Cedric Rossi
BIC: disruptive acquisition and... governance announcement
Yesterday evening, BIC made two surprising announcements: 1/ the start of a transition process at the helm of the company given the planned departure of CEO Gonzalve Bich by 30th September 2025, and 2/ the acquisition of Tangle Teezer, a premium detangling haircare company for EUR200m, marking the
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #45
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 spending patterns in Europe, which show a clear reallocation towards the f
- Cedric Rossi
BIC: Play the gradual US recovery
Following the company's margin guidance upgrade and conference call, we increase our FY24-26 estimates by 4% on average and lift our PT to EUR73 vs. EUR68 previously. Normalising trends in North America and encouraging trends in Human Expression ahead of back-to-school in key markets such as Brazil
- Cedric Rossi
BIC: impressive Q3 margin performance and FY guidance upgrade
Yesterday evening, BIC unveiled in-line Q3 sales of around EUR540m with a slight beat in terms of LFL performance (+0.2% vs. CSSe of -0.3%) thanks to a promising rebound in the Flame for Life division. More importantly, we highlight the group's robust aEBIT performance which exceeded the CSSe by 22
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #42
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 resolution of the ILA port strike which threatened the US holiday sho
- Cedric Rossi
BIC Q3 2024 results preview: a continuation of Q2 trends
In light of recent publications from US & European retailers, we expect BIC's Q3 numbers to show a continuation of Q2 trends, i.e. subdued LFL growth and resilient margins. The US market (39% of sales) is set to be the weak spot again as the US retailing sector was hit by a wave of lowered sale
- Cedric Rossi
BIC: a mixed bag of H1 2024 numbers but resilient margin trajectories
The LFL sales decline in Q2 (-0.9%) was slightly more pronounced than the CSSe was expecting (-0.6%) but we noted a surprising 90bp-expansion in aEBIT margin to 17.4%, well above expectations (15.1%), supporting BIC's margin guidance for a "slight improvement" over FY24 despite the FY sales outlook
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #37
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 react to slower US inflation in June, further opening the door to a September rat
- Cedric Rossi
BIC: a quarter to forget
The sales warning issued last month (see our comment here) was mainly caused by a tough US Lighters market. However, we understand that Stationery and Shavers also decelerated sequentially in the US, as a result of a major consumer shift away from general merchandise to food, recently highlighted b
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #34
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 take a look at underperformance by European, and especially French, equity indexe
- Cedric Rossi
BIC: FY24 sales warning due to Lighters
Yesterday evening, BIC cut its FY24 sales guidance from +5/+7% FX-n (excl. Argentina) to LSD growth, again due to Lighters. Following soft Q1 numbers caused by a negative performance in Lighters (see our comment here), management was expecting a gradual improvement throughout the course of the year
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #26
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 take a closer look at TikTok's weight in the US advertising market ahead of its l
- Cedric Rossi
BIC: Soft Q1 followed by a gradual acceleration from Q2 onwards
Yesterday, BIC unveiled Q1 numbers that reflected management's message highlighting a soft start to the year, but showed a modest miss vs CSS expectations (sales: -1% / aEBIT: -1.5%) given the negative phasing impact in Lighters (38% of sales and 69% of aEBIT before unallocated costs). With trends
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #23
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 recovery in global passenger air traffic. Happy reading!
- Cedric Rossi
BIC: flame to reignite from Q2 onwards
Ahead of its Q1 2024 results publication on 23rd April, our estimates are broadly in line with management's message highlighting a soft start to the year due to a negative phasing impact in Lighters (38% of sales and 69% of aEBIT before unallocated costs). We expect 4.4% LFL growth and +20bps in aE
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #18
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 comment on the CCP accelerating policy support. Happy reading!
- Cedric Rossi
BIC: focus on margin expansion paid dividends in Q4
The softer-than-expected Q4 LFL growth (+2.4% vs. +4.4%e) has not spoilt BIC's year-end, with Q4 sales broadly in line with expectations whilst the aEBIT margin expansion topped the CSS (+560bp to 13.8% vs. 13.4%e). The other positive surprise is the payment of a total dividend of EUR4.27, includin
- Cedric Rossi
Investor Update feedback: lifted by good progress in the 2025 Horizon ...
At its Investor Update yesterday, BIC not only highlighted the good progress made in its Horizon Strategic Plan despite the Covid-19 pandemic and inflationary pressures, but also raised its 2025 sales and FCF targets. This profitable growth also translates into a 150bp-improvement in the EBIT margi
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.