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

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

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!

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

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!

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

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

Model update post H1 2023 results

Further to a tough start to the year, BIC was able to rapidly achieve a positive inflection point in Q2, against a strong back-to-school season in Stationery and market share gains across its three categories. While this good set of H1 2023 numbers should reassure investors about the group's capaci

Bryan, Garnier & Co Consumer Daily | HFG, DHER, PERP, BIC, AVQ, ULVR

Brighter horizon from Q2 onwards

Since the beginning of the year, the stock has underperformed the SBF 120 index by 26% as a result of a less favourable geographical mix (i.e. 42% of sales in North America vs 0% in China) and a gloomy Q1 margin outlook. During the conference call, management confirmed promising prospects, with acc

Tougher-than-expected start to the year, but FY 2023 outlook reiterate...

In February, BIC guided to weak Q1 numbers given tough comps and lingering impacts from inflation. Whilst Q1 sales were a touch shy of the CSS estimate (-1%), the aEBIT missed CSS expectations by 15% due to the combined effects of inflation, FX, and opex. This publication should put the stock under

Bryan, Garnier & Co Consumer Daily | Bic, Carrefour, Danone, Kering