JUST EAT TAKEWAY.COM : Increasing confidence in a bump

On the shelves now: Consumer Weekly #64

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 accelerating trends in European corporate earnings relative to those in t

Mister Spex: all eyes on execution of "SpexFocus" plan

When MRX announced its SpexFocus plan last summer, we commented that its initiatives would bring short-term pains before delivering long-term gains. In 2025, these short-term pains will be visible at the revenue level, while margins and FCF should show a sequential improvement thanks to the SpexFoc

Mister Spex: Reassuring FY24 numbers; priority for FY25 is margin impr...

Mister Spex reported this morning in-line FY sales of EUR217m (-3% YoY) reflecting the Group's decision to close all its nine International stores. On the positive side, FY aEBITDA of -EUR5.8m was less negative than anticipated by the market (-EUR7.1m). For FY25, i.e. "discount detox" and the negat

On the shelves now: Consumer Weekly #63

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 sub-sectors within our Consumer coverage have fared since the beginni

US eyewear: black tariff clouds looming over consumers

In our last report a month ago ("Trumping tariffs"), we were relatively optimistic as Donald Trump had only added a 10% tariff on Chinese imports and implemented a 30-day pause on tariffs for imports from Mexico and Canada. However, the situation has darkened since an additional 10% tariff has been

Deliveroo: controlled reinvestments in 2025, untouched business model

Post-FY 2024, we see 2025 as a year of reinvestment set to fuel longer-term growth and implying a smaller margin expansion than usual. Whether these investments are purely proactive or in response to the ongoing acquisition of JET by Prosus, we expect a higher pace of growth going forward and have

On the shelves now: Consumer Weekly #62

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 Trump's trade war is negatively impacting US consumer sentiment. Happ

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/12/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/03/2025

Delivery Hero : A free call option

Safilo: encouraging start to the year despite macro uncertainty

The final FY24 results unveiled yesterday were in line with the pre-announced numbers on 28th January. Safilo recorded a positive start to 2025 in both Europe and North America, ahead of March, which is key for the Q1 performance. Although management refrained from providing detailed FY25 targets,

On the shelves now: Consumer Weekly #60

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 relative catch-up by European stocks. Happy reading!

Just Eat Takeaway: Prosus' bid very likely to go through, aligning our...

Following on from the announcement of a EUR20.3/share cash bid by Prosus (detailed here), we have downgraded our rating from Buy to Neutral and aligned our PT to the offer at EUR20.3. This reflects our confidence that the deal will go through, fuelled by three statements. We will recommend that sha

On the shelves now: Consumer Weekly #59

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 whether the rising American debt burden could be a risk for 2025 or not.

Credit Morning 02/24/2025

THOM Group: Q1 results in line with expectations, Q2 seems to be off to a good start.|Just East Takeway: Prosus to launch bid for 100% of share capital|Teva: positive Phase 2b results for the divakitug drug, launch of Phase 3 in H2 2025|Saipem: proposal to merge with Subsea7|

Morning Crédit 24/02/2025

THOM Group : des résultats T1 conformes aux attentes, le T2 semble bien débuter|Just East Takeway : Prosus lance une offre de rachat sur 100% du capital.|Teva : données positives de phase 2b pour le médicament divakitug, lancement de la phase 3 au S2 2025|Saipem: proposal to merge with Subsea7|

ODDO BHF Small & MIDCAP MORNING NEWS – 02/24/2025

JUST EAT TAKEWAY.COM : Bid with a 63% premium to Friday’s close

Benelux Morning Notes

Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises