Credit Morning 12/19/2024

Afflelou: topflight first quarter, leverage below 5x|Fnac Darty: € 109m fine from France's competition authority, slightly higher than the provision.|Maxeda: a better Q3, € 13m bond buyback|Eutelsat Group: S&P cuts the corporate rating to B-/stable from B-/stable|Atos compltes its financial restructuring, S&P raises the corporate rating to B-/stable from SD|

Morning Crédit 19/12/2024

Afflelou : un très bon premier trimestre, levier en-dessous de 5x|Fnac Darty : amende de 109 m EUR de l’Autorité de la concurrence, un peu supérieure à la provision|Maxeda : un meilleur T3, rachat de 13 m EUR d’obligations|Eutelsat Group : S&P degrade le rating corporate de B/stable à B-/stable|Atos finalise sa restructuration financière, S&P relève le rating corporate de SD à B-/stable|

Carrefour : P12 market share in France: along the same lines as P11, b...

Carrefour : Parts de marché P12 en France : dans la continuité de la P...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/18/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/12/2024

Carrefour : Decathlon dividend, question on Auchan … read-across for C...

Carrefour : Dividende Décathlon, question sur Auchan … Read-across pou...

Credit Morning 12/16/2024

S&P downgrades Cheplapharm to B/Stable|

Morning Crédit 16/12/2024

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

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

Inditex not immune to temporary bumps

Unsurprisingly, the combination of demanding market expectations and softer Q3 numbers triggered some profit-taking moves after the stock's 41% YTD rally. As flagged in our comment yesterday, the Q3 miss was largely due to FX headwinds, but during the call management guided for a moderate impact in

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

Inditex Q3 2024 results: sales and EBIT miss, in-line current trading

This morning Inditex's Q3 results missed CSSe both on sales and EBIT, by 2% and 5% respectively. A more harmful FX headwind hampered the sales performance as ITX reached a 15th consecutive quarter of double-digit FX-n sales growth (+11%), while the EBIT miss was mainly caused by the GM erosion of 2

On the shelves now: Consumer Weekly #51

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 new record high reached by online shopping during the Cyber Week 2024.

Delivery Hero: understanding the cash implications behind the Spanish ...

With Delivery Hero about to lose in the lower courts in Spain, it has decided to shift its rider model to an employment model in the country. This should cut FY EBITDA by EUR100m causing a 9% css cut with gradual payments to be made to cope with contingencies (EUR200m/year over three years in our v

On the shelves now: Consumer Weekly #50

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 Deloitte and NRF's predictions for the 2024 holiday shopping season, expec

Credit Morning 12/02/2024

ELO (Auchan): Decathlon is to pay € 1bn in dividends|Mahle reorganizes its structure and plans to introduce its Indian activities|Altarea monetizes several logistics assets|Bertrand Franchise : slower growth in Q3 24, impacted by a weaker-than-expected JO effect, in a more difficult economic environment in France|

Morning Crédit 02/12/2024

ELO (Auchan) : Decathlon va verser 1 md EUR de dividendes à ses actionnaires|Mahle réorganise sa structure et envisagerait d’introduire ses activités indiennes|Altarea monétise plusieurs actifs logistiques|Bertrand Franchise : tassement de la croissance au T3 24, impacté par un effet JO moins fort que prévu, dans un contexte économique plus difficile en France.|