Credit Morning 08/29/2025

Strong set of Q2 2025 results with good FCF generation|Advanz Q2 25 call notes: Net leverage will go up in the remaining year before launches kick in|Iliad: no consolidation in Italy, preliminary talks in France in June|

Morning Crédit 29/08/2025

Strong set of Q2 2025 results with good FCF generation|Advanz Q2 25 call notes: Net leverage will go up in the remaining year before launches kick in|Iliad : pas de consolidation en Italie, discussions préliminaires en France au mois de juin|

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...

Tesco: stronger UK momentum, record valuation, what next?

Post-Kantar's P07 UK market share data release, we have lifted our EPS/FCF by 1%/4% to reflect higher food inflation and stronger market share gains in a UK market that continues to hold steady for now. PT increased to 433p. Despite a less compelling risk/reward at current valuation levels, we cont

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|

Fashion: navigating a cautious summer

Based on recent market trends, the start of Q3 appears to be a continuation of the softness observed in May and June for the fashion industry, as prolonged macroeconomic and tariff-related uncertainty continues to weigh on consumer spending. This environment has prompted a wait-and-see approach amo

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|

Credit Morning 07/08/2025

Fives: sale of its Cryogenics unit completed|

Morning Crédit 08/07/2025

Fives: sale of its Cryogenics unit completed|

BIC: slow improvement amid US macro volatility

Ahead of H1 2025 results due on 30th July, we expect a slow sequential improvement at the top-line level with a flattish LFL sales performance in Q2 (-0.4%e vs. -7% in Q1) thanks to a gradual resumption in wholesale orders in North America. Obviously H1 margins are set to be pressurised by negative

Credit Morning 07/07/2025

AF-KLM to increase its stake in SAS|