reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #66
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 correlation between robust financial markets and healthy US consumer
- Cedric Rossi
BIC: US consumers already burdened by tariffs
Ahead of the reciprocal tariffs implemented in early April, major US retailers such as Walmart, Costco and Target have already indicated a consumer pullback amid tariff uncertainty and early signs of deteriorating macro trends. Despite its strong value-for-money positioning, BIC is not immune to th
- Cedric Rossi
- Clement Genelot
- Loic Morvan
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
- Cedric Rossi
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
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #61
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 hectic trade policy impacts US consumer sentiment. Happy read
- Cedric Rossi
Fielmann: unlocking margin potential
The stronger-than-expected margin delivery in FY24 unveiled yesterday has two positive outcomes: 1/ Fielmann USA demonstrated its capacity to improve profitability while maintaining a strong operating performance (+11% LFL) and 2/ it lends greater credibility to its reiterated FY25 aEBITDA margin t
- Cedric Rossi
- Clement Genelot
- Loic Morvan
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.
- Cedric Rossi
BIC: A pivotal year 2025
During the call, management stated that BIC was well-positioned to tackle a crucial FY25, which marks the final year of the group's Horizon Plan and the forthcoming announcement of CEO Gonzalve Bich's successor. Although BIC is traditionally conservative at this stage of the year, this level of cau
- Cedric Rossi
BIC: Q4 beats expectations, FY25 targets in line.
FY24 results, released yesterday evening, showed a 5% beat on Q4 aEBIT expectations, driven by stronger-than-expected LFL growth (+4.4% vs. +2.7%e) and tight cost control. FY25 sales and aEBIT targets may appear relatively conservative in light of Tangle Teezer's contribution, but they were largely
- Cedric Rossi
US eyewear: Trumping tariffs
With existing duties relatively low compared to other consumer categories, the potential new tariffs that could be imposed by incoming President Trump are naturally sparking concern across the US optical industry. At this stage, we are optimistic about the sector's ability to navigate tariffs: (i)
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Cedric Rossi
Fielmann: Unexpected CEO change at Fielmann USA
According to Vision Monday, FIE yesterday announced unexpected leadership changes at the helm of its US subsidiary, with Lukas Ruecker stepping down "for personal reasons" and replaced by CFO Russ Steinhorst. Hopefully, this surprising CEO change might not call into question the subsidiary's priori
- 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
Eyewear: what caught our eyes in Q3 publications
Q3 publications were generally more mixed than previous quarters with many players flagging polarised consumer behaviour even in the traditionally defensive prescription category. Most companies were relatively optimistic about Q4 thanks to easier comparatives and a more favourable category-mix, wh
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #46
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 growing valuation gap between European and US retailers. Happy reading!
- Cedric Rossi
Fielmann: management eyeing a strong rebound in Q4 after a bumpy Q3
Last Friday, FIE reported weaker-than-expected Q3 numbers, with consolidated sales of EUR604m 4% shy of the CSSe, while EBITDA was significantly below CSSe (EUR124m vs. EUR157m) due to one-off costs and, arguably, an overly-optimistic CSSe margin uplift scenario for FIE's US business. During the ca
- 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
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.