Ceconomy: still executing and delivering

Post another quarter of good execution and EBIT-FCF delivery, we now see Ceconomy meeting the top end of its FY EBIT guidance and have lifted our FY 2024-26 EPS by 4% and our PT to EUR3. Even after yesterday's share price drop, Ceconomy remains our top pick in the offline specialised retail segment

On the shelves now: Consumer weekly #34

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 look at underperformance by European, and especially French, equity indexe

On the shelves now: Consumer weekly #33

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 new look at the latest rumors around Shein London IPO. Happy reading!

Ceconomy: Clarified EBIT guidance 6-14% above expectations

Ahead of its full Q2 publication on Wednesday, Ceconomy has pre-released its Q2 and clarified its FY EBIT guidance from "clear increase YoY" to EUR290-310m, coming out 6-14% above consensus with Spain and Italy fuelling the performance. Within our specialised retail segment, Ceconomy (Buy) remains

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!

Red Sea tensions: looming risk of a new wave of inflation

In our first note last month "Will Red Sea tensions disrupt our groups' supply chains?" we discussed why the first attacks on commercial shipping routes were unlikely to cause major supply chain disruption for our companies, provided they did not last too long. However, since then, the attacks have

Ceconomy Q3 preview: deteriorating trend

Ahead of the FY trading statement due on 26th October (before market-opening), we continue to forecast FY 2023 EBIT in line with guidance even after a slight estimate cut, but start to factor in a deteriorating trend in Germany, Spain and Italy that might delay/downsize the margin recovery going fo

Starting to deliver... and soon beating expectations

sWith a very resilient short-term performance opening the path to a potential FY guidance upgrade and self-help profitability levers out to 2025/26, we see Ceconomy as an attractive risk/reward stock within the brick & mortar specialized retail sector to play H2 2023 and H1 2024 while its Europ

Bryan, Garnier & Co Consumer Daily | Casino, Ceconomy, Richemont

Temu coming to Europe with value/young customers in sight

With Pinduoduo's subsidiary Temu coming to Europe and likely to be as successful as it was in the US in recent months, it is about to become equally important as Shein, Wish and Aliexpress. Value players in fashion/electronics/decoration with low price points and young customers are at risk, but ou

Bryan, Garnier & Co Consumer Daily | Spec. Retail, results

Specialised retail: favour Germany over France and Southern Europe

With food inflation still accelerating across Europe (>15%) and a lengthy disinflation process throughout H2, consumption arbitrage is set to continue and affect discretionary goods retailers. Recent trends suggest that France and Southern Europe are really suffering while Germany is benefiting