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Disclosure of total number of voting rights and number of shares in th...
Disclosure of total number of voting rights and number of shares in the capital at August 31, 2024 French limited company (Société anonyme) with registered capital of 106,991,179.60 eurosRegistered office: 14, rue Royale, 75008 Paris632 012 100 R.C.S. ParisLegal Entity Identifier: 529900JI1GG6F7RKVI53 Pursuant to article L-233-8 II of the French “Code de Commerce” and 223-16 of the AMF's General Regulations: Total number of shares534,961,718Number of real voting rights (excluding treasury shares)533,706,941Theoretical number of voting rights (including treasury shares*)(*) pursuant to arti...
- Stephane Beyazian
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Christophe-Raphaël Ganet
Interparfums : Feedback from analysts’ meeting: 2024 will see the oper...
>A more reassuring tone, notably on the outlook for 2025 - Key takeaways from yesterday’s analysts’ meeting:No guidance for the operating margin: in light of H1 and a more balanced breakdown of advertising spending than in 2023 (2023: H1: 34%/H2: 66%), management let it be understood that it is comfortable with the consensus forecast, i.e. around € 170m, i.e. approx. 19%. Market trend: July was a good month (deliveries and orders). While some small markets a...
- Loic Morvan
- Paul Rouviere
Interparfums reiterates its FY24 sales guidance
Interparfums H1 EBIT declined 9% to EUR93m, implying EBIT margin of 21.9%, down 400bp vs the historical H1 2023 level but almost in line with 2022 (22.5%). Management has reiterated FY sales guidance (EUR880-900m), thanks to strong activity over the summer. FY24 profitability should be close to tha
- Christophe-Raphaël Ganet
Interparfums : Feedback réunion d’analystes : 2024 verra la MOP consol...
>Tonalité plutôt rassurante, notamment sur la perspective 2025 - Voici les principaux points de la réunion d’analystes tenue hier:Absence de guidance de MOP : compte tenu du S1 et d’une répartition plus équilibrée des dépenses publicitaires qu’en 2023 (2023 : S1 : 34% / S2 : 66%), le management laisse comprendre qu’il est à l’aise avec la prévision du CSS à savoir autour de 170 M€e, soit env. 19%. Tendance de marché : juillet a été bon (livraisons et command...
- Stephane Beyazian
- Christophe-Raphaël Ganet
Interparfums : H1 2024 results: not better than the consensus – no det...
>H1 EBIT margin: 21.9% (Consensus: 21.5%/€ 91m) - ITP reported H1 EBIT of € 92.7m (-9%), 21.9% of revenues and net income of € 69.6m vs € 77.6m est. (-10%).The balance sheet shows net debt of close to € 46m (stable). Management still sees revenues of between € 880m and € 900m est. but is still fairly vague on its EBIT target for 2024, with the operating margin expected to remain at a high level.Advertising spending more evenly spread between H1 ...
- Christophe-Raphaël Ganet
Interparfums : Résultats S1 2024 : pas mieux que le consensus. Pas de ...
>MOP courante S1 : 21,9% (Consensus : 21,5%/91 M€e) - ITP publie un ROC S1 qui se monte à 92,7 M€ (-9%), soit 21,9% des revenus et le RN ressort à 69,6 M€ vs 77,6 M€e (-10%).Le bilan fait ressortir un dette nette proche de 46 M€ (stable). Le management prévoit toujours un CA compris entre 880 et 900 M€e, mais reste modérément précis sur son objectif de ROC pour 2024, à savoir « la MOP devrait se maintenir à un niveau élevé ».Des dépenses de publ...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #38
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 analyse the implications of Chinese tourist flows to Japan. Happy reading!
- Clement Genelot
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
Disclosure of total number of voting rights and number of shares in th...
Disclosure of total number of voting rights and number of shares in the capital at July 31, 2024 French limited company (Société anonyme) with registered capital of 106,991,179.60 eurosRegistered office: 14, rue Royale, 75008 Paris632 012 100 R.C.S. ParisLegal Entity Identifier: 529900JI1GG6F7RKVI53 Disclosure of total number of voting rights and number of sharesin the capital at July 31, 2024 Pursuant to article L-233-8 II of the French “Code de Commerce” and 223-16 of the AMF's General Regulations: Total number of shares 534,955,898 Number of real voting righ...
Déclaration du nombre total de droits de vote et du nombre d’actions c...
Déclaration du nombre total de droits de vote et du nombre d’actions composant le capital au 31 juillet 2024 Société anonyme au capital de 106.991.179,60 euros Siège social : 14, rue Royale, 75008 Paris632 012 100 R.C.S. ParisCode LEI (Legal Entité Identifier) : 529900JI1GG6F7RKVI53 Déclaration du nombre total de droits de vote et du nombre d’actions composant le capital au 31 juillet 2024 Conformément aux articles L.233-8 II du Code de commerce et 223-16 du Règlement Général de l’Autorité des Marchés Financiers : Nombre d’actions composant le capital 534 955 898 Nombr...
- Clement Genelot
Deliveroo: improving profile, but still limited upside
Post-Q2 publication, we have lifted our PT from 122p to 140p to reflect better EBITDA margin development and the GBP150m share buyback. In spite of improving growth / profitability / FCF profile, it is still too early to value Deliveroo as a traditional restaurant as FY 2025-26 sales growth and EBI
- Clement Genelot
Deliveroo: EBITDA overdelivers and GBP150m buyback
Deliveroo disappointed on sales in Q2 due to lower take rate in the UK & Ireland, reflecting higher investments to reboost demand and to retake market share recently lost to Just Eat. But the group's ability to overdeliver on EBITDA might prompt some consensus upgrades on top of a new GBP150m s
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre Tegner
L'Oréal : 10% stake in Galderma: a tactical operation?
>10% stake in Galderma - In a press release published yesterday before the market, L’Oréal announced the acquisition of a 10% stake in Galderma for an undisclosed amount. On top of this, a scientific partnership in R&D has been agreed between Galderma and L’Oréal. Last but not least, L’Oréal will not seek to be represented on Galderma’s Board of Directors and has agreed to customary provisions for an investment of this type as part of a shareholders’ agreement entered...
- Pierre Tegner
L'Oreal : 10% stake in Galderma: a tactical operation?
>10% stake in Galderma - In a press release published yesterday before the market, L’Oréal announced the acquisition of a 10% stake in Galderma for an undisclosed amount. On top of this, a scientific partnership in R&D has been agreed between Galderma and L’Oréal. Last but not least, L’Oréal will not seek to be represented on Galderma’s Board of Directors and has agreed to customary provisions for an investment of this type as part of a shareholders’ agreement entered...
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