reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #47
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 impact of Donald Trump's election. Happy reading!
- Clement Genelot
Zalando: On track, constant execution needed to continue rerating
Post-FY guidance upgrade and the full Q3 release, we still believe in Zalando's ability to further accelerate growth in 2025 and have notched up our estimates and our PT from EUR36 to EUR37. We no longer see Zalando as an e-commerce growth story, but more as a business model optimisation/show-me st
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
- Carole Braudeau
- Carole Braudeau
- Andreas Riemann
Zalando : Q3 in line with prelims, FY outlook confirmed
>Some 8% GMV growth and 290bp margin improvement in Q3 - In Q3, GMV was up 8% y-o-y to € 3.46bn (prelim € 3.5bn). Sales increased 5% to € 2.39bn (prelim: € 2.4bn). Revenue growth by segment: B2C +4%, B2B +11%. Adjusted EBIT came in at € 93m (prelim: € 93m) with a margin of 3.9% (up 290bp). The strong demand in September resulted in very good full price business which supported the gross margin. The gross margin increased 400bp and fulfilment costs were down 120bp wher...
EQS-News: Zalando Records Strong Q3 Growth in Both B2C and B2B, Invest...
EQS-News: Zalando SE / Key word(s): Quarter Results Zalando Records Strong Q3 Growth in Both B2C and B2B, Invests in Customer Loyalty, Lifestyle Propositions, Fashion Discovery and Logistics 05.11.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Zalando Records Strong Q3 Growth in Both B2C and B2B, Invests in Customer Loyalty, Lifestyle Propositions, Fashion Discovery and Logistics Q3 gross merchandise volume (GMV) rises 7.8% to 3.5 billion euros, r...
EQS-News: Zalando verzeichnet im dritten Quartal starkes Wachstum im B...
EQS-News: Zalando SE / Schlagwort(e): Quartalsergebnis Zalando verzeichnet im dritten Quartal starkes Wachstum im B2C- und B2B-Geschäft und investiert in Kund*innenbindung, Lifestyle-Angebot, Fashion Discovery und Logistiknetzwerk 05.11.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Zalando verzeichnet im dritten Quartal starkes Wachstum im B2C- und B2B-Geschäft und investiert in Kund*innenbindung, Lifes...
- Clement Genelot
Fnac Darty: Officially back to Italy
Fnac Darty now owns 71.5% of Unieuro and has some legal leeway in Italy to force a delisting even with less than 90% of shares. While it is too early to integrate Unieuro into our model, we continue to view this as strategically relevant, while remaining cautious on the execution risks it bears and
- Clement Genelot
Maisons du Monde: Delayed sales stabilisation and persistent risks
Post a very weak Q3, we foresee a delayed stabilisation in sales with FY 2025 again (slightly) negatively marked by depressed real estate, a more promotional environment and a very anxious French political/fiscal context. Despite management's strong focus on preserving FCF generation and the remain
- Clement Genelot
Fnac Darty: gross margin-fuelled EBIT guidance upgrade
Post-Q3 marked by disappointing LfL and impressive gross margin expansion fuelled by services and the category mix, we have lifted our FY 2024-26 EBIT by c.2% and expect the consensus to do the same. But the equity story remains polluted by persistent uncertainties concerning the ongoing bid for Un
Zalando SE: 3 directors
Two Directors at Zalando SE sold 100,000 shares at 25.000EUR. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #43
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. As we are now entering the crucial holiday shopping season, this week we look at external facto
- Bruno Cavalier
- Robert Jan Vos
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/10/2024
Représentant 19% en moyenne du CA des groupes de biens d’équipement européens (plus de 40% pour certains), les Etats-Unis sont inévitablement au cœur des stratégies de croissance, tant organique qu’externe. Après analyse des programmes des deux candidats à la Maison Blanche, croisée avec celle du positionnement des groupes, nous avons établi 2 scénarios permettant de se positionner en fonction du candidat qui sera élu en novembre. Dans ce contexte électoral américain encore incertain,...
- Bruno Cavalier
- Luis de Toledo Heras
- Philippe Ourpatian
- Robert Jan Vos
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/11/2024
Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election context...
- Carole Braudeau
Credit Morning 10/11/2024
Zalando revises up full-year guidance after strong Q3 Teva: Moody’s revises the outlook of the Ba2 rating to Positive from Stable, $ 450m settlement to end litigations regarding Copaxone in the US ELO (Auchan): continued downward pressure. Overview of negative pledge clauses and covenants in the event of a senior secured debt offering.>...
- Carole Braudeau
Morning Crédit 11/10/2024
ELO (Auchan) : poursuite de la pression baissière. Point sur les clauses de negative pledge et covenants en cas d’émission de dettes sécurisée Teva : Moody’s révise la perspective du rating Ba2 de Stable à Positive, accord à l’amiable de 450 m USD aux US pour mettre fin aux poursuites concernant CopaxoneZalando révise ses prévisions annuelles à la hausse après un très bon T3>...
- Andreas Riemann
Zalando : Q3 above, raising FY 2024 outlook
>Some 8% GMV growth and almost 300bp margin enhancement - Yesterday evening Zalando pre-released strong Q3 results. In Q3, GMV was up 8% y-o-y at € 3.5bn (consensus: € 3.4bn, ODDO BHFe: € 3.4bn) and thus 2% above the company-compiled consensus. Sales increased 5% y-o-y to € 2.4bn (consensus: € 2.4bn, ODDO BHFe: € 2.4bn) in line with consensus expectations. No details with regards to regions or segments were provided at this point, but we believe all regions and segme...
- Clement Genelot
Zalando: Singin' in the rain while upgrading guidance
Zalando has raised its FY 2024 guidance, with css 3% below on EBIT, thanks to a rainy September and downsized capex. But our attention is mostly on the structurally lower capex plan beyond 2024, marking Zalando's more pragmatic approach to online penetration and growth prospects (unlocking a FCF bu
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