reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
Suspension of Coverage
From 2nd of June we are suspending coverage of companies below due to a reallocation of resources. Our prior estimates should no longer be used as an indicator for the company moving forward.ADIDASBEIERSDORFCARREFOURDELIVERY HEROESSILORLUXOTTICAHELLOFRESHHermès InternationalHUGO BOSSINTERPARFUMSJUS
ADS ADIDAS AG
RMS HERMES INTERNATIONAL SCA
ITP INTERPARFUMS
OR L'OREAL SA
KER KERING SA
ZAL ZALANDO SE
SFL SAFILO GROUP S.P.A.
MONC MONCLER SPA
SFER SALVATORE FERRAGAMO S.P.A.
TKWY JUST EAT TAKEAWAY.COM N.V.
CFR RICHEMONT
BEI BEIERSDORF
BOSS HUGO BOSS
DHER DELIVERY HERO
HFG HELLOFRESH SE
RBO ROCHE BOBOIS INTERNATIONAL SAS
EF ESSILORLUXOTTICA
UHR THE SWATCH GROUP
MC LVMH
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #71
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 tariffs have dominated recent earnings calls over other topics such a
- Clement Genelot
Maisons du Monde: no sign of commercial sequential improvement
Post-weak Q1 sales marked by no sequential improvement on easy comps and market share losses, we foresee a delayed recovery in France and cut our FY 2025 sales by 1% and our EBIT & FCF by >40%. Our new EUR2.4 PT reflects a slight return to growth only from 2026 onwards. Beyond management's s
- Clement Genelot
Ceconomy: "growth businesses" continue to overshadow softening German ...
Post-Q2, we have cut our FY sales and EBIT by 1% and 2% to reflect a softening German environment while still believing in the company's ability to meet its FY 2024/25 and 2025/26 EBIT targets. We believe the back-end loaded contribution capacity of "growth businesses" is underestimated by the cons
- Clement Genelot
Ceconomy: CFO appointed as interim CEO
With CEO Karsten Wildberger stepping down to become a federal minister in Germany, Ceconomy has appointed CFO Kai-Ulrich Deissner as interim CEO. In our view, this is the best option to ensure completion of a well-thought FY 2025/26 strategic plan (still not fully priced-in by the consensus and sha
- Clement Genelot
Zalando: persistent deflationary concerns overshadow good Q1 and curre...
Post a good set of Q1 results with reassuring current trading comments, we have left our estimates unchanged with a EUR39 PT. Persistent risks concerning deflationary pressures in the European fashion sector in H2 continue to weigh on Zalando's ST rerating despite an appealing MT equity story based
- Carole Braudeau
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
- Carole Braudeau
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
- Andreas Riemann
- Clement Genelot
Ceconomy: CEO surprise leave, what next?
With the CEO stepping down at short notice to become a federal minister, Ceconomy is entering a period of uncertainty. Far from the management instability and poor execution of the 2018-2021 era, we see the group in much better shape and hope for a smooth short-term interim with the current CFO sti
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #67
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 largest beauty groups in the world. Happy reading!
- Clement Genelot
Fnac Darty: softening trend in Q1
Q1 proved soft with LfL decelerating and turning negative (leap-year headwind, weakening France, competitive Belgian market). No impact on our FY EBIT in line with guidance at this stage, but monitoring French retail data will be key in late Q2-early Q3. Neutral reiterated ahead of CMD on 11th June.
- Cedric Rossi
- Clement Genelot
Fashion disruption: will de minimis reforms trigger "de maximis" marke...
In addition to the implementation of reciprocal tariffs, the Trump administration is also closing the Chinese de minimis loophole from 1st May onwards, which will considerably disrupt the business model of major platforms like Shein and Temu in the US. Although this new market paradigm could be wel
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #65
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 impacts of US tariffs and potential retaliation strategies by foreign
- Cedric Rossi
Sporting Goods: reciprocal tariffs, the last straw?
Trump's "reciprocal tariffs" plan announced on 2nd April now applies huge tariff rates to new countries like Vietnam and Indonesia, which are key in the sourcing of US footwear and apparel. Although apparel and footwear are already heavily taxed at an average of 14.6% and 12.3% respectively, compar
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #64
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 accelerating trends in European corporate earnings relative to those in t
- Marc Lavaud
- Philippe Ourpatian
- Youssef Besbes
- Marc Lavaud
- Philippe Ourpatian
- Youssef Besbes
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.