reports
- Carole Braudeau
- Clement Genelot
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
- Carole Braudeau
Credit Morning 05/07/2024
Monte has published a solid Q1 2024 results, above expectationsClariane has received a put option agreement for its HAD/SSIAD activities in FranceZalando: FY targets confirmed following a better-than-expected Q1, plans to buy back up to € 100m of convertible bonds due 2025Banco Sabadell rejects BBVA’s proposal>...
- Carole Braudeau
Morning Crédit 07/05/2024
Monte publie un T1 2024 solide, au-dessus des attentesZalando : objectifs confirmés à l’issue d’un T1 supérieur aux attentes, envisage des rachats d’obligations convertibles 2025 pour 100 m EUR maximumClariane a reçu une offre pour la cession de ses activités HAD/SSIAD en FranceBanco Sabadell rejette la proposition de fusion de BBVA>...
- Martin Marandon-Carlhian
- Stephane Houri
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
SCR SCOR SE
ZAL ZALANDO SE
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
COLO B COLOPLAST A/S CLASS B
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
UN0 UNIPER SE
- Martin Marandon-Carlhian
- Stephane Houri
INFINEON INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
SCR SCOR SE
ZAL ZALANDO SE
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
COLO B COLOPLAST A/S CLASS B
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
UN0 UNIPER SE
- Andreas Riemann
Zalando : Q1 profits above forecasts, FY 2024 targets confirmed
>GMV and revenue flat in Q1, adjusted EBIT margin up 130bp - In Q1, GMV was up 1% y-o-y to € 3,270m (consensus: € 3,242m, ODDO BHFe: € 3,268m) and sales decreased 1% to € 2,241m (consensus: € 2,262m, ODDO BHFe: € 2,267m), i.e. both were in line with consensus expectations. B2C revenue was down 2% while B2B revenue increased by 13%. Adjusted EBIT came in at € 28m (consensus: € 20m, ODDO BHFe: € 20m) with a margin of 1.3% (up 130bp) thanks to materially lower fulfilment...
EQS-News: Zalando Boosts Quality Assortment, Grows Lifestyle Offering,...
EQS-News: Zalando SE / Key word(s): Quarter Results Zalando Boosts Quality Assortment, Grows Lifestyle Offering, Elevates Inspiration and Wins More B2B Partners to Deliver GMV Growth and Rising Profitability in Q1 07.05.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Zalando Boosts Quality Assortment, Grows Lifestyle Offering, Elevates Inspiration and Wins More B2B Partners to Deliver GMV Growth and Rising Profitability in Q1 First-quarter gross merchandise volume (GMV) rises 1.3% Adjusted earnings before interest and tax (...
EQS-News: Zalando steigert Bruttowarenvolumen und Profitabilität im er...
EQS-News: Zalando SE / Schlagwort(e): Quartalsergebnis Zalando steigert Bruttowarenvolumen und Profitabilität im ersten Quartal durch Ausbau seines hochwertigen Sortiments, mehr Lifestyle-Angeboten, zusätzlichen Inspirationselementen und neuen B2B Partner 07.05.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Zalando steigert Bruttowarenvolumen und Profitabilität im ersten Quartal durch Ausbau seines hochwertigen Sortiments, mehr Lifestyle-Angeboten, zusätzlichen Inspirationselementen und neuen B2B Partnern Bruttowarenvol...
- Clement Genelot
Fnac Darty: Q1 LfL decelerating as expected, FY guidance reiterated
The Q1 LfL trend continued to slow in line with estimates while product mix provided a nice 30bp gross margin boost. Even with reiterated FY 2024 EBIT and FCF guidance, uncertainty over the timing of a consumption recovery remains a huge pushback preventing everyone from being more bullish despite
- Cedric Rossi
H&M: Q1 margin trajectory more appealing than sales trends
Q1 2024 results unveiled yesterday by H&M showed impressive profit momentum, while March sales (+2% FX-n) improved sequentially vs. Q1 (-2% FX-n), albeit well below the pace of growth at Inditex. Although we increase our FY24 estimates by 5% following these stronger-than-expected Q1 profits, we
- Clement Genelot
MdM: model update
Post-FY publication, we have fine-tuned our model to better take into account: i) the full FY accounts, ii) some positive one-offs that boosted 2023 EBIT, iii) c.100 store conversions via an affiliation model rather than 75/25% via affiliation/franchise.Our DCF-valuation approach still leads to a E
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #21
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 expected growth recovery among e-commerce players and the necessary b
- Clement Genelot
Zalando: pragmatic model shift fuelling an appealing and linear 2028 E...
Zalando's new 2028 plan resonates as a confession of pragmatism within a fashion e-commerce world where growth has become much less abundant. The group's shift from B2C (wholesale, marketplace) to new B2B services (fulfilment services to non-partners, marketplace SaaS provider, fashion blog...) mak
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Cedric Rossi
Inditex: no time for rest to reach "The next level"
Beyond the 28% increase in FY23 dividend and robust current trading that fuelled yesterday's positive market reaction, we feel that investors also welcomed Inditex's strategic initiatives to further enhance customer experience and supply chain capabilities by 2026. These investments are set to mate
- Andreas Riemann
Zalando : Convincing mid-term strategy, focus now on growth recovery
>Inspirational shopping and B2B as new elements - Yesterday after the release of FY 2023 results and FY 2024 outlook, Zalando hosted a CMD. Major takeaways from the presentations are: 1/ Out to 2028, GMV and sales should grow at a 5-10% CAGR and adjusted EBIT margin should rise to 6-8%. Both are in line with expectations. 2/ In addition to its B2C business (focus on inspirational shopping and quality brands), Zalando is now starting a B2B strategy (mainly logistics se...
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2024
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
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