reports
- Carole Braudeau
- Carole Braudeau
- Clement Genelot
Food Retail: Leclerc's insolent outperf fuels risk of competitive irra...
Latest Kantar French market share data highlight a continued and surprising outperformance by Leclerc (+80bp) despite very tough comps vs. other independents and Lidl (slightly up) and vs. integrated groups (down 100bp). The wide gap between Leclerc and Intermarché, Systeme U and Lidl in a fast-dec
Casino Group: Disposal of 121 stores to ITM, Auchan, Carrefour
Casino Group: Disposal of 121 stores to ITM, Auchan, Carrefour Disposal of 121 stores to Groupement Les Mousquetaires, Auchan Retail France and Carrefour Paris, 30 April 2024 Following the agreements reached on 24 January 2024, with Auchan Retail France and Groupement Les Mousquetaires as well as on 8 February 2024, with Carrefour to sell a combined total of 287 stores, Casino Group announces today the sale of 121 stores1. The disposals of the remaining 166 stores will occur in two steps, on 31 May 2024 and 1 July 2024, respectively. This transaction is based on an enterprise value of t...
Judgment on FRH request for grace period extension
Judgment on FRH request for grace period extension Judgment on FRH request for grace period extension Paris, 29 April 2024 Casino Guichard-Perrachon S.A. (Euronext Paris: CO; ISIN: FR0000125585) hereby informs as follows: On behalf of France Retail Holdings S.à.r.l. (an entity ultimately controlled by Mr. Daniel Křetínský) (“FRH”), it is hereby announced that FRH has received on 25 April 2024 a judgment of the Enterprise Chamber of the Amsterdam Court of Appeal, the Netherlands, granting a thirty-day extension pursuant to Article 5:72(2) of the Dutch Financial Supervision Act (Wet op het...
- Carole Braudeau
Credit Morning 04/25/2024
Atos: weak Q1 2024 results, need for fresh funds has already increasedVerisure launches a new term loan; new bonds to followVerallia: Q1 2024 logically weak but the recovery in demand is confirmedAngloAmerican Plc: Takeover offer from BHP Group for the entire share capital>...
CO CASINO GUICHARD-PERRACHON SA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
EO FAURECIA SA
FNAC FNAC DARTY SA
ERA ERAMET SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
VLTSA VOLTALIA
SPIE SPIE SA
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
SAB BANCO DE SABADELL SA
HFG HELLOFRESH SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ADE ADEVINTA ASA
- Carole Braudeau
Morning Crédit 25/04/2024
Atos : faibles résultats au T1 2024, les besoins de nouveaux fonds a augmentéVerisure lance un nouveau term loan ; des nouvelles obligations suivrontVerallia : T1 2024 logiquement faible mais la reprise de la demande se confirmeAngloAmerican PLC : Offre de rachat sur la totalité du capital par BHP>...
CO CASINO GUICHARD-PERRACHON SA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
DBK DEUTSCHE BANK AG
EO FAURECIA SA
FNAC FNAC DARTY SA
ERA ERAMET SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
VLTSA VOLTALIA
SPIE SPIE SA
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
SAB BANCO DE SABADELL SA
HFG HELLOFRESH SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ADE ADEVINTA ASA
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Geoffroy Michalet
Casino : Post-restructuring Q1 results, satisfactory sales, still very...
>Satisfactory sales but margins and FCF are too low - Casino reported Q1 sales of € 2.1bn, down 4.6% of which -3.8% LFL. The key standouts to us were the respectable performances of Monoprix (+0.7% LFL) and Franprix (+0.6% LFL). These figures were not so bad in light of Carrefour’s performance (+0.2% LFL for convenience brands this quarter). Stores under the Casino banner were down 2.4%, bringing the overall convenience brand performance to +0.1%.On the other han...
- Geoffroy Michalet
Carrefour : Decent Q1 sales, price adjustment policy in France funded ...
>Q1 2024: in line with forecasts - Yesterday evening, Carrefour published its sales figures for Q1 2024. Sales including tax were € 22.2bn, a slight 0.4% increase on a reported basis of which 13.5% l-f-l, broadly in line with expectations in France, relatively weak in Europe and a shade above in Latin America. Overall, as expected, the quarter was marked by the continued deceleration in food inflation and a volume effect still under pressure in Europe, to which sho...
- Geoffroy Michalet
Casino : Résultats T1 post restructuration, correct sur le CA, encore ...
>Un CA correct, mais des marges et FCF trop faibles… - Au titre de son T1, Casino publie un CA de 2.1 Md€ en repli de 4.6% dont -3.8% en LFL. Nous retiendrons particulièrement la performance honorable de Monoprix (LFL +0.7%) et de Franprix (LFL +0.6%). Une performance pas si mauvaise au regard des chiffres de Carrefour (LFL +0.2% sur la proximité ce trimestre). Les magasins à enseigne Casino sont eux en retrait de 2.4%, amenant les enseignes de proximité à une perfor...
- Geoffroy Michalet
Carrefour : CA T1 correct, politique d’ajustement de prix en France fi...
>T1 2024 : en ligne avec les attentes - Carrefour a publié hier soir ses ventes du T1 2024. Le CA TTC s’élève à 22,2 Md€, en légère hausse de 0.4% en données publiées dont 13.5% en LFL, globalement en ligne avec les attentes en France, assez faibles en Europe et un peu au-dessus au Latam. Globalement, le trimestre est sans surprise marqué par la poursuite de la décélération de l’inflation alimentaire et un effet volume toujours sous pression en Europe, auquel s’ajou...
- Clement Genelot
Carrefour: slight miss in Q1, eyeing French EBIT growth despite price ...
After a soft Q1 missing expectations at the group-level excluding Argentina and in France, we welcome Carrefour's more proactive stance on its French price positioning (targeting a volume market share trend reversal) with ongoing waves of price cuts that should materialise throughout the year, fina
- Clement Genelot
Casino: first quarter of the new beginning
With the "New Casino" now almost fully refocused on urban convenience and online, and drawing up what its new reporting standards will be, we welcome an unmatched level of transparency. The extent of the Q1 EBITDA decline raises questions about Franprix and we continue to see the group as way too c
Groupe Casino: BUT, Conforama, MDA Company, Casino Group and Intermarc...
Groupe Casino: BUT, Conforama, MDA Company, Casino Group and Intermarché end their technical goods purchasing partnership, Sirius Achats Press releaseParis, 24 April 2024 BUT, Conforama, MDA Company, Casino Group and Intermarché end their technical goods* purchasing partnership, Sirius Achats After almost two years, BUT, Conforama, MDA Company, Casino Group and Intermarché have decided, in accordance with the terms of their agreements, to terminate their central purchasing hub Sirius Achats with effect from 15 June 2024. Each banner can now forge new partnerships in technical goods purc...
Casino Group: Q1 2024
Casino Group: Q1 2024 FIRST-QUARTER 2024 Consolidated net sales of €2.1bn in Q1 20241 Convenience brands: €1.8bn (+0.1% on a same-store basis) Monoprix: €1.1bn (+0.7%)Franprix: €406m (+0.6%)Casino: €349m (-2.4%) Cdiscount: €242m (-21.1%) linked to the planned reduction in direct sales Adjusted EBITDA after lease payments2 of -€10m (vs. €35m in Q1 2023)Free cash flow excluding disposal plan/restructuring costs3 of -€327m in Q1 2024 (-€226m in Q1 2023) after payment of social charges and tax debts placed under moratorium in 2023 (-153 M€) Net financial debt4 of €1.6bn at 31 March 2024 (€6...
Groupe Casino : Regroupement d'actions
Groupe Casino : Regroupement d'actions Casino lance le regroupement de ses actions Paris, le 24 avril 2024 Casino, Guichard-Perrachon (« Casino ») annonce aujourd’hui (i) la mise en œuvre du regroupement des actions composant son capital par voie d’échange de cent (100) actions existantes contre une (1) action nouvelle et (ii) la réduction de capital par voie de diminution de la valeur nominale des actions décidée par le Conseil d’administration de Casino réuni le 24 avril 2024 conformément aux douzième et treizième résolutions approuvées par les actionnaires de Casino réunis en classe de...
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