reports
- Jerôme Bodin
ODDO : Olympic Games and Euro 2024: a limited economic impact but an o...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Jerôme Bodin
ODDO : Jeux Olympiques et Euro 2024 : un impact économique limité mais...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2024
EPS growth prospects are brighter in the US than in Europe, which is justified given the differential in the growth and inflation outlook between the two regions. However, the adjustment that has taken place on EPS in Europe is a positive factor: we are now "at the price" ahead of the cyclical recovery that is taking shape for the rest of 2024. Sector-wise, the ongoing upward revision of EPS in travel & leisure, banks and media is expected to continue apace and provide support for sec...
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HFG HELLOFRESH SE
KBX KNORR-BREMSE AG
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/04/2024
Les perspectives de croissance des BPA sont supérieures aux Etats-Unis qu’en Europe, ce qui est justifié étant donné le différentiel de perspectives de croissance et d’inflation entre les deux zones. L’ajustement qui a eu lieu sur les BPA en Europe est toutefois un facteur positif : nous sommes désormais « au prix » avant la reprise cyclique qui se dessine pour la suite de 2024. Sectoriellement, la révision à la hausse en cours des BPA sur le Travel & Leisure, les banques et les Media...
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HFG HELLOFRESH SE
KBX KNORR-BREMSE AG
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: what we know, what we need - At least we now know with good precision what we need in order for the sector’s perception to improve again. Reporting Q1 sales that featured 2% growth at cc for its soft luxury division, LVMH indicated that over the quarter spending from the Chinese cluster grew 10% while the local demand from Europeans, Americans and Japanese taken together was down in low single digit. To get to the reacceleration, we and the consens...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: what we know, what we need - At least we now know with good precision what we need in order for the sector’s perception to improve again. Reporting Q1 sales that featured 2% growth at cc for its soft luxury division, LVMH indicated that over the quarter spending from the Chinese cluster grew 10% while the local demand from Europeans, Americans and Japanese taken together was down in low single digit. To get to the reacceleration, we and the consens...
- Jean Danjou
ODDO : March down in double digit leads to a -6.3% decline in Q1 for S...
>Swiss watch exports: March down -16.1% leads to a Q1 at -6.3% y-o-y (luxury category also negative over the quarter at -2.8%) - - Over March 2024, exports amounted to CHF 2,002m down 16.1% y-o-y after -3.6% in February and +3.1% in January. This is a very weak figure but was obviously impacted to a good extent by a negative working days effect. On the whole, Q1 was down -6.3% (as a reminder: Q4 2023 witnessed +4.7% growth, FY 2023 growth ended at +7.6%). The l...
- Jean Danjou
ODDO : March down in double digit leads to a -6.3% decline in Q1 for S...
>Swiss watch exports: March down -16.1% leads to a Q1 at -6.3% y-o-y (luxury category also negative over the quarter at -2.8%) - - Over March 2024, exports amounted to CHF 2,002m down 16.1% y-o-y after -3.6% in February and +3.1% in January. This is a very weak figure but was obviously impacted to a good extent by a negative working days effect. On the whole, Q1 was down -6.3% (as a reminder: Q4 2023 witnessed +4.7% growth, FY 2023 growth ended at +7.6%). The l...
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/04/2024
The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAP SAP SE
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/15/2024
The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAP SAP SE
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: no party planned this earnings season - If the most recent trends for luxury stocks are to be taken seriously, expectations related to the coming Q1 earnings season must have been seriously downgraded over the last weeks. The sector as a whole now witnesses a YTD gain below 10% and modestly above the one visible on the Stoxx 600; Hermès aside, it is trading at a discount versus pre-Covid. If a few franchises with above average brand momentum and/or...
- Jean Danjou
ODDO : Monday review – Luxury sector
>Topic of the week: no party planned this earnings season - If the most recent trends for luxury stocks are to be taken seriously, expectations related to the coming Q1 earnings season must have been seriously downgraded over the last weeks. The sector as a whole now witnesses a YTD gain below 10% and modestly above the one visible on the Stoxx 600; Hermès aside, it is trading at a discount versus pre-Covid. If a few franchises with above average brand momentum and/or...
- Loic Morvan
- Paul Rouviere
Hermes not penalised by final demand, unlike peers
Once again, Hermès is set to have enjoyed one of the most, if not the most, dynamic sales growth levels in Q1, thanks to still-strong final demand, also boosted by a significant positive pricing impact. Hence a 14% organic sales increase is expected while the sector is set to report a low single di
- Christophe-Raphaël Ganet
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/10/2024
Brunello Cucinelli’s stock offers investors a rare opportunity to benefit from sustainable and steady growth in high-end luxury thanks to its exclusive positioning, distinctive style and significant potential in Asia. We are initiating coverage with an Outperform rating and a target price of € 110, as the stock is one of the few in the sector with residual upside. - ...
- Christophe-Raphaël Ganet
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/04/2024
Le titre Brunello Cucinelli offre aux investisseurs une des rares opportunités de bénéficier de la croissance soutenue et régulière du luxe haut de gamme de par son positionnement exclusif, son empreinte stylistique distinctive et son potentiel de développement important en Asie. Nous initions avec une opinion Surperformance sur la base d’un OC à 110 €, le titre étant parmi les rares du secteur sur lequel nous pouvons encore tabler sur une revalorisation. - ...
- Jean Danjou
Hermes International : No concerns on the start of the year but therea...
>Q1 growth should remain in the double-digits in most zones, buoyed by the price hikes introduced since the beginning of the year - We still think that the group should report organic growth that is still firmly in the double digits. Aside from the momentum specific to the brand and the greater resilience of high-end luxury spending, the activity should above all benefit from the price increases, introduced since January, of +8-9% on average with adjustments by zon...
- Jean Danjou
Hermès International : Pas d’inquiétudes sur le début d’année mais nos...
>La croissance au T1 devrait rester à deux chiffres dans la plupart des zones, portée par la hausse de prix passée dès le début d’année - Nous persistons à penser que le groupe devrait afficher au T1 une croissance organique toujours solidement à deux chiffres. Au-delà du momentum propre à la marque et de la meilleure résistance de la dépense luxe de haut de gamme, l’activité bénéficie surtout de la hausse de prix passée dès janvier de +8/9% en moyenne, avec une mod...
Hermès International: Shares and voting rights as of 31 March 2024
Hermès International: Shares and voting rights as of 31 March 2024 RELEASE Paris, April 9, 2024 INFORMATION RELATING TO THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES COMPRISING THE SHARE CAPITAL In accordance with the provisions of Article L. 233-8 of the French Commercial Code (Code de commerce) and Article 223-16 of the General Regulations of French Autorité des Marchés Financiers (AMF), Hermès international publishes each month, before the 15th day of the following month, the total number of voting rights and the number of shares comprising the share capital if they have varied from tho...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
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