reports
- Carole Braudeau
- Ahmed Ben Salem
- Jean Danjou
- Carole Braudeau
- Geoffroy Michalet
Eurofins : Q3 preview – No change in trends – Focus on productivity an...
>Q3 sales: +6.7%e organic, of which an additional working day (c.+1.5%e) - Eurofins is due to report its Q3 sales on 22 October (before trading). Following a company contact, we are fine-tuning our forecasts, factoring in an additional working day. We expect sales of € 1,771m with organic growth of 6.7%e, above the VA consensus’ forecasts (€ 1,752m, with organic growth of 6.5%e) that does not seem to sufficiently integrate the positive impact of the calendar effect a...
- Geoffroy Michalet
Eurofins : Preview T3. Pas de changement de tendances. Accent sur la p...
>CA T3 : +6.7%e en organique, dont un jour ouvré supplémentaire (c.+1.5%e) - Eurofins publiera son CA T3 le mardi 22 octobre avant Bourse. Après un contact société, nous affinons nos prévisions en tenant compte d’un jour ouvré supplémentaire. Nous attendons un CA de 1 771 M€ en croissance organique de 6.7%e, supérieur aux attentes du CSS VA (1 752 M€, avec une croissance organique de 6.5%e) qui semble ne pas suffisamment intégrer l’impact positif de l’effet calendaire...
- Jean Danjou
Kering : Leadership transition at Gucci not yet a gamechanger
>Stefano Cantino to replace Jean François Palus at Gucci’s helm by January 2025 - Kering has slightly rushed the leadership transition that was in the making at Gucci by announcing yesterday evening that the current number 2 to acting CEO Jean François Palus, Stefano Cantino, would take over as CEO, replacing Mr. Palus in January 2025. Such a move had already been the subject of press speculation over the last months: the timing of the announcement is a bit of a surpr...
- Jean Danjou
Kering : Leadership transition at Gucci not yet a gamechanger
>Stefano Cantino to replace Jean François Palus at Gucci’s helm by January 2025 - Kering has slightly rushed the leadership transition that was in the making at Gucci by announcing yesterday evening that the current number 2 to acting CEO Jean François Palus, Stefano Cantino, would take over as CEO, replacing Mr. Palus in January 2025. Such a move had already been the subject of press speculation over the last months: the timing of the announcement is a bit of a surpr...
- Chaima Ferrandon
- Sven Edelfelt
Sika : For things to stay as they are, things must change
>Gradual improvement in trends, roll on 2025 - Sika is set to report its Q3 2024 results on 25 October before the start of trading and will hold a conference call the same day. We look for Q3 sales of CHF 3.1bn (-0.7% reported and +1.4% l-f-l with a 0.3% price effect). The company-compiled consensus has not been published for the time being, but the Visible Alpha consensus is forecasting sales of CHF 3.1bn. Volumes are likely to show signs of improvement and come in v...
- Stefano Toffano
AkzoNobel : Q3 24 preview (October 23)
>Towards the lower end of the guidance - Akzo is set to report results for the third quarter on October 23. For the group, we forecast Q3 24 revenues of € 2,770m (+1% yoy, slightly higher than ccs) and € 407m adj. EBITDA, the latter in line with management guidance (‘similar to Q2 24’). The company maintained FY24 guidance at H1 24 results (adj. EBITDA € 1.50-1.65bn) though is now projecting to hit the lower end of the range. If end-markets remain weak (e.g. no EMEA, ...
- Andreas Riemann
- Wim Gille
Delivery Hero : Talabat could be worth >€ 10bn
>The leading delivery platform in MENA - Yesterday, Talabat held a virtual CMD related to the upcoming IPO which we expect to take place in Q4 2024. Talabat started operations in Kuwait in 2004 and is today present in UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, Egypt and Iraq. Major investment highlights include: 1/ Talabat is addressing a large (>70m addressable population) and fast-expanding market with secular tailwinds (9-12% annual market growth until 2029). 2/ Ta...
- Chaima Ferrandon
- Sven Edelfelt
VINCI : Q3 sales: unchanged trajectory
>Q3 set to be in the same vein as H1 - VINCI is due to report its Q3 2024 sales on 24 October after trading. We expect Q3 2024 sales to rise by 4.1%e to € 19.015bn (after +3.8% in H1) driven by solid growth for VINCI Energy (+4.1%e; after +3.6% l-f-l in H1), for Cobra IS (+8%e; after 7.5% l-f-l in H1) and Concessions (+9.3%e; after 5.8% in H1) thanks to a good performance from airports and the integration of Edinburgh. VINCI Construction is set to see slower growth of...
- Chaima Ferrandon
- Sven Edelfelt
Sika : Il faut que tout change pour que rien ne change
>Amélioration graduelle des tendances, vivement 2025 - Sika publiera ses résultats le 25 octobre prochain avant bourse et tiendra une conférence téléphonique le même jour. Nous tablons sur un CA T3 de 3.1 MdCHF (-0.7% en réel et +1.4% à pcc dont 0.3% en prix). Le consensus de la société n’a pas été publié à ce stade mais Visible Alpha table sur un CA de 3.1 MdCHF. Les volumes devraient montrer des signes d’amélioration et ressortir quasi stables et proches des tendanc...
- Anthony Dick
- Michael Foundoukidis
Renault : A reassuring profile for H2 in a less than reassuring contex...
>Pre-close call set to reassure after recent warnings from peers - Going into the Q3 2024 sales release (24-Oct BMO) and following the pre-close sell-side call organised yesterday morning, this note sets out our expectations for the quarter for which we forecast sales of € 10.4bn (-0.8% reported), with negative volume momentum partly offset by positive mix effects (product-wise mainly). Looking beyond Q3, we also use this opportunity to update our estimates, largely f...
- Chaima Ferrandon
- Sven Edelfelt
VINCI : CA T3 : une trajectoire inchangée
>Un T3 dans la même veine que le S1 - VINCI publiera son CA T3 2024 le 24 octobre après bourse. Nous attendons un CA T3 2024 en hausse de 4.1%e à 19 015 Md€ (après +3.8% sur le S1) tiré par une solide croissance de VINCI Energy (+4.1%e ; après +3.6% lfl sur le S1) et de Cobra IS (+8%e ; après 7.5% lfl sur le S1) ainsi que des Concessions (+9.3%e ; après 5.8% sur le S1) grâce à une bonne performance des aéroports et notamment à l’intégration de Edimbourg. VINCI Constru...
- Anthony Dick
- Michael Foundoukidis
Renault : Un profil rassurant sur le S2 dans un secteur qui l’est moin...
>Un pre-close call de nature à rassurer après les avertissements récents des pairs - A l’approche de la publication du CA T3 2024 (24/10 avant Bourse) et à la suite du pre-close call sell-side organisé hier matin, nous publions ici nos attentes pour ce trimestre et visons un CA de 10.4 Md€ (-0.8% en publié) avec une dynamique volumes négative en grande partie compensée par des effets mix positifs (produits surtout). Au-delà du seul T3, nous profitons également de cett...
Disclosure of transactions in own shares from September 30th to Octobe...
Disclosure of transactions in own shares from September 30th to October 04th, 2024 Nanterre, October 08th, 2024 Disclosure of transactions in own shares From September 30th to October 04th, 2024 Within the framework of the authorization granted by the General Meeting of VINCI SA of April 09, 2024, to trade in its shares and in accordance with the regulations relating to share buybacks, VINCISA (LEI:213800WFQ334R8UXUG83) declares the purchases of treasury shares below (FR0000125486), carried out From September 30th to October 04th, 2024: I - Aggregate present...
Déclaration des transactions sur actions propres du 30 Septembre au ...
Déclaration des transactions sur actions propres du 30 Septembre au 04 Octobre 2024 Nanterre, le 08 octobre 2024 Déclaration des transactions sur actions propres du 30 Septembre au 04 Octobre 2024 Dans le cadre de l’autorisation consentie par l’Assemblée générale de VINCI SA du 9 avril 2024 pour opérer sur ses actions et conformément à la réglementation relative aux rachats d’action, VINCI SA (LEI: 213800WFQ334R8UXUG83) déclare ci-après les achats d’actions propres (FR0000125486) réal...
Kering: Stefano Cantino appointed CEO of Gucci, succeeding Jean-Franço...
Kering: Stefano Cantino appointed CEO of Gucci, succeeding Jean-François Palus PRESS RELEASE October 8, 2024 STEFANO CANTINO APPOINTED CEO OF GUCCI, SUCCEEDING JEAN-FRANÇOIS PALUS Kering today announced the appointment of Stefano Cantino as CEO of Gucci, reporting to Francesca Bellettini, Deputy CEO of Kering in charge of Brand Development. Stefano Cantino, who joined Gucci in May 2024 as Deputy CEO and will have a seat on Kering’s Executive Committee, will succeed Jean-François Palus as of January 1, 2025. Jean-François Palus had been appointed CEO of Gucci in Jul...
Kering : Stefano Cantino nommé Directeur général de Gucci, succédant à...
Kering : Stefano Cantino nommé Directeur général de Gucci, succédant à Jean-François Palus COMMUNIQUÉ DE PRESSE 8 octobre 2024 STEFANO CANTINO NOMMÉ DIRECTEUR GÉNÉRAL DE GUCCI, SUCCÉDANT À JEAN-FRANÇOIS PALUS Kering annonce aujourd’hui la nomination de Stefano Cantino en tant que Directeur général de Gucci, rattaché à Francesca Bellettini, Directrice générale adjointe de Kering en charge du Développement des Maisons. Stefano Cantino, qui a rejoint Gucci en mai 2024 au poste de Directeur général adjoint, et qui siègera au Comité exécutif de Kering, succèdera à Jean-Franç...
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