reports
- Bruno Cavalier
The dumbest inflation shock in history
In an editorial published in January, the Wall Street Journal reckoned that the initial tariff announcements from Donald Trump risked triggering "the dumbest trade war in history ". Some tariff increases have already been applied. Others are in the pipeline and the list is getting longer almost by the day on a whole range of grounds. Next week will see unveiled the plan instituting “fair and reciprocal” tariffs, which could more reasonably be termed the unilateral tariff intimidation plan. After...
- Damien Choplain
- Khouloud Ben Aziza
- Damien Choplain
- Khouloud Ben Aziza
- Bruno Cavalier
Le choc d’inflation le plus stupide de l’histoire
Dans un éditorial paru en janvier, le Wall Street Journal jugeait que les premières annonces tarifaires de Donald Trump risquaient de provoquer "la guerre commerciale la plus stupide de l’histoire". Certaines hausses de tarifs douaniers ont déjà eu lieu. D’autres vont suivre et la liste s’allonge presque chaque jour sous les motifs les plus divers. La semaine prochaine sera révélé le plan instituant des droits de douane "justes et réciproques", qu’il serait plus juste de qualifier de plan unilat...
- Carole Braudeau
Credit Morning 03/28/2025
The automotive sector strongly affected by tariffs announcements|Ubisoft to sell a 25% stake in a new entity owning its best assets to Tencent for € 1.16bn|Emeria: many uncertainties remain after the investor call|Atalian : 20% drop in EBITDA in Q4 24 and surprise departure of CEO|
- Marc Lavaud
- Philippe Ourpatian
- Youssef Besbes
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
- Carole Braudeau
Morning Crédit 28/03/2025
Le secteur auto fortement touché par les annonces de droits de douane|Ubisoft va céder 25% d’une entité regroupant ses meilleurs actifs à Tencent pour 1,16 md EUR|Emeria : beaucoup d’incertitudes persistent après le call investisseurs|Atalian : chute de -20% de l’EBITDA au T4 24 et départ surprise du CEO|
- Marc Lavaud
- Philippe Ourpatian
- Youssef Besbes
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
HCO HIGHCO SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
- Andreas Riemann
Zalando : Setback offers attractive buying opportunity
We believe Zalando’s recent share price weakness (down c. 20%) is overdone. 1/ The company’s statement that Q1 started as Q4 ended implies that there is no slowdown of growth. 2/ Zalando has no exposure to the US, i.e. tariff uncertainty should hardly affect the company. We therefore reiterate our Outperform rating on Zalando with a TP of € 40. Q1 2025 should be a first catalyst and 2025 should be a good year with accelerating growth and further margin progress.
- Oliver Metzger
- Stephan Wulf
- Amira Manai
- Geoffroy Michalet
- Thijs Berkelder
- Emmanuel Matot
- Aurelien Sivignon
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