reports
- Cédric Rossi
H&M: modest signs of improvement
While still showing a contraction YoY, Q2 margins improved sequentially versus Q1, lending more credibility to the company’s guidance for a positive inflexion point expected in H2 2025. However, H&M remains particularly sensitive to fluid external factors such as promotional activity, freight c
- Cédric Rossi
Emerging consolidator in Germany’s optical retail sector
After announcing its ambition to enter the optical sector earlier this month, the German software company The Platform Group (TPG) has already acquired four optical players in Germany. In addition to joining TPG’s MyGlasses.de online platform to implement an omnichannel approach, these acquisitions
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: multi-year capacity reservation with Royal Hordijk
This morning, Avantium announced a multi-year capacity reservation agreement (CRA) with Royal Hordijk to supply PEF from its future license network. This deal gives Royal Hordijk preferred access to PEF volumes for making trays and injection-moulded packaging in food, cosmetics and other consumer-g
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Fastned: EUR34.7m bond issue
Yesterday, Fastned announced it has raised more than EUR34.7m from its second bond issue to retail investors this year, with EUR28.8m contributed in new investments and EUR5.9m rolled from earlier tranches. This brings the total amount of retail bonds raised in 2025 to more than EUR71m (vs EUR82m i
- Clément Genelot
Casino: covenant breach still very likely from H2 26; what's next?
We have updated our model, lifting our FY25-27 EBITDA by c.9% and our PT to €0.38, to take into account an improving French grocery market, increasingly driven by an uptick in food inflation. Despite this improvement, we continue to forecast a covenant breach from Q3 26 and believe Mr Kretinsky wil
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: EUR10m unlocked for short-term financial needs
Yesterday, Avantium announced that it has unlocked EUR10m in short-term financing, addressing immediate liquidity needs and providing operational runway as the company pursues longer-term funding solutions. The package comprises instruments that were part of the broader EUR46.3m financing framework
- Cédric Rossi
- Clément Genelot
Fashion: No sign of spring in second quarter
As we feared in our February sector update, tariffs took a toll on US consumer sentiment, prompting shoppers to become more cautious on discretionary spending. European optimism ticked up marginally as did spending intentions, leading to soft market trends in May-June. In view of constrained pricin
- Antoine Lebourgeois
Eutelsat: EUR1.35bn raise and step towards becoming a strategic French...
Eutelsat has announced a EUR1.35bn equity raise, including a EUR716m reserved capital increase at EUR4/share and a EUR634m rights issue, underwritten by the French State, Bharti, CMA CGM, and FSP. The capital raise is not unexpected, given prior rumours and Eutelsat's financing needs. The higher su
- Oscar Haffen Lamm
Camurus: CAM2029 Ph2/3 in PLD met primary endpoint, follow up Ph3 TBD
Camurus reported topline data from its phase 2/3 POSITANO study (n=71) evaluating CAM2029 in PLD which met the primary endpoint showing stat. sig. relative reduction of the liver volume (htTLV) from baseline to week 53 of 4.3% (p=0.044) vs pbo, with corresponding relative reduction in total liver c
- Oscar Haffen Lamm
Medincell FY24: Uzedy TRx growth momentum; Runway to profitability
Medincell’s FY24 results primarily focused on balance sheet items and a recap of corporate achievements. Importantly, Uzedy’s TRx data continues to show sustained momentum, which we view as a key metric to forecast future growth - we maintain our expectation of accelerating sales into FY25 (FYe: US
- Cédric Rossi
Mister Spex: necessary but painful "discount detox" strategy
The ongoing “detox” strategy, marked by a sharp reduction in discounting, is materially impacting the online channel (65% of total revenues), where price sensitivity and promotional dependency remain elevated. Consequently, Mister Spex has downgraded its FY sales guidance to between -10% and -20% (
- Oscar Haffen Lamm
Egetis: Distribution agreement signed for Emcitate in Turkey
Egetis has signed an exclusive distribution agreement with Er-Kim for Emcitate in Turkey. While financial terms were not disclosed, we do not believe the Turkish market opportunity is material enough at this stage to impact our near-term forecasts. This is primarily due to the ultra-rare patient po
- Clément Genelot
Tesco: handling Asda well so far
Post-strong Q1 results with Tesco handling Asda even better than expected and slightly higher food inflation, we have lifted our FY25/26-27/28 FCF estimates by 5% and our PT from 387p to 418p. Although the stock has recovered from its April dip and is back at an all-time high since 2015 at 397p and
- Oscar Haffen Lamm
BioInvent: Updated ph2a data on BI-1808 in CTCL shared at EHA
At EHA, BioInvent shared updated phase 2a data on BI-1808 in CTCL. Among 9 evaluable CTCL patients (7 SS, 2 MF), results showed 1 CR (SS), 3 PRs (2 SS, 1 MF), and 5 SDs - resulting in an ORR of c. 45% and a DCR of 100%. In PTCL, 2 patients were evaluable with 1 PR and 1 SD. On the safety front, all
- Cédric Rossi
BIC: new CEO found
Yesterday evening, BIC announced the appointment of Rob Versloot as CEO, effective 15th September. Rob Versloot has 30+ years of experience in the FMCG sector, including Danone and Hero Group where he was appointed as CEO in 2012. The choice of an "external" profile, rare at BIC, does not surprise
- Cédric Rossi
Inditex: normalised, not neutralised (cancel & replace)
Whereas Q1 results broadly met expectations, current trading was again underwhelming, with sales from 1st May to 9th June up 6% FX-n (vs. CSSe c.+7%), reflecting volatile demand and a tough comp base. We have trimmed our FY25 estimates by 3% to account for the ongoing normalisation phase and a more
- Clément Genelot
Fnac Darty: services, services and more services on the 2030 menu
Continuing on from its previous plan, Fnac Darty has presented a 2030 strategic plan skewed towards the development of subscription services and the catch-up of Unieuro. We welcome this focus on services in a saturated market where growth and profitability can no longer rely on devices, but expect
- Oscar Haffen Lamm
BioInvent: BI-1206 & pembro combo enters phase 2a, targeting 1L NSCLC ...
BioInvent has completed the phase 1 portion of its trial evaluating BI-1206 in combination with pembrolizumab across solid tumors and will initiate the phase 2a expansion, targeting 1L NSCLC and 1L uveal melanoma (UM), with enrollment expected in H2 2025. Initial data readouts are anticipated in 20
- Oscar Haffen Lamm
Cinclus read-x: Voquezna CP win secures 2032 exclusivity
On Friday, Phathom's Voquezna (vonoprazan) has been granted its Citizen Petition (CP), securing 10-year exclusivity through 2032. This follows months of uncertainty after the FDA initially failed to reflect the full exclusivity (5 years NCE + 5 years GAIN) in the Orange Book, similar to the Voquezn
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Waga Energy: exclusive negotiations with EQT
This morning, Waga Energy announced it has entered exclusive negotiations with EQT, through its EQT Transition Infrastructure strategy, in the context of a proposed majority block acquisition representing 54.1% of Waga Energy's outstanding shares and 65.9% of voting rights at a price of EUR21.55 pe
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