Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
Kering reported Q3 2023 revenue below expectations, showing sales declines across all its brands. The decline was particularly driven by a greater fall-off in the wholesale activities due to the strategic wholesale rationalization. Overall revenue was significantly impacted by weakening local demand from aspirational customers in North America and Europe. Given the current revenue contraction, Kering anticipates a lower EBIT margin for Gucci for this year vs. FY22, and does not expect a margi
Companies: Kering (KER:EPA)Kering SA (KER:PAR)
AlphaValue
Kering’s majority shareholder, Artémis (the holding company of the Pinault family) is acquiring a 52% of stake in the American talent agency Creative Artists Agency (CAA) held by the American investment company TPG. Becoming the major shareholder in one of the world’s largest entertainment companies is an important step for the owner of Kering to enter the entertainment world, given that the fashion and entertainment sectors are becoming increasingly connected.
Kering published H1 23 results which were below consensus and our expectations. All major brands experienced softer-than-expected top-line growth in the second quarter due to the ongoing weakness in North America. Encouraging margin progressions of YSL and Bottega Veneta were offset by the negative leverage at Gucci and Balenciaga. The group expects the leadership reshuffle to accelerate Gucci’s turnaround and confirm the brand’s medium-term targets. In parallel, the group reached an agreemen
Kering has decided to replace Marco Bizzarri, Gucci’s CEO since 2015, with the current managing director, Jean-François Palus, for a transitional period from the end of September. The current CEO of the Yves Saint Laurent brand and the group’s CFO will become Co-CEO of Kering group. This leadership reshuffle confirms the group’s determination rapidly to rekindle Gucci, thereby boosting the market’s confidence in Kering.
Kering Beauté has announced that it has reached an agreement to acquire 100% of Creed with all-cash from BlackRock. Creed is one of most popular high-end niche fragrance brands in the world, which generated more than €250m in sales and has an attractive EBITDA margin. This deal confirmed Kering’s ambition for the fast-growing luxury beauty market, and it is another good step after appointing Estée Lauder’s former executive Raffaella Cornaggia as CEO of Kering Beauté in February.
Kering published a mixed Q1 23 revenue performance, below both consensus and our expectations. The sustained good momentum in Western Europe and the gradual recovery of the Chinese market have been offset by the continued weakness in North America. The group saw a reduction in the number of aspirational customers in the US and relatively softer demand from younger clientele during the quarter. The group said Gucci has achieved good progress, but the group sees the Gucci brand’s elevation “a
Kering published a disappointing year-end performance as the underperformance of Gucci and the Balenciaga marketing scandal significantly weighed on the group’s business. The group has however seen a very encouraging start to the year. The accelerated margin progressions of brands other than Gucci is a promising sign, which could further balance the group’s profit structure during the transition period for Gucci. Kering still trades at a significant discount compared to its industry peers, and
Kering names Sabato De Sarno as the Creative Director of Gucci. Gucci has been lagging behind other major luxury brands in recent years, and the market’s expectations are already integrating a transition period. Gucci is at the crossroads of combining its heritage and fashion newness. The young Italian designer could bring new blood to the brand.
Kering published consensus-beating total group revenue for Q3 22. All segments reported double-digit comparable growth except for Gucci. The ongoing Covid-related restrictions and waning popularity of the brand on the social media in China continued to weigh on the brand. More importantly, the group confirmed that Gucci’s operating margin in H2 22 will not reach its level of H2 21, which will lead to a further downwards revision in earnings.
Kering reported a consensus-beating set of figures for thte H1 22, mainly driven by the promising performance of Saint Laurent and sustained good momentum at Balenciaga and AMQ. However, Gucci reported disappointing profitability, impacted by the dilution from combined FX/hedging and a high marketing spend.
Kering reported Q1 22 figures with all the brands outperforming consensus except for the “most important”, Gucci, which has been significantly affected by the new waves of COVID-related lockdowns and restrictions in China. Like its industry rivals, Kering also said that it’s too early to assess the impact of inflation on luxury demand.
Kering ended the year with both revenue and profitability beating consensus and our expectations. Gucci experienced a strong comeback with revenue jumping by 35% in Q4 21, nearly twice the consensus. The strong desirability of the Aria collection and increased investment communication during the year have borne fruit, thus, reassuring the market. The potential for new price hikes across all brands, elevated product ranges and a strong balance sheet enable the group to enter the FY22 in a bette
Kering has published its Q3 21 revenue, which was 10% ahead of its pre-pandemic level, mainly driven by the impressive growth at Saint Laurent. However, the re-imposed restrictions related to COVID-19 and a lack of newness between collections have weighed on Gucci’s performance, especially in Asia. Management has confirmed that the new Aria collection has started to improve the dynamics at Gucci. Gucci’s Q4 21 performance will be a decisive point to witness the appeal of the brand.
Kering experienced better-than-expected H1 21 results. Overall, the figures were good. The slight miss at Bottega Veneta has been fully offset by the accelerated momentum at Gucci and the increased brand attractiveness of YSL. However, Gucci’s profitability was lagging behind LVMH’s strong deliveries on Monday. The increased investment in commercial events and the brand have weighed on the margin. The accelerated top-line momentum across all brands and higher investments in brands should bear
Kering has released top-line growth of 25.8% for Q1 21, beating consensus expectations. All houses experienced a stronger-than-expected performance, highlighting the strong rebound at Gucci was very appreciable. Mainland China not only continued to lead the growth (at triple-digits), but the group also benefited from the buoyant consumer environment and larger online penetration in North America. The improved Gucci brand beat will enhance our confidence for the near term, but the valuation ga
Research Tree provides access to ongoing research coverage, media content and regulatory news on Kering SA. We currently have 32 research reports from 4 professional analysts.
Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes
Companies: Watkin Jones Plc
Progressive Equity Research
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol
Companies: Ceres Power Holdings plc
Edison
Sanderson Design Group (SDG) has announced its FY24 full-year results, which are in line with the headline figures from its February trading update. A record year for Licensing and a strong performance in the key North America market helped to offset a challenging consumer environment in other geographies, most notably the UK. While this backdrop is set to persist in FY25E, the group will continue to focus on its strategic growth drivers, notably North America and Licensing, to deliver sharehold
Companies: Sanderson Design Group PLC
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Zeus Capital
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on
Companies: Gooch & Housego PLC
SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e
Companies: Surface Transforms PLC
Cavendish
Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.
Companies: Solid State plc
Subsector price performance: In the fourth quarter to 29 December 2023 all but the AAA publishers and platform subsector saw share price declines. The UK PC and Console focused subsector was again the worst performing subsector (-26.2%) over the quarter and LTM (-70.1%).
Companies: TBLD FDEV DEVO
Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.
Companies: IG Design Group plc
Canaccord Genuity
We are initiating coverage of a.k.a. Brands Holding Corp. ("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million. The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destinatio
Companies: GPS URBN ITX AEO AEO GES GES ITX GPS ANF 0R32 URBN
Small Cap Consumer Research LLC
Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
Hybridan
AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c
Companies: AFC Energy plc
Sanderson Design Group (SDG) continues to deliver on its key strategic initiatives and growth drivers despite a challenging global backdrop. The group’s FY23 performance showed flat revenue, with adjusted underlying PBT rising £0.1m to £12.6m. Net cash dropped back to £15.4m, with the total dividend maintained at 3.5p. The star performers were Licensing (reported revenue +25%), the Morris & Co brand (+16%) and the US market (+20%). Our forecast revisions assume more modest sales progression, wit
Sanderson Design Group has delivered its full-year trading update to 31 January 2024. Group revenue has eased back 3.1% to £108.5m on a reported basis, following the 2% decline in H1. The strongest performances were delivered by the strategic growth cornerstones of Licensing and North America, offset by challenging market conditions in the UK, Europe and the Rest of the World. A strong balance sheet saw year-end cash rise to £16.2m, compared with £15.4m at year-end FY23. Having traded in line wi
Share: