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Pirelli
High value, high expectations...in the second half

Pirelli posted shrinking H1 20 revenue (-31.6% yoy), driven by its standard tyre segment (-38.8% yoy). This contraction led to a €-101.7m net income (-133.1% yoy) and €-698.8m FCF (-59.4% yoy). Despite a heavily weakened OEM market, Pirelli expects its High Value volume to contract by only 1% yoy in H2 20, reducing its total FY20 volume by at most c.20% yoy. In our opinion, this is rather optimistic as we expect FY20 volume to contract by c.21% yoy.

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  • 07 Aug 20
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Novo Nordisk A/S
Flat Q2, after double-digit Q1 growth

After an impressive Q1, driven by COVID-19-induced stocking, growth fizzled out in Q2. GLP-1 offerings continue to do well, but headwinds in insulins and the lack of major non-diabetes growth drivers have again emerged as major roadblocks. Despite industry-leading return metrics, the group lacks major growth assets/catalysts and, hence, our cautious recommendation should be maintained.

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  • 07 Aug 20
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adidas AG
Reassuring Q2 figures, remain cautious for FY20

The group has reported better-than-expected sales and gross margin in Q2 20. The higher exposure to Asia, notably to China, and accelerated growth in e-commerce has not only limited the top-line contraction but also led the group to give an encouraging expectation for Q3 20. However, the piling up of inventory has weighed on the margin, which may result in heavy price-discounting in the after-season, thus putting pressure on the margin for the rest of the year.

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  • 07 Aug 20
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Accor SA
Further cost cutting to grapple with the industry's structural downsizing

The French hotel giant reported weaker-than-expected H1 results. Management expects that RevPAR will return to its normal level only by 2022 and business may probably be down by 10% permanently. The newly-launched cost savings plan should help until travellers come back.

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  • 07 Aug 20
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ITV Plc
Hit in advertising and production

Total advertising revenue dropped by 43% in Q2 20 and ITV Studios was affected by the stop in production. The adjusted EBITA margin collapsed to 14% of revenue (-8pts yoy) despite the reduction in the cost of programmes by £77m and overheads cost savings of £51m over £60m targeted in 2020. There is no guidance for Q3 20 and FY2020. The negative trend in advertising was reduced in July 2020 (-23%). ITV Studios restarted production in June 2020.

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  • 07 Aug 20
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Outokumpu Oyj
Q2 20: unimpressive

Q2 results were rather modest in the context of the pandemic and still high imports to Europe In particular, more than half of the profits stem from the volatile Ferrochrome division The group’s (qualitative) outlook for Q3 looks rather cautious We will adjust our numbers downwards in the light of this set of results

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  • 07 Aug 20
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Change makes L’Oréal better

The group has released a very strong year-end trading performance, especially in Asia Pacific. The better than expected revenue growth (9.6% lfl vs. consensus of 7.4%) in Q4 has led the group to finish the year with 8.0% lfl top-line growth and an improved operating margin of 18.6%. Following an annual lfl revenue growth of 25.5%, Asia Pacific (32.3%) has overtaken Europe in becoming the group’s biggest region in terms of sales contribution.

L'Oréal SA

  • 10 Feb 20
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