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Givaudan (GIVN:VTX)Givaudan SA (GIVN:SWX)
Mixed going into 2021

Givaudan’s trading statement gave a mixed picture as its businesses reported a strong organic growth primarily driven by emerging markets and well supported by mature markets. But the party was muted when the development was reported in CHF. The appreciation of the Swiss franc will be an issue in 2021, especially in H1. The strong organic momentum exceeded our slightly moderate expectations and was above consensus.

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  • 13 Apr 21
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Air France KLM (AF:EPA)Air France-KLM SA (AF:PAR)
AF-KLM confirmed a €901m capital increase and the reinforcing partnership with CEAir

AF-KLM announced a capital increase of €901m at a rather attractive subscription price (less than 9% discount on yesterday’s closing price) and issuance of €3bn hybrid bonds at the coupon rates, which are slightly lower than what we expected. The group also confirmed the extension of the partnership with China Eastern Airlines, which will become the second-largest shareholder after the recapitalisation.

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  • 13 Apr 21
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Sodexo (SW:EPA)Sodexo SA (SW:PAR)
Outperforming H1 but not encouraging H2 outlook

Sodexo released better-than-expected H1 underlying results, highlighting the supportive margin. However, its short-term performance should continue to be affected by the volatile market situation.

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  • 12 Apr 21
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Suez (SEV:EPA)SUEZ SA (SEV:PAR)
And finally Suez did well to resist !

Suez and Veolia have announced an agreement in principle on the key terms of their merger. The deal price is €20.5 per share, i.e. 13.9% higher than Veolia’s previous offer and representing a €1.3bn extra cost. This significant premium proves that Suez was right when entering this (now ended) merciless battle, even if some means of defence remain questionable.

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  • 12 Apr 21
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Veolia Environnement (VIE:EPA)Veolia Environnement SA (VIE:PAR)
And finally Suez did well to resist !

Suez and Veolia have announced an agreement in principle on the key terms of their merger. The deal price is €20.5 per share, i.e. 13.9% higher than the previous Veolia offer and representing a €1.3bn extra cost. This significant premium proves that Suez was right when entering this (now-ended) merciless battle, even if some of the means of defence remain questionable.

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  • 12 Apr 21
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Teleperformance SE
Q1 21 revenues: everything is just fine

Q1 revenues were rather impressive The comparison basis was favourable, but the group has also benefited from the development of the digital economy Management raised its guidance for the current year We will adjust numbers and price target upwards

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  • 12 Apr 21
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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'Oreal SA

  • 10 Feb 20
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