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H & M Hennes & Mauritz
Q2 20 will be loss-making

H&M has reported a stronger than expected operating performance for Q1 20 (1 December 2019 – 29 February 2020). The group has limited exposure to China (<6%), so that early impact of the COVID-19 outbreak in China has been fully offset by the robust year-end sales in western countries. However, as the COVID-19 is spreading worldwide, over 75% of H&M’s stores have been temporarily closed, sales in March have slumped by 46% and therefore the group is expecting a negative profit for Q2 20.

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  • 03 Apr 20
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OPAP
Soft Q4; COVID-19 hits operations

OPAP reported soft Q4 19 numbers, missing consensus estimates. The growth in VLTs and sports betting offsets the greater-than-expected weakness in lottery. In light of the COVID-19 outbreak, the firm has suspended the dividend proposal temporarily and extended the OPAP store and gaming hall closures. Following the update, we will be lowering our estimates and target price. Additionally, the firm announced the departure of CEO Damian Cope, who will leave the firm at the end of his contract in May 2020.

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  • 03 Apr 20
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Beiersdorf
Cancellation of 2020 guidance

Beiersdorf’s reaction is not unexpected, but a bit late. The provided preliminary figures give us an initial glimpse and confirm our view on 2020.

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  • 02 Apr 20
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British American Tobacco
BAT joins the virus vaccine race

In an industry that remains resilient during the COVID-19 crisis, BAT joins the virus vaccine race, (paradoxally) boosting its ESG credentials.

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  • 02 Apr 20
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Hella Kgaa Hueck & Co
The last quarter before the COVID-19 outbreak outside China

Hella’s 9M revenue and profit numbers (29 February) were just below our projections and below last year’s numbers, whereas cash from operations was up. Management has reacted accordingly and reduced the headcount by 6% since February last year (APAC -11%; Europe -4.5%; Americas -7.1%). It is not giving any guidance for the current quarter as visibility has disappeared.

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  • 02 Apr 20
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Crossject
Meaningless FY19 results and product update

FY19 results meaningless as usual Some calendar delay due to the COVID-19 crisis The company on track though for first filings in FY20/21 No change to our opinion after the release

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  • 29 Mar 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'Oreal

  • 10 Feb 20
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