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Travis Perkins plc
Strong trading performance in Q2 so far

Travis Perkins announced an ad-hoc trading update for Q2 FY2021, registering the strong sales growth in the months of April and May as a result of healthy activity levels in the domestic and commercial RMI markets. Management now expects FY2021 adjusted operating profit to be materially ahead of current market expectations. The share price jumped c.7% on the back of the trading update. We will raise our financial estimates and target prices, but most likely retain our cautious stance on the stoc

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  • 22 Jun 21
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EssilorLuxottica SA
GrandVision at a lower price?

After two failed attempts, EssilorLuxottica has finally won the legal battle against GrandVision. While the French-Italian giant now has the option to pull the plug on the deal without paying any penalties, we believe it would instead go-ahead with the deal but at a lower price. Importantly, EssilorLuxottica now has an upper hand to renegotiate terms and, considering that GrandVision is no longer in a position to dictate the terms, it might agree a lower price.

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  • 22 Jun 21
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Wm Morrison Supermarkets plc
Morrison hits the jackpot!

The US private equity group Clayton, Dubilier & Rice has expressed interest in acquiring WM Morrison. The board has rejected the offer price of 230p per share, stating that it substantially undervalues the firm. Reportedly, the bidder is planning to sweeten the bid. We would not be surprised if the target firm receives a counter-bid also, from the likes of Amazon. Nonetheless, we expect the M&A action to continue in the (undervalued) European food retail sector.

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  • 21 Jun 21
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Tesco PLC
Decent start of the year

There were no major surprises in Tesco’s Q1 trading update. The group’s lfl growth of 1.0% was led by a revival in the catering business (+68.1% yoy). Online growth also remained robust at +22.0%. Management has confirmed the annual guidance. We continue to see Tesco as the healthiest amongst the UK’s ‘Big Four’ players and maintain the positive stance on the stock’s valuation.

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  • 18 Jun 21
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Crossject (ALCJ:EPA)Crossject SA (ALCJ:PAR)
Another good piece of news for the group

The Barda has launched its call for tender on Midazolam autoinjectors Crossject is in a good position to compete This could boost further Zeneo’s credibility and Crossject’s share price

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  • 18 Jun 21
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Whitbread PLC
Encouraging recovery signs seen

Whitbread’s Q1 was largely constrained by the travel restrictions in the UK, like its rivals, while it managed to enlarge its outperformance to the M&E market compared to past quarters. The outlook remains unchanged despite the staycations-driven positives and the encouraging pick-ups in leisure demand from 17 May.

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  • 17 Jun 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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