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Véronique Adam

 
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  • Improvement in Retail Bodes Well for PPR [View article]
    Unlike peers, Gucci has reported weak numbers for the US in H1, I don't think that July should make a big difference. As far as Gucci is concerned, Asia and Europe should continue to drive sales in the second part of the year.
    Aug 6 05:21 AM | Likes Like |Link to Comment
  • Nestle: Growth Definitely on the Menu [View article]
    Most Europeans and some americans consider Zurich a major financial center...
    Jun 24 01:22 PM | 1 Like Like |Link to Comment
  • Unilever: A Welcome Return to Growth, But Faster Growth Activities Still Lacking [View article]
    yes
    May 17 11:26 AM | Likes Like |Link to Comment
  • Unilever: A Welcome Return to Growth, But Faster Growth Activities Still Lacking [View article]
    Both companies operate as a single entity and pay dividend on an equalised basis. You might see slight differences in terms of performance but they are generaly offset by reverse currency impact.
    It depends on where you are based. UL shareholder are mostly UK based while non UK hold NV...
    May 14 04:10 AM | Likes Like |Link to Comment
  • Nestle: Appetizing Balance Between Sales Volume and Pricing Power [View article]
    Pay out increased 10 pt in 5 years to 52%.
    Free cash could reach SF9.3bn this year. Don't forget SF12bn coming from the sale of Alcon..
    You're right: tough to grow such a big boat, but they can do it. Just look at the numbers.
    As to KO, PE are similar but KO is much more expensive on EV/EBITDA..
    May 10 08:48 AM | Likes Like |Link to Comment
  • Nestle: Appetizing Balance Between Sales Volume and Pricing Power [View article]
    4% is a "one off " this year related to the deconsolidation of Alcon. Nestle long term growth profile is: +6-7% top line +8-9% EBIT(through leverage) and +10-11% eps.
    Nespresso coffee machines business will be a $3bn business this year, with margin well above 20%...
    Emerging markets account for a third of sales.
    They might use cash + shares to tak the full control of L'Oreal. PE are getting closer but L'Oreal continues to more expensive..
    Proceed of Alcon sale should be received in H2.
    Apr 30 05:03 PM | 1 Like Like |Link to Comment
  • Danone: Strong Top Line in Q1, But at the Expense of Pricing [View article]
    I think Nestle is clearly interested in taking the full control of l'Oreal (cf my comments in pablofinance January 4th). As to the Bettencourt family, exchanging its stake for Nestle shares makes more sense today, given Nestle's improved growth platform.
    Apr 17 03:21 AM | Likes Like |Link to Comment
  • Danone: Strong Top Line in Q1, But at the Expense of Pricing [View article]
    net debt should come down to €5.6bn (end of 2010) vs €6.5bn end of 2009, representing 1.9xEBITDA..
    Apr 16 01:23 PM | Likes Like |Link to Comment
  • Danone: Strong Top Line in Q1, But at the Expense of Pricing [View article]
    Valuation is based on projected 2010 ebitda, not past.
    Alcon has been deconsolidated for 2010...
    Apr 16 01:17 PM | Likes Like |Link to Comment
  • Hermes: Fairly Priced but Better Returns Elsewhere [View article]
    Seeking Alpha's title looks wrong... Look elsewhere for a superior return.
    Véronique Adam
    Feb 9 08:38 AM | 1 Like Like |Link to Comment
  • Louis Vuitton's Stock: Attractive Price, Much to Gain [View article]
    thx for your comment
    20-30 stores will be opened in China, the rest (60-70) in Europe and in the US.
    a stronger dollar should definitely help LVMH ...
    Feb 8 09:46 AM | 1 Like Like |Link to Comment
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