SMCP is engaged in the apparel and accessories retail market. Co.'s products are sold through a network of points of sale and websites. Co.'s product range is composed of on-trend and quality womenswear, menswear and accessories. Co.'s three brands can be characterized as follows: Sandro, targeted at sophisticated and self-confident women with a sleek, cool sense of style and a Parisian nonchalance; Maje, a bohemian chic positioning, targeting a feminine and young-at-heart and joie de vivre clientele and Claudie Pierlot, characterized as Parisian-preppy, wise and with a rebel touch. Claudie Pierlot is focused on a timeless, effortless style.
  • TickerA2H5K5
  • ISINFR0013214145
  • ExchangeEuronext Paris
  • SectorPersonal Goods
  • CountryFrance

Analysts

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/06/2019

We estimate the increase in NAV at end-June at 17% (+€ 643m) to € 4.4bn (€ 176 per share). At 4 September, the increase is slightly lower (+15%). The discount has returned to a historically high level (46% at end-June, 49% at present). In the future, the valuation should continue to increase thanks to a twin source of leverage: the continued rise in NAV and the reduction of the discount. We confirm our Buy recommendation and have edged up our target price to € 134 vs € 132. - Cf. com...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/09/2019

Nous estimons la progression de l’ANR à fin juin à 17% (+643 M€) à 4.4 Md€ (176 € par titre). Au 4 septembre, la progression est légèrement inférieure (+15%). La décote est revenue à un niveau historiquement élevé (46% à fin juin, 49% actuellement). A l’avenir, la valorisation devrait continuer de s’apprécier grâce à un double levier : poursuite de l’augmentation de l’ANR et réduction de la décote. Nous confirmons notre opinion Achat et revoyons en légère hausse notre OC à 134 € vs 13...

Geoffroy Michalet

SMCP : Finalisation of the acquisition of De Fursac

>Finalisation of the acquisition of De Fursac - Yesterday evening in a press release, SMCP announced the finalisation of the acquisition of the luxury brand De Fursac (accessible luxury for men, strong positioning in suits). Note that this acquisition was announced on 25 June 2019. As expected, (please refer to our comments of 24 July), the acquisition has been finalised in Q3 and therefore will be consolidated for a shade more than one quarter. Broadly, we note that...

Anthony Giret

SMCP - 4Q17 - Results in line with guidance, but still impressive

SMCP has released strong FY17 results, in line with the group’s very positive guidance. This is not surprising given the continued impressive sales numbers published in January for Q4 (+14% yoy) and the FY (+16%, of which LFL +8%). Please see our newsflow published on 30 January 2018 for further information on the sales release.

Anne-Barbara Nicco, CFA

SMCP : An attractive buy opportunity on the 5.875% 2023 SMCP notes

Publication date 27/10/2017 16:17 - Writing date 27/10/2017 11:17 - - / - November 2017: Q3 2017 results - - - - - - - - - - - - - - - - - - - We are raising our recommendation on the 5.875% 2023 SMCP notes to Buy. We conducted bond yield simulations assuming the bond is purchased at the current price, based on various possible repayment scenarios for the € 200 notes outstanding. We conclude that even the worst-case scenario offers an attractive yield (1.6% over 18 months) for an issuer we regard as having a BB' credit quality in the wake of the IPO. The other scenarios m...

Anne-Barbara Nicco, CFA

SMCP : Une belle opportunité d’Achat sur SMCP 5.875% 2023

Nous relevons notre recommandation de Neutre à Achat sur SMCP 5.875% 2023. Nous avons réalisé des simulations de rendement de l’obligation pour un achat au prix actuel en fonction des différents scenarios de remboursement possibles pour l’encours de 200 m EUR restant en circulation. Nous concluons que même le worst case offre un rendement attractif (1.6% sur 18 mois) pour un émetteur que nous considérons doté d’une qualité de crédit BB post IPO. Les autres scenarios peuvent même offrir des rendements de 2.6% à 6% (sans compter le best case exceptionnel d’un rachat au make-whole, à 112%, dans l...

Geoffroy Michalet

SMCP : Finalisation of the acquisition of De Fursac

>Finalisation of the acquisition of De Fursac - Yesterday evening in a press release, SMCP announced the finalisation of the acquisition of the luxury brand De Fursac (accessible luxury for men, strong positioning in suits). Note that this acquisition was announced on 25 June 2019. As expected, (please refer to our comments of 24 July), the acquisition has been finalised in Q3 and therefore will be consolidated for a shade more than one quarter. Broadly, we note that...

Geoffroy Michalet

SMCP : Finalisation de l’acquisition de De Fursac

>Finalisation de l’acquisition de De Fursac - SMCP a annoncé hier soir par communiqué la finalisation de l’acquisition de la marque De Fursac (Luxe accessible pour homme, positionnement fort sur les costumes). Pour mémoire, l’acquisition avait été annoncée le 25 juin 2019. Comme attendu (relire notre commentaire du 24 juillet), l’acquisition est finalisée au T3 et sera donc intégrée sur un peu plus d’un trimestre. Nous retenons globalement de cette acquisition qu’elle...

Ahmed Ben Salem ...
  • Alain William
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fatma Ayachi
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Hana Maalej
  • Jean-François Granjon
  • Jerôme Bodin
  • Nicolas David
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/05/2019

...

Geoffroy Michalet

SMCP : H1 2019 results: in line with expectations

>Margin in line with expectations - SMCP this morning reported interim results in in line with our forecasts and the consensus. At € 80m, EBITDA is close to our forecast of € 81m, and that of the consensus of € 80m. The EBITDA margin (not adjusted for LTIP) came in at 14.8%. The adjusted EBITDA margin reached 16.1%. Note that the full-year target is an adjusted EBITDA margin similar to that of 2018 (16.9%).The gross management margin remains high at 76.3% (very s...

Ahmed Ben Salem ...
  • Alain William
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fatma Ayachi
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Hana Maalej
  • Jean-François Granjon
  • Jerôme Bodin
  • Nicolas David
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/09/2019

...

1 director bought

A director at SMCP SA bought 3,200 shares at 23.052EUR and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/06/2019

We estimate the increase in NAV at end-June at 17% (+€ 643m) to € 4.4bn (€ 176 per share). At 4 September, the increase is slightly lower (+15%). The discount has returned to a historically high level (46% at end-June, 49% at present). In the future, the valuation should continue to increase thanks to a twin source of leverage: the continued rise in NAV and the reduction of the discount. We confirm our Buy recommendation and have edged up our target price to € 134 vs € 132. - Cf. com...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/09/2019

Nous estimons la progression de l’ANR à fin juin à 17% (+643 M€) à 4.4 Md€ (176 € par titre). Au 4 septembre, la progression est légèrement inférieure (+15%). La décote est revenue à un niveau historiquement élevé (46% à fin juin, 49% actuellement). A l’avenir, la valorisation devrait continuer de s’apprécier grâce à un double levier : poursuite de l’augmentation de l’ANR et réduction de la décote. Nous confirmons notre opinion Achat et revoyons en légère hausse notre OC à 134 € vs 13...

An increasingly favourable environment allows SMCP SA to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of SMCP SA (FR), a company active in the Apparel Retailers industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date July 12, 2019, the closing price was EUR 15.58 and its expected value was estimated at EUR 14.35.

Charles Pinel

SMCP - Assemblée Générale des actionnaires du 07 juin 2019

Il est proposé à l'Assemblée générale des actionnaires d'approuver la rémunération des six mandataires sociaux. Seules les rémunérations de Chenran Qiu (Directrice Générale Déléguée) et de Yafu Qiu (Président du Conseil) seront soutenues. En effet, les rémunérations du Directeur Général et des Directeurs Généraux Délégués semblent être trop généreux pour une société de la taille de SMCP (résolutions 5 à 16). Il est également proposé de ratifier la cooptation d'un nouveau membre du conseil lié à l'actionnaire principal qui ne sera pas approuvée en raison du manque d'indépendance de celui-ci (r...

Matthieu DRIOL

Analyse court terme - SMCP : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 18,990 €. La tendance baissière serait remise en cause au-dessus de 24,800 €.

Matthieu DRIOL

Short term view - SMCP : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €18.990. The bearish trend would be challenged above €24.800.

Matthieu DRIOL

Short term view - SMCP : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €18.990. The bearish trend would be challenged above €24.800.

Matthieu DRIOL

Analyse court terme - SMCP : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 18,990 €. La tendance baissière serait remise en cause au-dessus de 24,800 €.

Matthieu DRIOL

Medium term view - SMCP : The trend is bullish.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €18.750. A break below €17.730 would challenge the trend.

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