October 07, 2024 09:36 GMT
CONSUMER STAPLES: Elo/Auchan (ELOFR; NR/BB Neg) on the move wider again (x3)
CONSUMER STAPLES
(owned by the Mulliez family)
29s leading -2pts/+40bps this morning and again on flows (3rd straight session). The 4-5y is moving to 9.3-9.4%/€85-90.
We have gaps in our understanding - will circle back if we get them answered - and encourage caution from investors with similar. Monthly market share data does look firm for it - but may be skewed by stores changing hands from Casino to competitors.
Carrefour earnings should come mid-late Oct. Casino follows on the 31st.
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