Company news and results
Adyen processed €300 billion in the second half of 2021. Net revenue increased +47%, EBITDA margin reached 64%.
As in previous periods, the results were bolstered by the unrelenting rise of online commerce globally, and an increasing need for merchants to implement unified commerce shopper journeys. These are further supported by the progressive disappearance of cash, and the democratization of access to global economies through digital tools and payment methods.
Financial objectives remain unchanged:
Revenue CAGR “between the mid-twenties and low-thirties in the medium term”
EBITDA margin “to increase to levels above 65% in the long term”
“sustainable capital expenditure level of up to 5% of our net revenue”
Akzo Nobel, the paints and performance coatings company, increased prices by 12.5% in the last quarter of 2021 to partly offset raw material inflation.
DSV, the logistics company, reported its full year 2021 results and expects that:
the current situation with congestion, tight capacity and high rate levels will continue well into 2022. A gradual reduction of the congestion could start in the second half of the year
The jewellery company Pandora grew sales by 23% in 2021. EBIT margin reached 25%.
Pandora guide for an “organic growth of 3-6%” in 2022. The EBIT margin is expected to be “25.0-25.5%”. Pandora also reconfirms the 2021-2023 organic growth CAGR of 5-7% communicated at the Capital Markets Day, thereby raising the absolute revenue target for 2023 by DKK 1.9-2.2 billion to DKK 27.0-28.1 billion.
L'Oréal sales were up +16.1% in 2021 (+11.3% vs 2019), twice the beauty market growth rate. E-commerce grew by +25.7% and reached 28.9% of sales. The operating profit margin was 19.1%. Presentations: CEO here, CFO here.
Unilever’s underlying sales growth was +4.5% in 2021. The operating margin declined 10bps and is expected to be down between 140bps and 240bps in 2022, due to input cost inflation. They announced a share buyback programme of up to €3 billion over the next two years.
Pernod Ricard reported an increase in organic sales of +16.8% in the first half of their FY22 (+13% vs pre-Covid). Europe was the fastest-growing region as the on-trade channels rebounded. Gross margin expanded +39bps.
Euronext increased revenue by +3% like-for-like in 2021. Reported revenue increased +47% including the contribution of Borsa Italiana Group.
BAT reported its 2021 preliminary results and announced a £2 billion share buyback.
Deals and IPO
Spain's Naturgy to split into two listed companies (link)
Vodafone rejects $13 bln Iliad, Apax approach for Italian business (link)
Coast Capital latest activist investor to build Vodafone stake (link)
Spanish fashion retailer Tendam sees 2 bln euro valuation in IPO, Cinco Dias says (link)
Other news
Digital sovereignty: Commission proposes Chips Act to confront semiconductor shortages and strengthen Europe's technological leadership (link)
The EU Chips Act will build on Europe's strengths – world-leading research and technology organisations and networks as well as host of pioneering equipment manufacturers – and address outstanding weaknesses. It will bring about a thriving semiconductor sector from research to production and a resilient supply chain. It will mobilise more than €43 billion euros of public and private investments and set measures to prevent, prepare, anticipate and swiftly respond to any future supply chains disruption, together with Member States and our international partners. It will enable the EU to reach its ambition to double its current market share to 20% in 2030.