M&S, Compass, Lindt, Swatch, Ryanair, ...

Research evidence excerpt

M&S, Compass, Lindt, Swatch, Ryanair, ...

fit on pricing) if fuel remains at elevated levels. Mar-

28/29E net income estimates come down by -9%/-3% respectively due to higher fuel costs. He remains OW and Dec-27 price

target falls by -3% to €32 (previously €33). Post the recent share price decline, Ryanair remains a defensive play if the Middle

East conflict remains unresolved with the ability to take structural market share; however, it can also benefit from stronger

bookings momentum, earnings upgrades and accelerated cash returns if we see a lasting resolution. See all details here

Newsflow

ZALANDO - BaFin has concluded its review of the group’s FY 25 accounts - no fine imposed, although procedural costs will

be covered by ZAL which it expects to be immaterial. Recall this related to omission of a related party transaction wrt the

acquisition of ABOUT YOU. The group had acknowledged the omission, and all relevant information regarding the acquisition of

ABOUT YOU was publicly accessible as part of the tender offer.

EU Consumer Research

• European Staples - Distilled and Packaged: Our take on the sector, Essity, China Retail Sales, Q2 Previews, and more....

here

• UK General Retail - Worldpanel clothing takeaways: M&S tracking broadly in line with expectations for +LSD% growth

yo2y, and regaining material share. here

• Marks & Spencer - From Pick to Profit – The Online Margin Glow-Up. here

• Ryanair - Cutting estimates on more cautious near-term pricing. Remain OW after recent share price decline; med-term

story unchanged. here

Investor Access

Upcoming events on the EU Consumer space (availability is limited and subject to approval):

• M&S - Breakfast with Archie Norman, Chairman - July 22nd - London

• Consumer CEO Fireside Chat Series

• Reckitt - July 31st