Finnish food company Apetit has issued a profit warning for its fiscal 2025, citing “delays in harvest production". Excluding the impact of its acquisition of Foodhills, completed in November, the group is forecasting an operating result of €5.6-6.6m ($6.7-$7.8m) for 2025, compared with €9.3m in 2024. The company said it had previously guided that its operating result, without the acquisition effect, would “slightly decrease” from the prior year. In a statement on Friday (12 December), Apetit said "tim ...

Core Points - BMW shares experienced a significant decline of 7% on Tuesday [1] - The decline was attributed to lower-than-expected sales volumes in China [1] - The anticipated tariff agreement between the U.S. and the European Union has not yet been realized [1] Company Summary - BMW's stock performance indicates market concerns regarding its sales strategy in China [1] - The company is facing challenges related to international trade agreements, particularly with the U.S. and EU [1]

Core Viewpoint - Goldman Sachs has upgraded Bunzl plc from Sell to Neutral, indicating a more balanced risk/reward profile following a significant share price decline this year [1] Group 1: Stock Performance and Market Reaction - Bunzl's stock has decreased approximately 30% in 2025, primarily due to an April profit warning that reduced growth and margin expectations for the upcoming year [2] - The profit warning was largely attributed to weakness in Bunzl's North American operations, which account for around 60% of the company's total revenue [2] Group 2: Financial Performance and Projections - Despite the lowered guidance, Bunzl's first-half results were generally in line with expectations, and the resumption of its share buyback program has mitigated some near-term risks related to earnings and leverage [3] - Goldman Sachs anticipates EBITA margins of 7.6% for Bunzl in 2025, a decrease from 8% in 2024, but expects gradual improvement in subsequent years [3] Group 3: Valuation and Investment Thesis - Currently, Bunzl trades at approximately 13 times Goldman Sachs' estimated earnings for 2026, compared to a historical mid-cycle average multiple of 17 [4] - The combination of a discounted valuation and Bunzl's resilient business model suggests that the shares are less risky than they were earlier in the year [4]

Core Viewpoint - Novo Nordisk is cutting 9,000 jobs to reignite growth and address competition from Eli Lilly and copycat drugs, marking the largest layoff in Denmark's history [1][2]. Group 1: Restructuring and Financial Impact - The restructuring is expected to save 8 billion Danish crowns ($1.25 billion) annually as Novo Nordisk seeks to revive its fortunes under new leadership [2]. - The company has faced stalled sales growth and a significant drop in market capitalization, losing $450 billion since mid-2022, which has negatively impacted the local economy [3][6]. - Novo Nordisk issued its third profit warning of the year, citing 9 billion crowns in one-off costs related to the restructuring [3]. Group 2: Market Dynamics and Competition - The obesity market has proven to be more consumer-driven than anticipated, leading to organizational complexities for Novo Nordisk [4]. - The company’s rapid expansion, which nearly doubled its workforce in five years, has backfired, prompting the layoffs that will return headcount to early 2024 levels [5]. - Analysts predict a fourth profit warning when the company reports third-quarter results in November, raising doubts about meeting sales guidance [7]. Group 3: Future Strategies - Novo Nordisk is aiming to boost output to meet rising demand for its products while preparing a pill version of Wegovy and exploring additional health benefits of its GLP-1 portfolio [8].