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Izabel Dobreva

Research Analyst at Morgan Stanley

London, GB

Izabel Dobreva is Head of Food & Non-Apparel Retail, EMEA and a Senior Equity Analyst at Morgan Stanley, specializing in consumer and retail sector research across Europe. She covers major companies such as Kingfisher and Ahold Delhaize, consistently delivering investment recommendations with a strong performance record, including a noted Buy rating return of 60.5% and maintaining a TipRanks success rate near 58% across 16 stocks. Dobreva has led Morgan Stanley's retail research coverage since at least 2020, and her earlier career experience is focused on equity research within the European retail space. She holds advanced professional credentials including FINRA registration and is recognized among top sector specialists in institutional investor circles.

Izabel Dobreva's questions to CARREFOUR (CRRFY) leadership

Question · Q2 2024

Sought clarification on the full-year consensus guidance, requested a more detailed breakdown of Europe's H1 performance drivers, and asked if European price investments are self-funded.

Answer

The company reiterated that the full-year consensus is consistent with their view but declined to give quarterly details. They explained that European price investments are funded by cost savings and that while H1 had several negative drivers, they are more confident for H2.

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Question · Q2 2024

Izabel Dobreva sought clarification on the consensus ROI of €2.5 billion, asking if management's 'consistent' comment implies they are happy with it or if they expect H2 profits to be up year-on-year. She also requested a more detailed breakout of drivers for the European business, including integration costs and energy cost reversals, to understand the underlying performance. Finally, she asked if European price investments are fully self-funded by efficiency programs.

Answer

Executive Matthieu Malige reiterated that the full-year consensus is consistent with their internal view but declined to detail it by half-year. Executive Alexandre Bompard explained that speaking of Europe as a homogenous unit is difficult, but confirmed that price investments across all markets are financed by cost-saving plans, similar to the dynamic in France. He noted that while energy costs provided a benefit, other costs like transportation have risen, making it complex to 'clean up' the results.

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Izabel Dobreva's questions to JBAXY leadership

Question · Q2 2022

Izabel Dobreva of Morgan Stanley questioned the change in NII sensitivity to U.S. dollar rates since April, the sustainability of higher brokerage margins compared to pre-COVID levels, and the strategic rationale for the recent disposals, asking if further AUM rationalization is expected.

Answer

CFO Evie Kostakis explained the lower incremental NII sensitivity is due to significant rate hikes already having occurred since April. CEO Philipp Rickenbacher described the recent drop in brokerage margins as a short-term blip, not a structural change. He clarified the disposals were of non-core, independent asset manager-type businesses and that this strategic realignment is now largely complete.

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