Report
Cedric Rossi

Fielmann: margin potential unleashed

The strong improvement in aEBITDA margin in Q1 (+300bps to 24.2%) brought greater credibility to the reiterated margin target of 24% for 2025, considering that the CSSe was still well below that threshold prior to the Q1 publication (BGe: 23.1% / CSSe: 22.8%e). While remaining a bit more prudent th
Underlying
Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Cedric Rossi

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