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.
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Semiconductors: Semiconductor Top Picks 1Q21: ASM International and ASML
Semiconductors Semiconductor Top Picks 1Q21: ASM International and ASML We expect another solid year for the industry ASM International and ASML as our Top Picks for Q1 We downgrade Infineon to Neutral with a TP at EUR30 Adjusting our estimates and beta
CARREFOUR: A potential deal is gaining ground | BUY | EUR19
CARREFOUR - BUY | EUR19(+8%) A potential deal is gaining ground Discussions at a much more advanced stage than expected More reasons to believe in the finalisation of a deal than not Ranging from EUR20 to EUR25, still manageable for Couche-Tard Buy reiterated on Carrefour with further room to play the speculation Sell reiterated on Casino with EUR20 TP
ITM POWER: The promises of the JV with Linde are starting to materialize | BUY | GBP650 VS. GBP600
ITM POWER - BUY | GBP650 VS. GBP600 (-2%) The promises of the JV with Linde are starting to materialize ITM will build the world’s biggest PEM electrolyser First sale via the JV with Linde, more to come Big projects can be challenging but the JV will limit the risk Buy rating confirmed, TP 650p vs. 600p
Building Solutions: Bilfinger and Eiffage as Top Picks; Vinci back to Neutral
Building Solutions Bilfinger and Eiffage as Top Picks; Vinci back to Neutral Looking back to Q4 2020: fine performance for most of our coverage What we see for Q1 2021 – key trends & drivers Company specific reasons for our top pick selection
VIVENDI: Football rights: new kick off | BUY | EUR27 VS. EUR26
VIVENDI - BUY | EUR27 VS. EUR26 (+5%) Football rights: new kick off Following the failure of Mediapro, the door is wide open for Canal+ Getting a return on additional spend will be challenging… … but value lies elsewhere Removed from top pick list, Buy confirmed.
FLOWR: Feedback from virtual meeting | BUY | CAD1.2(+97%)
FLOWR - BUY | CAD1.2(+97%) Feedback from virtual meeting From recreational in Canada to medical cannabis in Europe High THC products is what recreational consumer want Nearing cash flow break-even The latest capital raising should be the last one
Semiconductors: Semiconductor Top Picks 1Q21: ASM International and ASML
Semiconductors Semiconductor Top Picks 1Q21: ASM International and ASML We expect another solid year for the industry ASM International and ASML as our Top Picks for Q1 We downgrade Infineon to Neutral with a TP at EUR30 Adjusting our estimates and beta
CARREFOUR: A potential deal is gaining ground | BUY | EUR19
CARREFOUR - BUY | EUR19(+8%) A potential deal is gaining ground Discussions at a much more advanced stage than expected More reasons to believe in the finalisation of a deal than not Ranging from EUR20 to EUR25, still manageable for Couche-Tard Buy reiterated on Carrefour with further room to play the speculation Sell reiterated on Casino with EUR20 TP
ITM POWER: The promises of the JV with Linde are starting to materialize | BUY | GBP650 VS. GBP600
ITM POWER - BUY | GBP650 VS. GBP600 (-2%) The promises of the JV with Linde are starting to materialize ITM will build the world’s biggest PEM electrolyser First sale via the JV with Linde, more to come Big projects can be challenging but the JV will limit the risk Buy rating confirmed, TP 650p vs. 600p
Building Solutions: Bilfinger and Eiffage as Top Picks; Vinci back to Neutral
Building Solutions Bilfinger and Eiffage as Top Picks; Vinci back to Neutral Looking back to Q4 2020: fine performance for most of our coverage What we see for Q1 2021 – key trends & drivers Company specific reasons for our top pick selection
