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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Ticker Underlying First Report Latest Report
A0CA8L NL0000400653 Gemalto NV 2018/07/24 2019/04/16
A0JMZB NL0000009355 Unilever NV (Dutch Cert) 2018/05/16 2019/12/18
A116LR FR0011981968 Worldline 2018/05/31 2019/10/24
A14R82 BE0974281132 Biocartis Group NV 2019/01/29 2019/10/02
A1PHFF DE000A1PHFF7 Hugo Boss AG 2018/08/02 2019/12/04
A1W7CM FR0004188670 TARKETT 2018/07/10 2019/12/06
A2ARR4 US40537Q2093 Halcon resources 2019/05/16 2019/05/16
A2GS40 DE000A2GS401 Software AG 2018/06/13 2018/06/13
ABE AT0000824206 AB Effectenbeteiligungen AG 2018/06/18 2019/12/20
ABI BE0974293251 Anheuser-Busch InBev 2018/07/26 2019/01/14
ABVX FR0012333284 Abivax SA 2019/12/03 2019/12/03
AC FR0000120404 Accor S.A. 2018/06/13 2020/01/20
ACAD US0042251084 ACADIA Pharmaceuticals Inc. 2019/05/06 2019/05/06
ACB CA05156X1087 Aurora Cannabis Inc 2019/02/05 2019/10/01
ACL AU000000ACL6 Alchemia Ltd. 2019/04/04 2019/05/16
AD NL0011794037 Ahold Delhaize 2018/08/08 2019/11/07
ADS DE000A1EWWW0 Adidas 2019/03/14 2019/11/07
AGN NL0000303709 Aegon N.V. 2018/08/16 2019/05/06
ALBLU FR0011041011 Bluelinea SA 2019/03/12 2020/01/08
ALCLS FR0010425595 Cellectis 2018/05/23 2019/05/09
ALEZV FR0010246322 Easyvista 2018/04/05 2019/10/16
ALFOC FR0012419307 Focus Home Interactive SAS 2018/07/06 2019/05/06
ALSEN FR0012596468 Sensorion SA 2019/12/09 2019/12/09
ALT FR0000034639 Altran Technologies S.A. 2018/05/24 2020/01/15
ALTHX FR0013286259 Theranexus SA 2018/10/30 2019/12/17
ALV DE0008404005 Allianz SE 2018/08/03 2019/11/08
AMEBA FR0011051598 Amoeba SA 2018/09/24 2019/02/01
ASIT BE0974289218 Asit Biotech SA 2018/09/05 2019/11/25
ASM NL0000334118 ASM International N.V. 2018/07/18 2020/01/15
ASML NL0010273215 ASML Holding N.V. 2018/07/18 2020/01/14
ATC NL0011333752 Altice Europe NV A 2018/05/17 2019/12/02
ATE FR0000071946 Groupe Alten 2018/07/26 2019/10/24
ATO FR0000051732 Atos SE 2018/05/31 2020/01/15
AXW FR0011040500 Axway Software S.A. 2018/07/26 2019/04/15
AZN GB0009895292 AstraZeneca 2018/05/22 2020/01/08
BAYN DE000BAY0017 Bayer AG 2018/08/28 2019/11/04
BB FR0000120966 Societe BIC 2018/08/02 2019/10/23
BEI DE0005200000 Beiersdorf AG 2018/08/07 2020/01/16
BIM FR0013280286 bioMerieux S.A. 2018/07/18 2018/11/09
BMW DE0005190003 BMW AG 2018/08/02 2018/09/26
BN FR0000120644 Danone 2018/05/16 2019/10/21
BOTHE BE0974280126 Bone Therapeutics SA 2018/09/17 2019/08/30
BRBY GB0031743007 Burberry Group PLC 2018/05/17 2019/05/20
BSI NL0000339760 BE Semiconductor Industries N.V. 2018/06/15 2020/01/07
BUP FR0013284080 BIOM UP SA 2018/07/05 2019/10/02
BVI FR0006174348 Bureau Veritas S.A. 2018/10/30 2019/10/25
CA FR0000120172 Carrefour S.A. 2018/06/13 2020/01/07
CAP FR0000125338 Capgemini SE 2018/07/27 2020/01/15
CARL B DK0010181759 Carlsberg A/S B 2018/06/25 2020/01/13
CAS FR0000072894 Cast S.A. 2018/07/30 2019/11/05
CDI FR0000130403 Christian Dior S.E 2019/05/06 2019/05/06
CEC DE0007257503 Ceconomy AG 2018/06/25 2019/12/19
CFIHALCON CL0000000373 Halcon Fondo de Inversion 2019/04/08 2019/04/10
CFR CH0210483332 Compagnie Financiere Richemont SA 2018/09/10 2020/01/17
CNP US15189T1079 CenterPoint Energy Inc. 2018/07/30 2019/05/16
CO FR0000125585 Casino Guichard-Perrachon et Cie. S.A. 2018/05/04 2020/01/17
COFA FR0010667147 Coface 2018/07/26 2019/07/26
CON DE0005439004 Continental AG 2018/07/19 2018/08/23
COX FR0013018124 NicOx S.A. 2018/08/02 2019/12/19
CPG GB00BD6K4575 Compass Group PLC 2018/11/20 2018/11/20
CPR IT0005252207 Campari 2018/07/10 2019/10/30
CRG IE0001827041 CRH PLC 2018/06/22 2019/10/10
CS FR0000120628 AXA S.A. 2018/08/02 2020/01/17
CYAD BE0974260896 CELYAD 2018/07/24 2019/07/08
DAI DE0007100000 Daimler AG 2018/06/22 2018/07/26
DBV FR0010417345 DBVTechnologies 2018/07/04 2020/01/09
DDDD GB00BJL5BR07 4D Pharma 2018/06/07 2019/07/25
DG FR0000125486 Vinci S.A. 2018/06/19 2019/11/22
DGE GB0002374006 Diageo PLC 2018/05/28 2019/12/09
DIA ES0126775032 DIA 2018/07/25 2018/07/25
DLG GB0059822006 Dialog Semiconductor PLC 2018/06/11 2019/11/12
DSY FR0000130650 Dassault Systemes S.A. 2018/06/14 2019/10/25
EDEN FR0010908533 Edenred 2018/07/24 2020/01/16
EDF FR0010242511 Electricite de France (EDF) 2018/10/11 2018/10/11
EDP PTEDP0AM0009 EDP-Energias de Portugal S.A. 2018/07/25 2018/07/25
EDW ES0127797019 EDP Renovaveis S/A 2018/05/23 2019/02/01
EKI FR0011466069 Ekinops SA 2019/04/26 2020/01/10
EL FR0000121667 EssilorLuxottica 2018/07/26 2019/10/31
ELIOR FR0011950732 Elior Group 2018/05/17 2019/05/29
EN FR0000120503 Bouygues S.A. 2018/05/17 2019/11/18
ENG ES0130960018 Enagas S.A. 2018/07/27 2018/07/27
ENGI FR0010208488 Engie 2018/06/05 2019/02/01
EO FR0000121147 Faurecia 2018/07/02 2018/10/11
EOAN DE000ENAG999 E.ON SE 2018/08/08 2019/02/01
ERF FR0000038259 Eurofins Scientific 2018/07/30 2019/10/28
EYWN FR0010096479 bioMerieux S.A. 2018/07/18 2019/10/22
FG. CA3060442074 Falcon Gold Corp 2019/04/04 2019/04/04
FGR FR0000130452 Eiffage S.A. 2018/07/02 2019/11/07
FME DE0005785802 Fresenius Medical Care AG 2018/07/13 2019/10/29
FNAC FR0011476928 FNAC DARTY 2018/03/27 2020/01/17
FR FR0013176526 Valeo S.A. 2018/05/17 2018/07/26
FRE DE0005785604 Fresenius SE & Co KGaA 2018/06/11 2019/10/29
GEN DK0010272202 Genmab A/S 2018/05/28 2019/12/20
GLPG BE0003818359 Galapagos Genomics NV 2018/05/31 2019/12/20
GNFT FR0004163111 Genfit 2018/10/15 2020/01/08
GNRO CH0308403085 GeNeuro 2018/07/27 2019/11/25
GRF ES0171996087 Grifols 2018/04/05 2018/04/05
GSK GB0009252882 GlaxoSmithKline PLC 2018/04/05 2019/10/31
GSKCONS INE264A01014 GlaxoSmithKlinensumer Healthcare 2018/12/04 2018/12/04
GVNV NL0010937066 Grandvision B.V. 2018/07/05 2019/10/31
HCMLY US50586V1089 LafargeHolcim ADR 2019/03/07 2019/05/15
HEI DE0006047004 HeidelbergCement AG, 2018/06/07 2019/10/10
HEIA NL0000009165 Heineken N.V. 2018/06/19 2019/10/28
HEIO NL0000008977 Heineken Holding N.V. 2018/06/19 2019/10/23
HEN DE0006048408 Henkel KGaA 2018/08/17 2018/12/21
HEN3 DE0006048432 Henkel KGaA Pfd. 2018/05/30 2019/01/22
HLE DE000A13SX22 Hella 2018/05/16 2018/09/27
HM B SE0000106270 H & M Hennes & Mauritz AB B 2018/09/17 2019/10/03
HNR1 DE0008402215 Hannover Rueck SE 2019/05/07 2019/05/07
IAN CA45074T1021 IANTHUS CAPITAL HLDGS 2019/02/08 2019/10/01
IDR ES0118594417 Indra Sistemas S.A. 2018/07/27 2020/01/08
IFX DE0006231004 Infineon Technologies AG 2018/06/11 2019/11/13
IGY DE000A2AADD2 Innogy SE 2018/08/10 2019/02/01
IHG GB00BD8QVH41 InterContinental Hotels Group PLC 2018/08/07 2019/02/19
ILD FR0004035913 Iliad S.A. 2018/05/16 2019/11/12
ING FR0000125346 Ingenico Group 2018/07/26 2019/10/23
IPH FR0010331421 Innate Pharma SA 2018/10/01 2019/10/18
IPN FR0010259150 Ipsen 2018/07/05 2020/01/13
ITKA US03524A1088 Anheuser-Busch InBev N.V. ADS 2019/04/16 2019/05/22
ITP FR0004024222 Interparfums SA 2018/07/25 2019/11/22
ITX ES0148396007 Inditex S.A. 2018/09/12 2018/09/13
JMT PTJMT0AE0001 Jeronimo Martins SGPS S/A 2018/07/25 2018/07/25
KER CA4924052042 Kerr Mines Inc 2018/06/14 2020/01/07
KORI FR0010386334 Korian 2018/07/26 2020/01/08
KOZAL TREKOAL00014 Koza Altin Isletmeleri AS 2019/05/02 2019/11/04
LEAF CA58506X1042 Medreleaf Corp 2018/05/11 2018/05/11
LHN CH0012214059 LafargeHolcim 2018/07/27 2018/11/28
LNA FR0004170017 LNA Sante 2018/07/20 2019/09/19
LR FR0010307819 Legrand 2019/10/10 2019/10/10
LUX IT0001479374 Luxottica Group 2018/06/25 2019/03/11
MBWS FR0000060873 MBWS 2018/06/11 2019/11/08
MC FR0000121014 LVMH Moet Hennessy Louis Vuitton SE 2018/07/25 2020/01/10
MCPHY FR0011742329 MCPHY Energy SA 2018/06/06 2019/02/01
MDG1 DE000A1X3W00 Medigene AG 2019/01/09 2019/01/09
MDM FR0013153541 Maisons du Monde 2018/07/18 2019/10/31
MEDA US5843932014 Media Analytics Corp 2018/05/07 2019/08/30
MEL ES0176252718 Melia Hoteles International SA 2018/05/28 2019/11/08
MELE BE0165385973 Melexis N.V. 2018/05/21 2018/05/21
ML FR0000121261 Michelin B 2018/07/13 2018/10/23
MMT FR0000053225 M6-Metropole Television S.A. 2018/07/03 2020/01/20
MONC IT0004965148 Moncler 2018/05/09 2019/10/25
MOR DE0006632003 MorphoSys AG 2018/08/02 2020/01/14
MRK DE0006599905 Merck KGaA 2018/07/03 2019/11/14
MTLS US57667T1007 Materialise ADS 2018/11/16 2019/11/01
MUV2 DE0008430026 Muenchener Rueckversicherungs-Gesellschaft AG 2018/08/08 2019/05/08
NANO FR0011341205 Nanobiotix SA 2018/06/25 2018/06/25
NEM DE0006452907 Nemetschek SE 2019/06/27 2019/12/18
NESN CH0038863350 Nestle S.A. 2018/05/16 2019/12/12
NK FR0000120859 Imerys 2018/05/15 2019/10/29
NKE US6541061031 Nike Inc. Cl B 2018/09/26 2018/09/26
NOVN CH0012005267 Novartis AG 2018/05/17 2019/12/16
NOVO B DK0060534915 Novo Nordisk A/S B 2018/06/25 2018/11/06
NZYM B DK0060336014 Novozymes A/S B 2018/08/08 2018/09/19
ONC GB00BYQ94H38 Oncimmune Holdings 2018/10/31 2019/10/22
OR FR0000120321 L'Oreal S.A. 2018/07/27 2019/10/30
ORA FR0000133308 Orange 2018/07/26 2019/12/05
ORP FR0000184798 Orpea S.A. 2018/06/21 2020/01/08
OSE FR0012127173 Ose Pharma International SA 2020/01/13 2020/01/13
POM FR0000124570 Compagnie Plastique Omnium 2018/06/13 2018/07/20
QIA NL0012169213 Qiagen N.V. 2018/08/01 2019/10/10
RAL FR0000060618 Rallye S.A. 2018/07/25 2018/07/25
RAP AU000000RAP5 Resapp Health 2018/10/23 2019/10/21
RB. GB00B24CGK77 Reckitt Benckiser Group 2019/04/05 2020/01/09
RBREW DK0060634707 Royal Unibrew A/S 2018/06/18 2019/09/10
RCO FR0000130395 Remy Cointreau S.A. 2018/06/07 2019/10/18
RHHBY US7711951043 Roche Holding AG ADS 2018/05/29 2019/03/11
RI FR0000120693 Pernod Ricard S.A. 2018/06/11 2019/06/05
RIB FR0000075954 Riber 2019/06/27 2019/10/30
RMS FR0000052292 Hermes International S.C.A. 2018/07/20 2019/10/25
RNO FR0000131906 Renault 2018/06/15 2018/10/23
RO CH0012032113 Roche Holding AG 2018/05/29 2019/02/25
ROG CH0012032048 Roche Holding AG Part. Cert. 2018/05/22 2020/01/08
SAHOL TRASAHOL91Q5 Haci Omer Sabanci Holding A.S. 2019/01/23 2019/02/27
SAN FR0000120578 Sanofi 2018/07/03 2019/12/11
SAP BE0003625366 Sapec S.A. 2018/06/07 2019/10/22
SCH GG00BYMK4250 Safecharge International Group 2018/09/13 2019/05/23
SCHN CH0024638212 Schindler Holding AG 2019/06/27 2019/06/27
SCR FR0010411983 Scor S.A. 2018/07/26 2019/09/05
SECH FR0000060402 Albioma 2018/12/12 2019/02/01
SEIC US7841171033 SEI Investments Co. 2019/01/24 2019/03/19
SEV FR0010613471 Suez 2018/10/31 2019/10/31
SFER IT0004712375 Salvatore Ferragamo 2018/07/13 2019/11/13
SFL IT0004604762 Safilo Group 2018/08/03 2019/12/12
SGE GB00B8C3BL03 Sage Group PLC 2018/08/02 2019/11/21
SGO FR0000125007 Compagnie de Saint-Gobain S.A. 2018/07/11 2020/01/14
SGSN CH0002497458 SGS S.A. 2018/07/18 2019/07/18
SK FR0000121709 SEB S.A., 2018/07/25 2019/10/30
SOH1 FR0004025062 SOITEC 2018/06/14 2019/11/28
SOI FR0013227113 Soitec S.A. 2018/10/18 2018/10/18
SOP FR0000050809 Sopra Steria Group 2018/07/27 2020/01/16
SREN CH0126881561 Swiss Re 2018/08/03 2018/11/01
STM NL0000226223 STMicroelectronics 2018/07/25 2019/10/25
SU FR0000121972 Schneider Electric S.A. 2019/04/04 2019/07/25
SW FR0000121220 Sodexo 2018/07/05 2020/01/09
SWDAF DE0003304002 Software AG 2018/06/13 2018/10/23
SWGAY US8701231065 Swatch Group AG ADS 2018/06/20 2019/07/18
SWP FR0004180578 Sword Group 2018/10/24 2019/11/05
TAP US60871R2094 Molson Coors Brewing Co. Cl B 2018/06/28 2019/09/10
TEMN CH0012453913 Temenos Group AG 2018/07/19 2020/01/15
TFI FR0000054900 Television Francaise 1 S.A. 2018/07/03 2020/01/20
TIF US8865471085 Tiffany & Co. 2018/08/29 2018/08/29
TIT IT0003497168 Telecom Italia 2018/04/05 2020/01/06
TNG FR0005175080 Transgene S.A. 2018/07/11 2019/12/13
TOD IT0003007728 Tod'S 2018/07/13 2019/11/07
TSCO GB0008847096 Tesco PLC 2018/06/15 2018/07/25
UBI FR0000054470 Ubisoft Entertainment S.A. 2018/06/13 2019/05/06
UBXN CH0033361673 u-blox Holding AG 2018/05/21 2018/05/21
UCB BE0003739530 UCB S.A. 2018/07/13 2020/01/13
UG FR0000121501 Peugeot S.A. 2018/06/15 2018/07/26
UHR CH0012255151 Swatch Group AG 2018/06/20 2019/12/04
UHRN CH0012255144 Swatch Group AG Reg. 2018/06/20 2019/01/31
ULVR GB00B10RZP78 Unilever PLC 2018/05/30 2018/12/04
VCT FR0000031775 Vicat S.A. 2018/08/07 2019/10/10
VIE FR0000124141 Veolia Environnement S.A. 2018/05/28 2020/01/06
VIV FR0000127771 Vivendi 2018/05/14 2019/10/18
VLS FR0004056851 Valneva SE 2019/08/27 2019/10/31
VLTSA FR0011995588 Voltalia 2018/07/19 2019/02/01
WDI DE0007472060 Wirecard 2018/07/25 2019/11/07
WEED CA1380351009 Canopy Growth 2018/05/11 2019/07/04
XCRA US12626K2033 CRH PLC ADS 2019/04/24 2019/04/24
ZAL DE000ZAL1111 Zalando SE 2018/09/18 2019/11/04
ZLDPF DK0060257814 Zealand Pharma A/S 2018/09/07 2019/11/15
ZURN CH0011075394 Zurich Insurance Group 2019/02/07 2019/02/07

Analysts

  • Hugo Solvet

    Healthcare Team
  • Clement Genelot

    Consumer Team
  • Bruno de La Rochebrochard

    Smart Industries & Services
  • Loic Morvan

    Consumer Team
  • Nikolaas Faes

    Consumer Team
  • Eric Lemarie

    Smart Industries & Services
  • Eric Monnier

    Analyst
  • Virginie Roumage

    Consumer Team
  • Thomas Coudry

    TMT Team
  • Antoine Parison

    Consumer Team
  • Xavier Caroen

    Smart Industries & Services
  • Cedric Rossi

    Consumer Team
  • Eric Le Berrigaud

    Healthcare Team
  • Marion Levi

    Healthcare Team
  • Pierre-Antoine Chazal

    Smart Industries & Services
  • Gregory Ramirez

    TMT Team
  • Richard-Maxime Beaudoux

    TMT Team
  • Frederic Yoboue

    TMT Team
  • Gary Waanders

    Healthcare Team
  • Olivier Pauchaut

    Smart Industries & Services
  • Jean-Jacques Le Fur

    N/A
  • Victor Floc’h

    Analyst
  • Ross Blair

    MBChB
  • Xavier Regnard

    Financial Analyst
  • David Vignon

    Financial Analyst
  • Olivier Pauchaut

    Smart Industries & Services
  • Olga Smolentseva

    Financial Analyst
Thomas Coudry

Media December strikes should have an impact

Strikes to impact advertising revenues 2020 guidance should still be reached for TF1 Group M6 Group to partly offset disappointing advertising revenues

Eric Lemarie

Building solutions: Healthy traffic expected on French toll roads in Q4

Building solutions Healthy traffic expected on French toll roads in Q4 The traffic in Q4 should benefit from the strike in public transport While the comparison basis in Q4 is easy on light vehicles Positive adjustments are very likely But we doubt the market impact will be very significant

Bruno de La Rochebrochard

ACCOR: Cautious short-term stance. FV adjusted to EUR47. | BUY | EUR47 vs. EUR51 (+16%)

ACCOR - BUY | EUR47 vs. EUR51 (+16%) Cautious short-term stance. FV adjusted to EUR47. Events to continue weighing on business... …but whose impact on results is now less significant An adjustment to our results mainly to take account of the sale of Mövenpick leased hotels (see Fig.2)

Loic Morvan

RICHEMONT: Q3 sales in line with expectations, jewellery better oriented | NEUTRAL | CHF82 (+5%)

RICHEMONT - NEUTRAL | CHF82 (+5%) Q3 sales in line with expectations, jewellery better oriented 4% sales increase in Q3 Jewellery Maisons better oriented in Q3 (+6%) APAC quite strong but, as expected, Japan was down Neutral recommendation and FV unchanged

Clement Genelot

FNAC DARTY: Disappointing guidance and sluggish French environment prompt cautiousness | NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%)

FNAC DARTY - NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%) Disappointing guidance and sluggish French environment prompt cautiousness French transport strikes led to EUR70m of sales losses Current EBIT to come out 6% below CS in 2019 A cautious and disappointing guidance for 2020 Downgraded to Neutral with a FV of EUR61

Clement Genelot

CECONOMY: Patience required until the CMD in March 2020 | NEUTRAL | EUR6,9(+41%)

CECONOMY - NEUTRAL | EUR6,9(+41%) Patience required until the CMD in March 2020 Core EBIT margin (ex. Fnac Darty) stable thanks to cost-savings FCF in negative territory with no dividend resumption in sight 2019/20 sales and EBIT guidance in line with CS Transformation plan to be presented on 26th March 2020

Thomas Coudry

ALTICE: Altice loses Champions League rights: a good thing | NEUTRAL | EUR5.7

ALTICE - NEUTRAL | EUR5.7 Altice loses Champions League rights: a good thing Canal+ and beIN Sports win back Champions League rights Altice’s aggressive telecom media convergence is history The story is not over just yet, RMC Sports’ future in question

Hugo Solvet

QIAGEN: QIAGEN could fetch EUR41-44/share in a takeout | BUY | EUR30(-12%)

QIAGEN - BUY | EUR30(-12%) QIAGEN could fetch EUR41-44/share in a takeout QIAGEN worth EUR41-44/share Highly accretive: QIA could bring up to USD260m in synergies Multiple interests could lead to a higher bid

Virginie Roumage

UNILEVER: Penalizing weather conditions | | EUR57(+6%)

UNILEVER - | EUR57(+6%) Penalizing weather conditions Weakness at ice cream sales in Europe No change to estimates before the conference call Buy recommendation maintained

Nikolaas Faes

AB INBEV: Getting its act together | BUY - TOP PICKS | EUR100(+37%)

AB INBEV - BUY - TOP PICKS | EUR100(+37%) Getting its act together Successful investor conference Improvement in US market share likely to continue There is nothing better than a Happy Hour on a Monday evening

Thomas Coudry

Media December strikes should have an impact

Strikes to impact advertising revenues 2020 guidance should still be reached for TF1 Group M6 Group to partly offset disappointing advertising revenues

Bruno de La Rochebrochard

ACCOR: Cautious short-term stance. FV adjusted to EUR47. | BUY | EUR47 vs. EUR51 (+16%)

ACCOR - BUY | EUR47 vs. EUR51 (+16%) Cautious short-term stance. FV adjusted to EUR47. Events to continue weighing on business... …but whose impact on results is now less significant An adjustment to our results mainly to take account of the sale of Mövenpick leased hotels (see Fig.2)

Loic Morvan

RICHEMONT: Q3 sales in line with expectations, jewellery better oriented | NEUTRAL | CHF82 (+5%)

RICHEMONT - NEUTRAL | CHF82 (+5%) Q3 sales in line with expectations, jewellery better oriented 4% sales increase in Q3 Jewellery Maisons better oriented in Q3 (+6%) APAC quite strong but, as expected, Japan was down Neutral recommendation and FV unchanged

Clement Genelot

FNAC DARTY: Disappointing guidance and sluggish French environment prompt cautiousness | NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%)

FNAC DARTY - NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%) Disappointing guidance and sluggish French environment prompt cautiousness French transport strikes led to EUR70m of sales losses Current EBIT to come out 6% below CS in 2019 A cautious and disappointing guidance for 2020 Downgraded to Neutral with a FV of EUR61

Clement Genelot

CASINO GUICHARD: Warning on EBIT and FCF guidance at risk | NEUTRAL | EUR37 vs. EUR38 (-5%)

CASINO GUICHARD - NEUTRAL | EUR37 vs. EUR38 (-5%) Warning on EBIT and FCF guidance at risk LfL growth below expectations in France due to the strikes A pleasing surprise in LatAm that will not overshadow France Underlying EBIT retail growth guidance cut from +10% to +5% No indication on WCR but French FCF guidance seems at risk Neutral reiterated with a FV of EUR37

Eric Monnier

Top Picks Q2 Healthcare: From five names down to three

The least we can say about Q1 2018 is that it was another tough quarter for healthcare in general with few exceptions across the sector, despite early activity on the M&A front with Sanofi announcing the acquisitions of Bioverativ and Ablynx in January. This was not enough to prevent the sector from underperforming the general indices by 1.4pp (-6% in absolute terms). We assume this is mainly the reflection of shy 2018 guidance on average from most companies suggesting in the end another transition year with very limited growth, most of which coming from the positive impact of the US tax refor...

Loic Morvan

Kering: CMD

Kering: (NEUTRAL, Fair Value EUR505 vs. EUR466 (+5%)) CMD Gucci Yesterday Kering hosted analysts at an investor day in order to present prospects on Gucci. While we view sales ambition of EUR10bn as in line with our expectations, 40% EBIT margin seems us more ambitious. In order to take in account these prospects, we adjusted our earnings expectations by 5%. FR uplift from EUR466 to EUR505.

Eric Lemarie

Building solutions: Healthy traffic expected on French toll roads in Q4

Building solutions Healthy traffic expected on French toll roads in Q4 The traffic in Q4 should benefit from the strike in public transport While the comparison basis in Q4 is easy on light vehicles Positive adjustments are very likely But we doubt the market impact will be very significant

Olivier Pauchaut

Financials & Fintech AXA our Q1 Top Pick

Financials & Fintech AXA our Q1 Top Pick Looking back at 2019: end to the rerating How we see Q1 2020: a better pricing environment to support underlying trends

Bruno de La Rochebrochard

Business Services: Top Picks: Edenred - results to continue driving the stockmarket performance

Business Services Top Picks: Edenred - results to continue driving the stockmarket performance What we see for Q1 2020: revenue to remain under pressure in contract catering

Eric Lemarie

Building solutions: Top Picks for Q1 2020: Saint-Gobain and Somfy

Building solutions Top Picks for Q1 2020: Saint-Gobain and Somfy Looking back at 2019 What to expect in Q1 2020? Saint-Gobain and Somfy enter the list

Nikolaas Faes ...
  • Virginie Roumage

Beverages: Q1 2020: Carlsberg is our top pick

Beverages Q1 2020: Carlsberg is our top pick A clear outperformance of Carlsberg and Royal Unibrew last year What we see for Q1 2020 Still playing Carlsberg in Q1 for three reasons: Some cautiousness on Pernod Ricard

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