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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Thibault Morel
- Thibault Morel
BASLER - NEUTRAL | EUR29 VS. EUR33 (+26%) Basler Roadshow: experienced...
Entry into the processing software segment comfort us in the ability of Basler to strenghten even more its fundamentals in the Medium Term. Realistic comments from the CFO on the economic outllook during our roadshow in Paris lead us to adopt a slightly more cautious stance on (i) short-term outlook in terms of sales and margins while we remain confindent on the FY25 EUR400m sales guidance. However, we reiterate our NEUTRAL rating as we see no upside catalyst in end FY22e,. Our DCF valuation now...
Gregory Ramirez
- Gregory Ramirez
TEMENOS - NEUTRAL vs. BUY | CHF58 VS. CHF118 (+9%) The wake-up call
We downgrade our rating to Neutral from Buy and have cut our DCF-derived target price to CHF58 from CHF118 - with very limited upside potential - following the profit warning announced on 13th October. We have slashed our adj. EPS estimates by 18-28% over 2022-2025, and have been more conservative in our medium-term assumptions and WACC. In this context of absence of economic visibility, banks think twice before investing in a transformation project, thus translating into lenghtened decision cyc...
Yizhi Long
- Yizhi Long
Business Services Inflation: pain or profit?
We view inflation as a catalyst to accelerate outsourcing and bring people back to office. In this context, Facility Management companies have proven pricing power and they have demonstrated their capacity in cutting costs. Based on our analysis, we confirm our positive outlook for guidance on FY 2022 margins and a potential improvement in 2023. We continue to prioritize Compass, ISS and Elis in our coverage
Olga Smolentseva
- Olga Smolentseva
Clement Genelot
- Clement Genelot
Gregory Ramirez
- Gregory Ramirez
Thibault Morel
- Thibault Morel
Cedric Rossi
- Cedric Rossi
HUGO BOSS: Successful execution and healthy geo mix lead to raised FY2...
HUGO BOSS - NEUTRAL | EUR68 vs. EUR64 Successful execution and healthy geo mix lead to raised FY22 guidance Strong sales and EBIT beat in Q2 driven by execution… … and low exposure to China’s lockdowns FY22 sales and EBIT guidance revised upwards and we increase our FY22-23 estimates by 7%
Clement Genelot
- Clement Genelot