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.

Frederic Yoboue

AMS: The DPLTA would come at a more expensive price than our estimates | SELL | CHF15(-18%)

AMS - SELL | CHF15(-18%) The DPLTA would come at a more expensive price than our estimates ams and OSRAM agreed on a DPLTA As previously argued, the deal ends up to be expensive OSRAM new guidance is good on revenue but less on margins We remain on the side line

Victor Floc’h

GENMAB: Janssen is putting Darzalex royalties at risk and bring lots of volatility | SELL vs. NEUTRAL | Under Review

GENMAB - SELL vs. NEUTRAL | Under Review Janssen is putting Darzalex royalties at risk and bring lots of volatility Arbitration over two issues to Darzalex license agreement Janssen wants Genmab to contribute to Halozyme’s payments Duration of the royalties could have a way bigger impact Tisotumab Vedotin ready for accelerated approval

Cedric Rossi

Luxury & Fashion: Nike leaves the Covid-19 behind with very strong Q1 earnings

Luxury & Fashion Nike leaves the Covid-19 behind with very strong Q1 earnings Q1 sales were 16% above CS expectations… … as DTC and digital go full steam! Higher promotional activity still weighs on GM NIKE confident enough to provide FY21 guidance Read-across to ADS: near-term bumps but secular drivers confirmed

Bruno de La Rochebrochard

ORPEA: HY results (contact): Rather positive message | BUY | EUR132(+37%)

ORPEA - BUY | EUR132(+37%) HY results (contact): Rather positive message Results at the top of the consensus i.e. close to our estimate A rather encouraging rapid recovery in occupancy rates… … even if caution remains the order of the day A development strategy that remains particularly dynamic

Eric Le Berrigaud ...
  • Jean-Jacques Le Fur

Pharmaceuticals: KOL meeting on dermatology: bimekizumab and Dupixent in pole position

Pharmaceuticals KOL meeting on dermatology: bimekizumab and Dupixent in pole position Psoriasis (I): bimekizumab seen as the best biologic Psoriasis (II): JAK inhibitors far less potent than biologics Atopic Dermatitis (AD): Dupixent should remain the drug of choice for many years Other skin diseases: some significant markets to create Conclusions by company

Eric Lemarie

TARKETT: Everything has a value | BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%)

TARKETT - BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%) Everything has a value 2020 woes well translated in the share price Liquidity looks like a manageable issue The momentum looks better Not a value trap anymore

Eric Le Berrigaud

ASTRAZENECA - BUY - Top Picks | 8780p(+1%) ADAURA: outstanding results, paving the way for new SoC in adjuvant NSCLC

Top-line data even greater then thought Modelling consequences

Nikolaas Faes

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

Cedric Rossi

TOD'S GROUP: No strong rebound in Mainland China since end of march? | SELL | EUR20(-22%)

TOD'S GROUP - SELL | EUR20(-22%) No strong rebound in Mainland China since end of march? Q1 sales down 30% We expect further deterioration in Q2 EBIT losses expected on FY 2020 and likely in 2021 Sell recommendation maintained

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

Frederic Yoboue

AMS: The DPLTA would come at a more expensive price than our estimates | SELL | CHF15(-18%)

AMS - SELL | CHF15(-18%) The DPLTA would come at a more expensive price than our estimates ams and OSRAM agreed on a DPLTA As previously argued, the deal ends up to be expensive OSRAM new guidance is good on revenue but less on margins We remain on the side line

Victor Floc’h

GENMAB: Janssen is putting Darzalex royalties at risk and bring lots of volatility | SELL vs. NEUTRAL | Under Review

GENMAB - SELL vs. NEUTRAL | Under Review Janssen is putting Darzalex royalties at risk and bring lots of volatility Arbitration over two issues to Darzalex license agreement Janssen wants Genmab to contribute to Halozyme’s payments Duration of the royalties could have a way bigger impact Tisotumab Vedotin ready for accelerated approval

Cedric Rossi

Luxury & Fashion: Nike leaves the Covid-19 behind with very strong Q1 earnings

Luxury & Fashion Nike leaves the Covid-19 behind with very strong Q1 earnings Q1 sales were 16% above CS expectations… … as DTC and digital go full steam! Higher promotional activity still weighs on GM NIKE confident enough to provide FY21 guidance Read-across to ADS: near-term bumps but secular drivers confirmed

Bruno de La Rochebrochard

ORPEA: HY results (contact): Rather positive message | BUY | EUR132(+37%)

ORPEA - BUY | EUR132(+37%) HY results (contact): Rather positive message Results at the top of the consensus i.e. close to our estimate A rather encouraging rapid recovery in occupancy rates… … even if caution remains the order of the day A development strategy that remains particularly dynamic

Eric Le Berrigaud ...
  • Jean-Jacques Le Fur

Pharmaceuticals: KOL meeting on dermatology: bimekizumab and Dupixent in pole position

Pharmaceuticals KOL meeting on dermatology: bimekizumab and Dupixent in pole position Psoriasis (I): bimekizumab seen as the best biologic Psoriasis (II): JAK inhibitors far less potent than biologics Atopic Dermatitis (AD): Dupixent should remain the drug of choice for many years Other skin diseases: some significant markets to create Conclusions by company

EDF (NEUTRAL, FV Under Review) | Dividend for 2019 dropped, the guidance for 2020 will follow soon

Healthcare: Top Picks Q2 2020: Three large cap pharma out of four names for the next quarter

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