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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Oscar Haffen Lamm
- Oscar Haffen Lamm
Abivax: FY'24 reiterated next key inflection points for 2025
Abivax reported today FY'2024 results which mainly focused on balance sheet items and next inflection points for its UC phase 3 trial. Patient recruitment for the phase 3 UC trial is likely on track, with full enrolment reiterated to Q2 2025 with topline results from the 8-week induction trials exp
Antoine Lebourgeois
- Antoine Lebourgeois
Satellites & Space: The next launch window
In our latest Industry Brief, we examine impending transformations in the launch and satcom industries. We believe the most significant paradigm shift since Falcon 9’s debut 15 years ago is brewing in launch technology. The brute force of super-heavy-lift launchers—Starship and New Glenn—could rede
Oscar Haffen Lamm
- Oscar Haffen Lamm
Valneva: To supply Ixchiq doses against CHIK outbreak in La Reunion
Valneva announced that it will provide 40k doses of its vaccine Ixchiq, which we estimate will generate c. EUR5m in sales, to France's Island of La Reunion in response the to the chikungunya outbreak currently ongoing on the island which has recorded 8,600 cases since early 2025 and almost 3,000 ne
Clement Genelot
- Clement Genelot
HelloFresh: CMD prioritises fixing the basics over short-term growth
With a CMD focused on cost-cutting and reshuffling the meal-kit offer, we understand that 2025-26 will be about resetting the basics while growth may only be on the agenda in 2027. But the absence of any sales target for meal-kit or ready-to-eat disappointed, keeping the shares stuck around 5.5x EV
Aurelien Deside
- Aurelien Deside
Nemetschek: Upside remains limited
Following the release of the 2024 annual report, we update our model and investment case on Nemetschek. For the year 2025, we expect the top-line to grow by 17.7% at constant currency, mainly driven by the BUILD segment through the GoCanvas acquisition, the resilient US environment and completed su
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