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.

Virginie Roumage

UNILEVER: A less interesting tea sale on the agenda? | NEUTRAL | EUR51(+10%)

UNILEVER - NEUTRAL | EUR51(+10%) A less interesting tea sale on the agenda? The disposal of tea could exclude major assets Back in January, we were surprised by this announcement We welcomed the deal as a sign of greater priority for HPC The change in profile could be slower to come We reiterate our Neutral recommendation

Victor Floc’h

NICOX: Things are moving fast in Asia with partner Ocumension going public in Hong-Kong | BUY | EUR19(+373%)

NICOX - BUY | EUR19(+373%) Things are moving fast in Asia with partner Ocumension going public in Hong-Kong Valued at approx. USD1.0bn on the first day of trading Ocumension’s partnership further extended back in March NCX-470 dose selection expected to be a key catalyst for Q4 Cash position strengthen with divestment of VISUfarma shares

Nikolaas Faes

CARLSBERG: First half pre-release | BUY | DKK1120 vs. DKK1050 (+21%)

CARLSBERG - BUY | DKK1120 vs. DKK1050 (+21%) First half pre-release China bounce back Price/mix negative across the different regions Strong balance sheet and buy backs have continued But need for cash for acquisitions might stop H2 share buy-back

Bruno de La Rochebrochard

Business Services Top Picks: No Top Picks in TIC

Business Services Top Picks: No Top Picks in TIC Looking back at Q2 2020: More or less impacted, or not at all What we see for Q3: A significant hit to operating income Medium-term outlook: Dynamic development prospects Valuation: FV adjustments following our new RFP/ERP and new estimates for SGS Next catalyst

Thomas Coudry

EKINOPS: Modest growth in H1 doesn’t jeopardize longer term outlook | BUY | EUR7 vs. EUR7.3 (+14%)

EKINOPS - BUY | EUR7 vs. EUR7.3 (+14%) Modest growth in H1 doesn’t jeopardize longer term outlook Modest Q2 growth leads to 2020 guidance downgrade Robust company, catalysts ahead: longer term outlook confirmed FV slightly adjusted, Buy reiterated

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

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

Virginie Roumage

UNILEVER: A less interesting tea sale on the agenda? | NEUTRAL | EUR51(+10%)

UNILEVER - NEUTRAL | EUR51(+10%) A less interesting tea sale on the agenda? The disposal of tea could exclude major assets Back in January, we were surprised by this announcement We welcomed the deal as a sign of greater priority for HPC The change in profile could be slower to come We reiterate our Neutral recommendation

Victor Floc’h

NICOX: Things are moving fast in Asia with partner Ocumension going public in Hong-Kong | BUY | EUR19(+373%)

NICOX - BUY | EUR19(+373%) Things are moving fast in Asia with partner Ocumension going public in Hong-Kong Valued at approx. USD1.0bn on the first day of trading Ocumension’s partnership further extended back in March NCX-470 dose selection expected to be a key catalyst for Q4 Cash position strengthen with divestment of VISUfarma shares

Nikolaas Faes

CARLSBERG: First half pre-release | BUY | DKK1120 vs. DKK1050 (+21%)

CARLSBERG - BUY | DKK1120 vs. DKK1050 (+21%) First half pre-release China bounce back Price/mix negative across the different regions Strong balance sheet and buy backs have continued But need for cash for acquisitions might stop H2 share buy-back

Bruno de La Rochebrochard

Business Services Top Picks: No Top Picks in TIC

Business Services Top Picks: No Top Picks in TIC Looking back at Q2 2020: More or less impacted, or not at all What we see for Q3: A significant hit to operating income Medium-term outlook: Dynamic development prospects Valuation: FV adjustments following our new RFP/ERP and new estimates for SGS Next catalyst

Thomas Coudry

EKINOPS: Modest growth in H1 doesn’t jeopardize longer term outlook | BUY | EUR7 vs. EUR7.3 (+14%)

EKINOPS - BUY | EUR7 vs. EUR7.3 (+14%) Modest growth in H1 doesn’t jeopardize longer term outlook Modest Q2 growth leads to 2020 guidance downgrade Robust company, catalysts ahead: longer term outlook confirmed FV slightly adjusted, Buy reiterated

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

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.

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