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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SOPRA STERIA GROUP: The net final cost of the malware attack has no big impact to the margins | BUY | EUR170(+39%)
SOPRA STERIA GROUP - BUY | EUR170(+39%) The net final cost of the malware attack has no big impact to the margins We reiterate our Buy rating with a target price of EUR170 The net impact to the operating profit will be EUR10-20m Our previous forecasts almost embedded FY20 guidance revision
NOVARTIS: Attractive growth perspectives for 2021 and beyond | BUY | CHF115 vs. CHF110 (+43%)
NOVARTIS - BUY | CHF115 vs. CHF110 (+43%) Attractive growth perspectives for 2021 and beyond Top-line, mix and savings driving growth in IM Upside to the central-case scenario endorsed by consensus Addressing some issues, not expected to play against it anymore Poised well to perform in 2021
NESTLÉ: Portfolio changes continue, despite COVID-19 | Conviction BUY | CHF125(+
NESTLÉ - Conviction BUY | CHF125(+23%) Portfolio changes continue, despite COVID-19 Yinlu will be sold to Food Wise The transaction allows Nestlé to focus on key categories in China Nescafé ready-to-drink (RTD) coffee will be retained The portfolio management is on track – a Conviction Buy
ROCHE: One year too much to transition in 2021? | BUY | CHF375 vs. CHF390 (+25%)
ROCHE - BUY | CHF375 vs. CHF390 (+25%) One year too much to transition in 2021? 2021: last year in the finishing cycle or first in the new one? Pipeline expectations are low although most upside is mid-term Valuation very undemanding but momentum is adverse
HUMANIGEN: M&A activity in the space validates pharma’s appetite for COVID-19 therapies | BUY | USD30
HUMANIGEN - BUY | USD30 M&A activity in the space validates pharma’s appetite for COVID-19 therapies Acquisition of OncoImmune points to potential of COVID therapies Anti-inflammatory approach is attractive, albeit questions remain Lenzilumab is well positioned in severe COVID-19 Establishing of Humanigen Australia to facilitate partnering opportunities and clinical development
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
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
SOPRA STERIA GROUP: The net final cost of the malware attack has no big impact to the margins | BUY | EUR170(+39%)
SOPRA STERIA GROUP - BUY | EUR170(+39%) The net final cost of the malware attack has no big impact to the margins We reiterate our Buy rating with a target price of EUR170 The net impact to the operating profit will be EUR10-20m Our previous forecasts almost embedded FY20 guidance revision
NOVARTIS: Attractive growth perspectives for 2021 and beyond | BUY | CHF115 vs. CHF110 (+43%)
NOVARTIS - BUY | CHF115 vs. CHF110 (+43%) Attractive growth perspectives for 2021 and beyond Top-line, mix and savings driving growth in IM Upside to the central-case scenario endorsed by consensus Addressing some issues, not expected to play against it anymore Poised well to perform in 2021
NESTLÉ: Portfolio changes continue, despite COVID-19 | Conviction BUY | CHF125(+
NESTLÉ - Conviction BUY | CHF125(+23%) Portfolio changes continue, despite COVID-19 Yinlu will be sold to Food Wise The transaction allows Nestlé to focus on key categories in China Nescafé ready-to-drink (RTD) coffee will be retained The portfolio management is on track – a Conviction Buy
ROCHE: One year too much to transition in 2021? | BUY | CHF375 vs. CHF390 (+25%)
ROCHE - BUY | CHF375 vs. CHF390 (+25%) One year too much to transition in 2021? 2021: last year in the finishing cycle or first in the new one? Pipeline expectations are low although most upside is mid-term Valuation very undemanding but momentum is adverse
HUMANIGEN: M&A activity in the space validates pharma’s appetite for COVID-19 therapies | BUY | USD30
HUMANIGEN - BUY | USD30 M&A activity in the space validates pharma’s appetite for COVID-19 therapies Acquisition of OncoImmune points to potential of COVID therapies Anti-inflammatory approach is attractive, albeit questions remain Lenzilumab is well positioned in severe COVID-19 Establishing of Humanigen Australia to facilitate partnering opportunities and clinical development
