Bryan Garnier

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.

Loic Morvan
  • Loic Morvan

Beiersdorf 2025 guidance reiterated, despite poor Q1

Beiersdorf Q1 sales were above consensus at the group level and in line for the Consumer division. More importantly, despite poor Q1 momentum, which was expected, the group's management has reiterated its 2025 guidance. We confirm our Neutral recommendation and our PT as we have made no change to o

Mahaut Arnaud ... (+3)
  • Mahaut Arnaud
  • Paul de Froment
  • Thomas Mordelle

Waga Energy: a good FY24 performance

Although FY24 headline metrics were slightly below consensus at EUR55.7m (-6% vs cons. at EUR59.3m), Waga Energy has reported a lower-than-expected EBITDA loss of -EUR2.6m (vs cons. at -EUR6m). This was driven by operating leverage, improved gross margin and robust cost control. With 30 units in op

Oscar Haffen Lamm
  • Oscar Haffen Lamm

Valneva: Ixchiq approved in Brazil

Valneva announced that Brazil’s ANVISA has approved Ixchiq for adults >18 y.o., making it the first chikungunya vaccine approved in an endemic country. Strategically, while we expect limited sales contributions to Valneva from Brazil (upside to our base case made of the US/EU travellers market),

Loic Morvan
  • Loic Morvan

LVMH Q1 worse than expected

Q1 sales momentum at LVMH was softer than anticipated with a 3% organic sales decline vs stable sales expected by the consensus. Q1 2025 faced a still-demanding comparison basis (+3% in Q1 2024 vs +1% over FY 2024). In view of the Q1 sales release, we revise our 2025-26 earnings downwards by 9% wit

Clement Genelot
  • Clement Genelot

Tesco: Buy rating untouched after earnings recalibration

Post-FY, we have cut our sales, EBIT and retail FCF estimates by 1%, 5% and 8% respectively, to reflect price investments made YTD in the UK. However, we do not expect a full-blown price war with the need to further reinvest, and are pricing in the top-end of FY EBIT guidance. Consensus has recalib

Gregory Ramirez
  • Gregory Ramirez

LECTRA BUY | EUR45 Good resistance Chinese lockdowns; strong orde...

º Q2 results were slightly below expectations, but remained decent despite lockdowns in China New system orders hold up well thanks to automotive Company guidance for 2022 has been tightened toward its mid-point

Thibault Morel
  • Thibault Morel

HMS NETWORKS: HMS Networks 2Q22 results above expectations | CONVICTIO...

HMS NETWORKS - CONVICTION BUY | SEK500 HMS Networks 2Q22 results above expectations 2Q22 sales and new orders above expectations Positive surprise on 2Q22 profitability

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

ROCHE BOBOIS: Q4 topping expectations with good H1 2022 prospects

ROCHE BOBOIS: Q4 topping expectations with good H1 2022 prospects

Victor Floc’h
  • Victor Floc’h

ONCODESIGN (CORPORATE, TP EUR15) | R&D collaboration signed with TiumB...

ONCODESIGN (CORPORATE, TP EUR15) | R&D collaboration signed with TiumBio in fibrosis

ResearchPool Subscriptions

Get the most out of your insights

Get in touch