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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- Underlying Coverage: 223
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Analysts
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Hugo Solvet
Healthcare Team -
Clement Genelot
Consumer Team -
Bruno de La Rochebrochard
Smart Industries & Services -
Loic Morvan
Consumer Team -
Nikolaas Faes
Consumer Team -
Eric Lemarie
Smart Industries & Services -
Eric Monnier
Analyst -
Virginie Roumage
Consumer Team -
Thomas Coudry
TMT Team -
Antoine Parison
Consumer Team -
Xavier Caroen
Smart Industries & Services -
Cedric Rossi
Consumer Team -
Eric Le Berrigaud
Healthcare Team -
Marion Levi
Healthcare Team -
Pierre-Antoine Chazal
Smart Industries & Services -
Gregory Ramirez
TMT Team -
Richard-Maxime Beaudoux
TMT Team -
Frederic Yoboue
TMT Team -
Gary Waanders
Healthcare Team -
Olivier Pauchaut
Smart Industries & Services -
Jean-Jacques Le Fur
N/A -
Victor Floc’h
Analyst -
Ross Blair
MBChB -
Xavier Regnard
Financial Analyst -
David Vignon
Financial Analyst -
Olivier Pauchaut
Smart Industries & Services -
Olga Smolentseva
Financial Analyst
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Building solutions: Healthy traffic expected on French toll roads in Q4
Building solutions Healthy traffic expected on French toll roads in Q4 The traffic in Q4 should benefit from the strike in public transport While the comparison basis in Q4 is easy on light vehicles Positive adjustments are very likely But we doubt the market impact will be very significant
ACCOR: Cautious short-term stance. FV adjusted to EUR47. | BUY | EUR47 vs. EUR51 (+16%)
ACCOR - BUY | EUR47 vs. EUR51 (+16%) Cautious short-term stance. FV adjusted to EUR47. Events to continue weighing on business... …but whose impact on results is now less significant An adjustment to our results mainly to take account of the sale of Mövenpick leased hotels (see Fig.2)
RICHEMONT: Q3 sales in line with expectations, jewellery better oriented | NEUTRAL | CHF82 (+5%)
RICHEMONT - NEUTRAL | CHF82 (+5%) Q3 sales in line with expectations, jewellery better oriented 4% sales increase in Q3 Jewellery Maisons better oriented in Q3 (+6%) APAC quite strong but, as expected, Japan was down Neutral recommendation and FV unchanged
FNAC DARTY: Disappointing guidance and sluggish French environment prompt cautiousness | NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%)
FNAC DARTY - NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%) Disappointing guidance and sluggish French environment prompt cautiousness French transport strikes led to EUR70m of sales losses Current EBIT to come out 6% below CS in 2019 A cautious and disappointing guidance for 2020 Downgraded to Neutral with a FV of EUR61
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
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
ACCOR: Cautious short-term stance. FV adjusted to EUR47. | BUY | EUR47 vs. EUR51 (+16%)
ACCOR - BUY | EUR47 vs. EUR51 (+16%) Cautious short-term stance. FV adjusted to EUR47. Events to continue weighing on business... …but whose impact on results is now less significant An adjustment to our results mainly to take account of the sale of Mövenpick leased hotels (see Fig.2)
RICHEMONT: Q3 sales in line with expectations, jewellery better oriented | NEUTRAL | CHF82 (+5%)
RICHEMONT - NEUTRAL | CHF82 (+5%) Q3 sales in line with expectations, jewellery better oriented 4% sales increase in Q3 Jewellery Maisons better oriented in Q3 (+6%) APAC quite strong but, as expected, Japan was down Neutral recommendation and FV unchanged
FNAC DARTY: Disappointing guidance and sluggish French environment prompt cautiousness | NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%)
FNAC DARTY - NEUTRAL vs. BUY | EUR61 vs. EUR92 (+20%) Disappointing guidance and sluggish French environment prompt cautiousness French transport strikes led to EUR70m of sales losses Current EBIT to come out 6% below CS in 2019 A cautious and disappointing guidance for 2020 Downgraded to Neutral with a FV of EUR61
CASINO GUICHARD: Warning on EBIT and FCF guidance at risk | NEUTRAL | EUR37 vs. EUR38 (-5%)
CASINO GUICHARD - NEUTRAL | EUR37 vs. EUR38 (-5%) Warning on EBIT and FCF guidance at risk LfL growth below expectations in France due to the strikes A pleasing surprise in LatAm that will not overshadow France Underlying EBIT retail growth guidance cut from +10% to +5% No indication on WCR but French FCF guidance seems at risk Neutral reiterated with a FV of EUR37
Top Picks Q2 Healthcare: From five names down to three
The least we can say about Q1 2018 is that it was another tough quarter for healthcare in general with few exceptions across the sector, despite early activity on the M&A front with Sanofi announcing the acquisitions of Bioverativ and Ablynx in January. This was not enough to prevent the sector from underperforming the general indices by 1.4pp (-6% in absolute terms). We assume this is mainly the reflection of shy 2018 guidance on average from most companies suggesting in the end another transition year with very limited growth, most of which coming from the positive impact of the US tax refor...
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.
Building solutions: Healthy traffic expected on French toll roads in Q4
Building solutions Healthy traffic expected on French toll roads in Q4 The traffic in Q4 should benefit from the strike in public transport While the comparison basis in Q4 is easy on light vehicles Positive adjustments are very likely But we doubt the market impact will be very significant
