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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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
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