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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Clément Genelot
- Clément Genelot
Deliveroo: strengthening growth/margin profile ahead of DoorDash deal
Post-another strong print and FY guidance upgrade, fuelled by a recovery in order growth and market share gains, we see more credibility in Deliveroo's MT targets and have increased our EBITDA and FCF estimates by 8% and 11%. PT unchanged at 180p to stick to the DoorDash offer, which we view as fai
Damien Choplain ... (+2)
- Damien Choplain
- Oscar Haffen Lamm
Valneva : FDA lifts age restriction on IXCHIQ
Valneva announced yesterday that the FDA has lifted its recommended pause on the use of IXCHIQ in individuals aged 60+, following updated safety data. This follows a similar decision by the EMA in July, which lifted temporary restrictions after a safety review. Despite regulatory clearance from bot
Clément Genelot
- Clément Genelot
Ahold Delhaize: navigating investments and FX headwinds well
Post-Q2, we have left our FY25-27 estimates broadly unchanged with a EUR38 PT. Ahold Delhaize continues to demonstrate its ability to balance growth investments and margin preservation while the USD headwind is already reflected in EPS expectations and the P/E multiple de-rating. At 12.7x P/E, valu
Damien Choplain ... (+2)
- Damien Choplain
- Oscar Haffen Lamm
Faron: Stronger remission data in 1L HR-MDS ahead of FDA EOP2 meeting
Faron disclosed updated efficacy data from its phase 1/2 BEXMAB study in the frontline HR-MDS, with a complete remission (CR) rate increased to 43% (9/21 patients), up from 28% in the prior data cut presented at ASCO, based on the IWG2006 criteria. We view this update as a positive as i) it suggest
Clément Genelot
- Clément Genelot
Jeronimo Martins: H2 outlook pointing to slower recovery in Polish vol...
Following an ok-ish Q2 print (below css/slightly ahead of SFe on Biedronka LfL) and a cautious outlook for Biedronka LfL over H2, we foresee a slower recovery in Polish volumes. Buy reiterated with a €25 PT vs. €26 previously as we continue to see a rerating path from c.17x to >20x 12m fwd P/E,
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