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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Initiation of Coverage | FLOWR | “La Vie en Rose” | BUY, CAD3.5
Initiation of Coverage | FLOWR | “La Vie en Rose” | BUY, CAD3.5 Flowr is a Canadian and European Licensed Cannabis Producer differentiated with on the one hand exposure to the premium end of the Canadian recreational cannabis market and on the other hand large scale low-cost cultivation in Portugal for the European and global medical cannabis market under EU-GMP certification. We are initiating the company with a Buy rating and a fair value of CAD3.3 per share.
ONCODESIGN | CORPORATE | EUR15 First profitable year overshadowed by disappointing sales in Service BU
ONCODESIGN | CORPORATE | EUR15 First profitable year overshadowed by disappointing sales in Service BU Is strong growth implied by new guidance achievable? Little visibility on the pipeline, but 2020 may hold some surprises New organisation based on three business units FV of EUR15 confirmed through review of our WACC
HUGO BOSS | NEUTRAL | EUR66 Reassuring year-end and revised FY guidance are met
HUGO BOSS | NEUTRAL | EUR66 Reassuring year-end and revised FY guidance are met Q4 sales beat CS expectations by c2.5% Retail sales were mainly driven by online concession takeovers FY EBIT in line with guidance and CS forecasts No significant CS estimate revisions to expect at this stage
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
Initiation of Coverage | FLOWR | “La Vie en Rose” | BUY, CAD3.5
Initiation of Coverage | FLOWR | “La Vie en Rose” | BUY, CAD3.5 Flowr is a Canadian and European Licensed Cannabis Producer differentiated with on the one hand exposure to the premium end of the Canadian recreational cannabis market and on the other hand large scale low-cost cultivation in Portugal for the European and global medical cannabis market under EU-GMP certification. We are initiating the company with a Buy rating and a fair value of CAD3.3 per share.
ONCODESIGN | CORPORATE | EUR15 First profitable year overshadowed by disappointing sales in Service BU
ONCODESIGN | CORPORATE | EUR15 First profitable year overshadowed by disappointing sales in Service BU Is strong growth implied by new guidance achievable? Little visibility on the pipeline, but 2020 may hold some surprises New organisation based on three business units FV of EUR15 confirmed through review of our WACC
HUGO BOSS | NEUTRAL | EUR66 Reassuring year-end and revised FY guidance are met
HUGO BOSS | NEUTRAL | EUR66 Reassuring year-end and revised FY guidance are met Q4 sales beat CS expectations by c2.5% Retail sales were mainly driven by online concession takeovers FY EBIT in line with guidance and CS forecasts No significant CS estimate revisions to expect at this stage
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
