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.

Nikolaas Faes
  • Nikolaas Faes

TILRAY BRANDS - SELL | USD2.6 VS. USD6.5 (-46%) Because dreaming cost ...

We believe that the highly competitive Canadian cannabis market will continue to weight on Tilray Brands’ financial performance and are lowering our revenue expectations for FY22 by 5% and for FY23 by 11%. We lower our Target Price to USD2.6 per share. Although we expect the company to start generating some operational free cash flow from FY23 onwards, the ambition to become a global cannabis CPG market leader will require significant more equity financing, which we believe will become increas...

Dylan Van Haaften ... (+5)
  • Dylan Van Haaften
  • Edward Hall
  • Eric Yoo
  • Jean-Jacques Le Fur
  • Olga Smolentseva

Healthcare Market Update

We had all-time potential M&A activity over past 10 years; but valuations are opportune for investors and not Pharma consolidators today. Despite recent M&A acquisitions (BioHaven/Pfizer, Sierra/ GSK, Zogenix/UCB) the predicted M&A upswing hasn’t materialised. Despite excess firepower being >USD200bn (see chart ahead), we opine that strategic spending and the macro climate has dissuaded big pharma away from M&A

Jean-Jacques Le Fur
  • Jean-Jacques Le Fur

LYSOGENE: On the way for a positive phase III read out with LYS-SAF302...

LYSOGENE - CORPORATE | EUR11 On the way for a positive phase III read out with LYS-SAF302? Very encouraging preliminary results of AAVance phase III with LYS-SAF302 Safety signal are reassuring Final analysis is now mandatory to start discussion with health authorities

Loic Morvan
  • Loic Morvan

BURBERRY: Likely more focus on top line growth than on profitability |...

BURBERRY - SELL | 1900p Likely more focus on top line growth than on profitability Q4 sales slightly impacted by Covid in China Brand elevation, product innovation and retail network should be the Top priorities of new CEO We favour others luxury groups

Clement Genelot
  • Clement Genelot

Retail & E.commerce

Walmart’s profit warning reveals that in-store food prices cannot be lifted forever, at least not beyond 11% in the US, without negative consequences (i.e. consumer arbitrage by switching spending away from discretionary non-food products and premium food products), which are weighing on profitability. Negative read-across for Ahold Delhaize and for specialised retailers selling discretionary goods. Neutral read-across for European food retailers.

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

Victor Floc’h
  • Victor Floc’h

GENEURO (BUY, TP EUR6) | First patient completed the ProTEct-MS study ...

GENEURO (BUY, TP EUR6) | First patient completed the ProTEct-MS study and entered the extension part

Eric Lemarie
  • Eric Lemarie

LEGRAND: Inflation might start to pinch – downgraded and removed from ...

LEGRAND - NEUTRAL vs. BUY TOP PICKS | EUR90(+2%) Inflation might start to pinch – downgraded and removed from Top Picks (company contact) Tension in the supply chain… …combined with an acceleration in inflation… …is clouding visibility on H2 as pricing power has limits A more cautious stance on the share price. Removed from Top Picks.

Thomas Coudry
  • Thomas Coudry

VIVENDI: Football rights: new kick off | BUY | EUR27 VS. EUR26

VIVENDI - BUY | EUR27 VS. EUR26 (+5%) Football rights: new kick off Following the failure of Mediapro, the door is wide open for Canal+ Getting a return on additional spend will be challenging… … but value lies elsewhere Removed from top pick list, Buy confirmed.

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