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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SAP: Sapphire Now 2021: on the right trajectory | BUY | EUR139 VS. EUR133 (+16%)
SAP - BUY | EUR139 VS. EUR133 (+16%) Sapphire Now 2021: on the right trajectory We reiterate our Buy rating and have raised our target price to EUR139 The case for moving to S/4HANA Cloud has seen increasing relevance There are more ammunition for growth acceleration after 2022 With the BTP, the promise to end the “nightmare” of SAP migrations
MCPHY ENERGY: Profit warning, not really a surprise to us but consensus will adjust downwards | CORPORATE | EUR31 VS. EUR37 (+14%)
MCPHY ENERGY - CORPORATE | EUR31 VS. EUR37 (+14%) Profit warning, not really a surprise to us but consensus will adjust downwards H1 2021 revenue growth could be negative Not really a surprise to us but consensus was lagging and will now adjust downwards We further decrease our estimates… …and our TP, from EUR37 to EUR31 Negative read-across for the sector ?
ONCODESIGN: Drug candidate’s selection triggers a EUR2m milestone payment from Servier | CORPORATE | EUR15(+18%)
ONCODESIGN - CORPORATE | EUR15(+18%) Drug candidate’s selection triggers a EUR2m milestone payment from Servier LRRK2 programme in Parkinson’s disease targets IND in 2022 Not first-in-class but aims to become best-in-class R&D day to be held on June 24
THE SWATCH GROUP: Momentum remains strong! | BUY | CHF340 VS. CHF295 (+5%)
THE SWATCH GROUP - BUY | CHF340 VS. CHF295 (+5%) Momentum remains strong! Half Year sales should gain 58%, but still down 15% vs H1 2019 Positive geographical mix Even more optimistic than initially expected TP at CHF340, Buy confirmed
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.
FLOWR: Feedback from virtual meeting | BUY | CAD1.2(+97%)
FLOWR - BUY | CAD1.2(+97%) Feedback from virtual meeting From recreational in Canada to medical cannabis in Europe High THC products is what recreational consumer want Nearing cash flow break-even The latest capital raising should be the last one
SAP: Sapphire Now 2021: on the right trajectory | BUY | EUR139 VS. EUR133 (+16%)
SAP - BUY | EUR139 VS. EUR133 (+16%) Sapphire Now 2021: on the right trajectory We reiterate our Buy rating and have raised our target price to EUR139 The case for moving to S/4HANA Cloud has seen increasing relevance There are more ammunition for growth acceleration after 2022 With the BTP, the promise to end the “nightmare” of SAP migrations
MCPHY ENERGY: Profit warning, not really a surprise to us but consensus will adjust downwards | CORPORATE | EUR31 VS. EUR37 (+14%)
MCPHY ENERGY - CORPORATE | EUR31 VS. EUR37 (+14%) Profit warning, not really a surprise to us but consensus will adjust downwards H1 2021 revenue growth could be negative Not really a surprise to us but consensus was lagging and will now adjust downwards We further decrease our estimates… …and our TP, from EUR37 to EUR31 Negative read-across for the sector ?
ONCODESIGN: Drug candidate’s selection triggers a EUR2m milestone payment from Servier | CORPORATE | EUR15(+18%)
ONCODESIGN - CORPORATE | EUR15(+18%) Drug candidate’s selection triggers a EUR2m milestone payment from Servier LRRK2 programme in Parkinson’s disease targets IND in 2022 Not first-in-class but aims to become best-in-class R&D day to be held on June 24
THE SWATCH GROUP: Momentum remains strong! | BUY | CHF340 VS. CHF295 (+5%)
THE SWATCH GROUP - BUY | CHF340 VS. CHF295 (+5%) Momentum remains strong! Half Year sales should gain 58%, but still down 15% vs H1 2019 Positive geographical mix Even more optimistic than initially expected TP at CHF340, Buy confirmed
