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.

Thibault Morel
  • Thibault Morel

BASLER - NEUTRAL | EUR29 VS. EUR33 (+26%) Basler Roadshow: experienced...

Entry into the processing software segment comfort us in the ability of Basler to strenghten even more its fundamentals in the Medium Term. Realistic comments from the CFO on the economic outllook during our roadshow in Paris lead us to adopt a slightly more cautious stance on (i) short-term outlook in terms of sales and margins while we remain confindent on the FY25 EUR400m sales guidance. However, we reiterate our NEUTRAL rating as we see no upside catalyst in end FY22e,. Our DCF valuation now...

Gregory Ramirez
  • Gregory Ramirez

TEMENOS - NEUTRAL vs. BUY | CHF58 VS. CHF118 (+9%) The wake-up call

We downgrade our rating to Neutral from Buy and have cut our DCF-derived target price to CHF58 from CHF118 - with very limited upside potential - following the profit warning announced on 13th October. We have slashed our adj. EPS estimates by 18-28% over 2022-2025, and have been more conservative in our medium-term assumptions and WACC. In this context of absence of economic visibility, banks think twice before investing in a transformation project, thus translating into lenghtened decision cyc...

Yizhi Long
  • Yizhi Long

Business Services Inflation: pain or profit?

We view inflation as a catalyst to accelerate outsourcing and bring people back to office. In this context, Facility Management companies have proven pricing power and they have demonstrated their capacity in cutting costs. Based on our analysis, we confirm our positive outlook for guidance on FY 2022 margins and a potential improvement in 2023. We continue to prioritize Compass, ISS and Elis in our coverage

Olga Smolentseva
  • Olga Smolentseva

BIONTECH - BUY | USD308 While minimally disclosed, clinical data suppo...

BIONTECH - BUY | USD308 While minimally disclosed, clinical data support preclinical evidence for BA.4/5 booster

Clement Genelot
  • Clement Genelot

AHOLD DELHAIZE - BUY | EUR34 What read-across from the rumoured Kroger...

Kroger and Albertsons about to create a food retail giant in the US A revived competition for Ahold Delhaize? Not before 2024 and not everywhere Ahold Delhaize unlikely to be part of a large M&A deal. Good for its yield story

Gregory Ramirez
  • Gregory Ramirez

LECTRA BUY | EUR45 Good resistance Chinese lockdowns; strong orde...

º Q2 results were slightly below expectations, but remained decent despite lockdowns in China New system orders hold up well thanks to automotive Company guidance for 2022 has been tightened toward its mid-point

Thibault Morel
  • Thibault Morel

HMS NETWORKS: HMS Networks 2Q22 results above expectations | CONVICTIO...

HMS NETWORKS - CONVICTION BUY | SEK500 HMS Networks 2Q22 results above expectations 2Q22 sales and new orders above expectations Positive surprise on 2Q22 profitability

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

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

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