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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Aurelien Deside
- Aurelien Deside
Software: Q1 2025 in review
Following the release of Q1 figures for our software coverage, we provide a quick update on the main takeaways, along with our opinion on the best course of action and hierarchy among them. As expected, the main focus of attention was the current macro environment. Unsurprisingly, the companies tha
Cedric Rossi
- Cedric Rossi
Mister Spex: headed in the right direction
The call yesterday provided an opportunity for newly-appointed CEO Tobias Krauss to reiterate the main strategic measures of SpexFocus, which aims to stabilise and strengthen the group's operational performance this year and eventually lead to scalable and profitable growth from 2026 onwards. Reass
Clement Genelot
- Clement Genelot
Ceconomy: CFO appointed as interim CEO
With CEO Karsten Wildberger stepping down to become a federal minister in Germany, Ceconomy has appointed CFO Kai-Ulrich Deissner as interim CEO. In our view, this is the best option to ensure completion of a well-thought FY 2025/26 strategic plan (still not fully priced-in by the consensus and sha
Clement Genelot
- Clement Genelot
Ahold Delhaize: Europe to make up for US margin erosion this year
Post a strong Q1 print, we have cut our FY25 EBIT and EPS by 2% and 3% respectively, to reflect the reversing USD while a faster European profitability recovery should offset likely US margin erosion fuelled by a dilutive sales mix. PT lifted to EUR39 however, with a lower beta and untouched safe-h
Clement Genelot
- Clement Genelot
Cheffelo: strong Q1, reassuring FY indications
Following another strong Q1, the commercial and profitability recovery is set to be faster-than-expected with >8% growth and >5% EBIT margin. FY 2025-27 EBIT estimates increased by c.9% and PT from SEK61 to SEK63. Buy reiterated with th business model set to thrive alongside HelloFresh in the
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