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.

Paul Charpentier
  • Paul Charpentier

Payments & Security

Yesterday Iliad broke the suspense and announced the roll-out of its proprietary payment service named Stancer. Despite a hyped-up launch, we see very limited implications for our payments coverage from a competitive standpoint. º Solid progress across the board Opex assumptions remain unchanged We reiterate our Target Price of EUR83

Gregory Ramirez
  • Gregory Ramirez

ESI GROUP BUY | EUR83 Improvement in progress, more delivery next...

º Solid progress across the board Opex assumptions remain unchanged We reiterate our Target Price of EUR83

Paul Charpentier
  • Paul Charpentier

NEXI Conviction BUY | EUR16 VS. EUR15 CMD confirms value creation...

Nexi held its Capital Markets Day (CMD) yesterday, laying out a strategic plan whose execution is expected to deliver a 9% organic sales CAGR and a 900bp progression in EBITDA margin by 2025e. These figures are bang in line with sell-side expectations. However, the growth and profitability path described at the CMD is far from reflected in the stock price, thus reinforcing our conviction on the stock’s potential.

Dylan Van Haaften
  • Dylan Van Haaften

ONWARD MEDICAL BUY | EUR17 It’s HemON!! H1 results in line and va...

º Results in line with expectations with upside shown in catalyst timelines With clinical momentum building, we reiterate our Buy rating and EUR17 TP

Gregory Ramirez
  • Gregory Ramirez

ESI GROUP BUY | EUR83 Updated medium-term targets: faster transit...

º Revenue growth and adj. EBIT margin assumptions reduced slightly Taking into account the uncertain economic environment We were in line with the new growth assumptions, but a bit ahead of the updated EBIT margin forecasts

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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