Toeing the line after outstanding years
We have downgraded our rating to Buy from Conviction Buy and adjusted our DCF-derived PT to EUR159 from EUR176, still offering 26% upside potential. Following the publication of H1 2023 operating margin below expectations, management's secular 10% operating margin goal is unlikely to be achieved in
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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