BIC: a mixed bag of H1 2024 numbers but resilient margin trajectories
The LFL sales decline in Q2 (-0.9%) was slightly more pronounced than the CSSe was expecting (-0.6%) but we noted a surprising 90bp-expansion in aEBIT margin to 17.4%, well above expectations (15.1%), supporting BIC's margin guidance for a "slight improvement" over FY24 despite the FY sales outlook
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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