BIC: flame to reignite from Q2 onwards
Ahead of its Q1 2024 results publication on 23rd April, our estimates are broadly in line with management's message highlighting a soft start to the year due to a negative phasing impact in Lighters (38% of sales and 69% of aEBIT before unallocated costs). We expect 4.4% LFL growth and +20bps in aE
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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