Casino: still no signs of commercial recovery
Q1 was slightly ahead of our expectations, by 50bp LfL and by a couple of million euros at the EBITDA level, but we still lack real signs of a commercial recovery to feel reassured about the company's ability to meet its covenants in 2026. Sell reiterated as we still cannot rule out another capital
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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