Deliveroo: improving but back-end loaded growth/FCF profile
Post-FY publication, we have lifted our PT from 115p to 120p and remain at Neutral despite an improving growth/profitability/FCF profile. Short-term momentum remains hampered by: 1/ no real consensus upgrades in the pipeline, 2/ no additional shareholder return, 3/ back-end loaded FY 2024 guidance,
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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