Report
Gregory Ramirez

Improved execution

We reiterate our Buy rating and have raised our DCF-derived PT to EUR89 from EUR82 after reducing our company beta (in view of increased revenue recurrence and improved execution). ESI has reported FY 2022 adj. EBIT margin ahead of expectations, with operating expenses well under control, and all t
Underlying
Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Gregory Ramirez

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