FIELMANN: FY20 numbers beat own guidance and CS expectations | BUY | EUR78(+14%)
FIELMANN - BUY | EUR78(+14%)FY20 numbers beat own guidance and CS expectations
Strong year-end sales with 8.5% growth in Q4
Main factors driving outperformance
The Spanish acquisition will only contribute this year
Upbeat investment case confirmed - Buy rating and FV of EUR78 maintained
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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