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GROUPE SEB: Delicate balance between organic growth and earnings momentum | BUY | EUR178(+9%)
GROUPE SEB - BUY | EUR178(+9%)Delicate balance between organic growth and earnings momentum
FY sales outlook confirms that SEB’s core business is healthy
The cautious FY ORfA target is only explained by more intense promotional activity
Downward revisions of ~2% to our FY19-20 EPS forecasts
Investment case intact, no change to our positive stance
Provider
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.
Cedric Rossi
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