HENKEL: No light at the end of the tunnel | NEUTRAL | EUR91 vs. EUR97 (-4%)
HENKEL - NEUTRAL | EUR91 vs. EUR97 (-4%)No light at the end of the tunnel
Outlook for 2020 darker than expected – no big change for 2019
Cutting our EPS forecast in 2020 by 6.5%
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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