Model update
We have updated our estimates ahead of Q3 2023 results. Our estimates change by low-single digits, as detailed in the table below. PT and Buy recommendation unchanged.
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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