Reduced visibility
We reiterate our Sell rating as have lowered our DCF-derived PT to EUR20 from EUR29 amidst reduced visibility and a second downward revision to company guidance for 2023. The decline in new system orders remained strong in Q3 2023. Beyond 2023, the lack of visibility for the coming months has led u
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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