Winter is coming
We downgrade our rating to Sell from Neutral and have reduced our DCF-derived PT to EUR29 from EUR38 following the downward revision to company guidance by management for 2023. Admittedly, Q1 2023 results were above expectations, but they reflect a slowdown. As new system orders are plummeting in a
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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