LMK GROUP: 2023 can still be saved by revamped marketing, 2022 can no longer | BUY | SEK57 VS. SEK96 (+161%)
LMK GROUP - BUY | SEK57 VS. SEK96 (+161%)2023 can still be saved by revamped marketing, 2022 can no longer
Post-Q1 results and roadshow with management, we took a step back and looked at what went wrong in Q1: persisting marketing and brand identification issues in Sweden. Fixing it will take time and by then we see 2022 as a tough year with topline declining in double-digits and continuous margin erosion. We have also adopted a cautious stance by only pricing in our model a very gradual and limited recovery from 2023 onwards, pending reassuring proofs that marketing has been fixed.
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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