Bryan Garnier - LMK GROUP (LMKG.ST) LMK GROUP: Feedback from roadshow with management | BUY | SEK150(+108%)

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Bryan Garnier

Clement Genelot

LMK GROUP: Feedback from roadshow with management | BUY | SEK150(+108%)

LMK GROUP - BUY | SEK150(+108%)
Feedback from roadshow with management

Summer-related seasonality to return in Q2-Q3
Offering upgrade still ongoing…
…and proves to be less costly than expected
What about the competitive landscape?
LMK remains a nice discounted small cap play immune to a hard landing

25/05/2021 5 EN

Underlying

LMK GROUP

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Provider

Bryan Garnier

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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Analysts

Clement Genelot

Other Reports on these Companies

Bryan Garnier

LMK GROUP: Sharp business deterioration leaves LMK in cash preservation mode | NEUTRAL vs. BUY | SEK21 VS. SEK57 (+74%)

LMK GROUP - NEUTRAL vs. BUY | SEK21 VS. SEK57 (+74%) Sharp business deterioration leaves LMK in cash preservation mode LMK has again disappointed with its Q2 trading update, highlighting even more rapid business deterioration that is raising major questions about cash-burn and cash preservation. With momentum set to remain very poor until marketing issues are resolved and HelloFresh adopts a more rational stance in the Nordics, we do not foresee any rerating from 0.1x EV/Sales and we even consider the current dividend policy to be in jeopardy.

July 12, 2022 July 12, 2022 1 EN

Bryan Garnier

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.

May 9, 2022 May 9, 2022 1 EN

Bryan Garnier

LMK GROUP: Disappointing Q1 on both sales and margin | BUY | SEK96

LMK GROUP - BUY | SEK96 Disappointing Q1 on both sales and margin -19.3% sales growth at c.FX in Q1, 10pts below expectations Active customers being the main disappointment EBITDA margin surprisingly negative

May 4, 2022 May 4, 2022 1 EN

L'Oréal reports encouraging Q1 2024 sales figures

L'Oréal's Q1 sales were above market expectations. Excluding a technical one-off positive impact, sales grew 8.1% lfl over the quarter (consensus: +6.4%) thanks to strong performances in the mass market and Derma Beauty divisions. L'Oréal continued to outperform a still dynamic beauty market (+6%).

April 19, 2024 April 19, 2024 1 EN

Clement Genelot

Clement Genelot

Food Delivery: diverging growth/FCF profiles

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April 19, 2024 April 19, 2024 1 EN

Cedric Rossi

Cedric Rossi

EssilorLux: in-line Q1 sales performance and good vibes ahead of Q2

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April 19, 2024 April 19, 2024 1 EN

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LMK GROUP: Feedback from roadshow with management | BUY | SEK150(+108%)

LMK GROUP: Sharp business deterioration leaves LMK in cash preservation mode | NEUTRAL vs. BUY | SEK21 VS. SEK57 (+74%)

LMK GROUP: 2023 can still be saved by revamped marketing, 2022 can no longer | BUY | SEK57 VS. SEK96 (+161%)

LMK GROUP: Disappointing Q1 on both sales and margin | BUY | SEK96

L'Oréal reports encouraging Q1 2024 sales figures

Food Delivery: diverging growth/FCF profiles

EssilorLux: in-line Q1 sales performance and good vibes ahead of Q2

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