Bryan Garnier - LMK GROUP (LMKG.ST) LMK GROUP: LMK’s business model transformation will be less costly than expected | BUY | SEK157 VS. SEK154 (+191%)

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Bryan Garnier

Clement Genelot

LMK GROUP: LMK’s business model transformation will be less costly than expected | BUY | SEK157 VS. SEK154 (+191%)

LMK GROUP - BUY | SEK157 VS. SEK154 (+191%)
LMK’s business model transformation will be less costly than expected

Q3 off to a good start with another double-digit growth quarter
Contribution margin should finally not decline in 2021
Marketing costs to remain below 13%
We again lift our FY EBITDA estimates
LMK remains a nice discounted small cap play, TP lifted from SEK154 to SEK157

25/08/2021 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

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LMK GROUP: LMK’s business model transformation will be less costly than expected | BUY | SEK157 VS. SEK154 (+191%)

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

ONWARD: from brainGPT to ARC-BCI – fireside chat with the founders

Avantium: joint-development progress in textiles

Egetis: Article highlights Emcitate's broad efficacy in MCT8 deficiency

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