Bryan Garnier - LMK GROUP (LMKG.ST) LMK GROUP: No hard-landing and better margin perspectives for 2021 | BUY | SEK154 VS. SEK150 (+114%)

Report

Bryan Garnier

Clement Genelot

LMK GROUP: No hard-landing and better margin perspectives for 2021 | BUY | SEK154 VS. SEK150 (+114%)

LMK GROUP - BUY | SEK154 VS. SEK150 (+114%)
No hard-landing and better margin perspectives for 2021

Q2 growth to reach 11.5% at c.FX
Becoming more optimistic on Q2 margins
FY EBITDA margin decline to be more limited than anticipated
LMK remains a nice discounted small cap play, TP raised from SEK150 to SEK154

01/07/2021 5 EN

Underlying

LMK GROUP

See profile

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.

See profile

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

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

Yesterday, we hosted an exclusive fireside chat at our Paris HQ with ONWARD's co-founders, Dr. Grégoire Courtine and Dr. Jocelyne Bloch, accompanied by institutional investors, to learn about the professional endeavours that led them to jump from researchers to entrepreneurs, with a special deep-di

13h / 9m 13h / 9m 1 EN

Mahaut Arnaud ... (+3)

Mahaut Arnaud
Paul de Froment
Thomas Mordelle

Avantium: joint-development progress in textiles

Yesterday, Avantium announced the successful development of a PEF-based spacer fabric in collaboration with partners Auping, Muller Textiles, Antex and Monosuisse. This breathable, cushioning 3D material marks a step forward for this partnership, ongoing since 2024, aiming to create PEF-based yarns

13h / 15m 13h / 15m 1 EN

Oscar Haffen Lamm

Oscar Haffen Lamm

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

A recent publication in Nature Communications (Groeneweg, van Geest et al. 2025) highlights the broad therapeutic applicability of Emcitate across the heterogeneity of the MCT8 deficient target group and supporting its uniform treatment eligibility across a genetically diverse patient population. I

13h / 21m 13h / 21m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

LMK GROUP: No hard-landing and better margin perspectives for 2021 | BUY | SEK154 VS. SEK150 (+114%)

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe