Bryan Garnier - LMK GROUP (LMKG.ST) LMK GROUP: Understanding what went wrong in Q3 and why it will take time to recover | BUY | SEK100 VS. SEK157 (+164%)

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Bryan Garnier

Clement Genelot

LMK GROUP: Understanding what went wrong in Q3 and why it will take time to recover | BUY | SEK100 VS. SEK157 (+164%)

LMK GROUP - BUY | SEK100 VS. SEK157 (+164%)
Understanding what went wrong in Q3 and why it will take time to recover

What went wrong in Q3, and especially in Sweden?
Marketing issues and poor cohorts’ issues to weigh on Q4 21 and H1 22
Pending further guidance, we see FY 2022 squeezed between low growth and declining margin
TP cut to SEK100 with weak operating momentum until mid-2022

12/11/2021 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: Understanding what went wrong in Q3 and why it will take time to recover | BUY | SEK100 VS. SEK157 (+164%)

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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