MdM: still a risky bet on furniture market recovery post-Q2
Post-weak Q2 for sales, EBIT and FCF, we have cut our FCF estimates by 9% and our PT to EUR1.9 on the back of higher operating de-leverage and a lower WCR tailwind. Beyond an emerging inflexion point in French real estate transactions (that remains to be confirmed), we are still cautious about the
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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