MATERIALISE NEUTRAL | USD16 vs. USD18 FY19 results and FY20 guidance disappoint on automotive and coronavirus
FY19 results below expectationsDisappointment stemming from Automotive in Manufacturing
FY20 guidance also disappointing due to coronavirus
Neutral reiterated, but we cut our Fair Value to USD16
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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