Bryan Garnier - PJM INTERCONNECTION LLC (24195Z) ... RÃ‰MY COINTREAU: Downgraded due to poor visibility | NEUTRAL vs. BUY | EUR122 vs. EUR131 (+2%)

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Bryan Garnier

Virginie Roumage

RÃ‰MY COINTREAU: Downgraded due to poor visibility | NEUTRAL vs. BUY | EUR122 vs. EUR131 (+2%)

RÃ‰MY COINTREAU - NEUTRAL vs. BUY | EUR122 vs. EUR131 (+2%)
Downgraded due to poor visibility

H1 EBIT well weaker than expected
Top line to remain soft until Q4
Organic EBIT change in 2019/20 to be between -4% and 0%
Cutting our FY forecasts
Cut to Neutral with a new FV of EUR122

29/11/2019 3 EN

Underlyings

PJM INTERCONNECTION LLC

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Remy Cointreau SA

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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

Virginie Roumage

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RÃ‰MY COINTREAU: Downgraded due to poor visibility | NEUTRAL vs. BUY | EUR122 vs. EUR131 (+2%)

RÉMY COINTREAU | NEUTRAL | EUR210 VS. EUR205 Short term upside into Q1 sales

RÉMY COINTREAU: Confidence of the management for the current year | NEUTRAL | EUR205

RÉMY COINTREAU NEUTRAL | EUR197 FY sales in line with expectations. Strong growth in FY EBIT not quantified at this stage

Fielmann: margin potential unleashed

Fielmann: strong margin delivery in Q1 2025

Lhyfe: EUR53m debt financing

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