Rémy Cointreau: model update
While FY 22-23 earnings were globally in line with market expectations with a 230bp EBIT margin gain, poor expectations for FY 23-24 lead us to revise down our earnings by 7%. We maintain our Neutral recommendation with a new EUR168 PT vs EUR180 previously.
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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