Roche Bobois SA, formerly Furn Invest SAS, is a France-based company operating in the furniture design and distribution businesses. It offers a broad range of made-to-order customizable designs, manufactured in small European workshops. The full furniture collection, divided in Living Room, Dining Room, Desks, Bedroom, Outdoor Furniture, and Other Products includes sofas, armchairs, cocktail tables, dining chairs, sideboards, beds, wardrobes, storage and accessories including lighting, cushions and rugs. The Company service offering includes Delivery, Financing, Warranty, Wedding Registry, Maintenance Guide, Catalogues, Interior Design and Online 3D (tridimensional) Planner. The Company operates through retail or franchising stores and owns more than 250 showrooms across the world. It is active in Europe, America, Africa, Asia and Middle East.
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.
LA VALEUR DU JOUR : MANITOU : Point bas de rentabilité finalement au S2 / Contact – Conserver (3) vs Acheter (1), obj. 27.0€ Cours: 27.6€ au 26/01/23 ATEME : Rate sa guidance annuelle / Confcall – Acheter (1), obj. 14.7€ Cours: 10.2€ au 26/01/23 CEGEDIM : T4 décevant impacté par les Logiciels & services / Confcall – Conserver (3), obj. 19.1€ Cours: 18.8€ au 26/01/23 COIL : Ralentissement marqué de l'activité – Renforcer (2) vs Acheter (1) , obj. 8.50€ Cours: 7.40€ au 26/01/23 MAUNA KEA TECHNOLOGIES : L'éruption d'un nouveau modèle – Initiation de couverture – Acheter (1), obj. 0.9€ Cours:...
Entry into the processing software segment comfort us in the ability of Basler to strenghten even more its fundamentals in the Medium Term. Realistic comments from the CFO on the economic outllook during our roadshow in Paris lead us to adopt a slightly more cautious stance on (i) short-term outlook in terms of sales and margins while we remain confindent on the FY25 EUR400m sales guidance. However, we reiterate our NEUTRAL rating as we see no upside catalyst in end FY22e,. Our DCF valuation now points to a EUR29 TP (vs EUR33).
We downgrade our rating to Neutral from Buy and have cut our DCF-derived target price to CHF58 from CHF118 - with very limited upside potential - following the profit warning announced on 13th October. We have slashed our adj. EPS estimates by 18-28% over 2022-2025, and have been more conservative in our medium-term assumptions and WACC. In this context of absence of economic visibility, banks think twice before investing in a transformation project, thus translating into lenghtened decision cycles – notwithstanding poor sales execution during the last few months. Finally, while share price pe...
We view inflation as a catalyst to accelerate outsourcing and bring people back to office. In this context, Facility Management companies have proven pricing power and they have demonstrated their capacity in cutting costs. Based on our analysis, we confirm our positive outlook for guidance on FY 2022 margins and a potential improvement in 2023. We continue to prioritize Compass, ISS and Elis in our coverage
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