Off to a good start this year as well
We reiterate our Buy rating following the publication this morning of Q1 2023 results - which now exclude Qualtrics - slightly above expectations, supported by better-than-expected licence sales following the closing of a few major transactions. Cloud metrics on continuing operations remain solid.
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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