BIC: A break in the Covid clouds | BUY vs. NEUTRAL | EUR67 VS. EUR54 (+13%)
BIC - BUY vs. NEUTRAL | EUR67 VS. EUR54 (+13%)A break in the Covid clouds
FY21 sales guidance harbours upside risk
FY21 US Lighter outlook appears to be quite conservative
Bet on a recovery in Stationery in US and Europe?
Our new forecasts are ahead of guidance
Rating increased to Buy and new FV of EUR67
Societe BIC designs, manufactures and distributes the following consumer products: stationery products, lighters, shavers, and other products. Its stationery products include writing instruments such as ball pens, felt pens, mechanical pencils; marking instruments; coloring and drawing instruments; correction instruments and glues. Co.'s stationery products are sold under the BIC® Kids, Tipp-Ex®, Wite-Out®, Sheaffer® and PIMACO® brands. Its other products segment includes promotional products including notebooks, key rings, magnets, and drinkware; Sport sales (surfboards, windsurf boards, kayaks and sailboats); adhesive labels and adhesive raw materials.
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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