BIC: Good execution cannot make up for poor underlying market trends and Covid-19 | NEUTRAL | EUR65 vs. EUR70 (+34%)
BIC - NEUTRAL | EUR65 vs. EUR70 (+34%)Good execution cannot make up for poor underlying market trends and Covid-19
North America weighed on Q1 and no signs of improvement
Brace for a more adverse Covid-19 impact in Q2
FY20 estimates are revised down by c.2%
No concerns on BIC’s balance sheet situation
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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