BIC: Trends should improve in H2 in a volatile and tough environment
BIC: (NEUTRAL, Fair Value EUR92 vs. EUR94 (+25%))Trends should improve in H2 in a volatile and tough environment
While remaining optimistic on a clear top-line acceleration over H2 (i.e. +4-4.5% required to achieve the lower end of the +1-3% guidance vs. -1.9% LFL in H1), management confirmed lesser favourability for production costs (-100bp in H2 vs. +100bp in H1), hence the confirmation of the NIFO target which implies a more significant margin decline through the rest of the year. We nudge down our forecasts by ~2% on average, leading to our new FV of EUR92. Neutral recommendation reiterated.
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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