Bryan Garnier - SOMFY (DAMA.PA) SOMFY: A pandemic ? which pandemic ?. | BUY vs. NEUTRAL | EUR106 vs. EUR98 (+22%)

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Bryan Garnier

Eric Le Berrigaud

SOMFY: A pandemic ? which pandemic ?. | BUY vs. NEUTRAL | EUR106 vs. EUR98 (+22%)

SOMFY - BUY vs. NEUTRAL | EUR106 vs. EUR98 (+22%)
A pandemic ? which pandemic ?.

Decent top line thanks to a strong rebound post lockdown
Combined with reassuring guidance on H1 current EBIT
Momentum should continue to be positive
Upgraded to BUY. FV to EUR106

22/07/2020 4 EN

Underlying

SOMFY

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Provider

Bryan Garnier

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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Analysts

Eric Le Berrigaud

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Bryan Garnier

SOMFY: Better 1H22 margin than expected, attractive valuation despite weakening demand | BUY | EUR155

SOMFY - BUY | EUR155 Better 1H22 margin than expected, attractive valuation despite weakening demand Margins proved more resilient than expected in 1H22 despite lower 2Q22 demand As expected, volumes should remain negatively oriented in 2H22 BUY reiterated, TP EUR155

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SOMFY: A pandemic ? which pandemic ?. | BUY vs. NEUTRAL | EUR106 vs. EUR98 (+22%)

SOMFY: Better 1H22 margin than expected, attractive valuation despite weakening demand | BUY | EUR155

SOMFY BUY | EUR155 Lower than expected Q2 sales: the storm is coming earlier and stronger than expected

TECHNOLOGY Excessive relative derating for Schneider and Somfy

ONWARD: from brainGPT to ARC-BCI – fireside chat with the founders

Avantium: joint-development progress in textiles

Egetis: Article highlights Emcitate's broad efficacy in MCT8 deficiency

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