SOMFY: Better 1H22 margin than expected, attractive valuation despite weakening demand | BUY | EUR155
SOMFY - BUY | EUR155Better 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
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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