Bryan Garnier - SOMFY (DAMA.PA) SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expected September. Guidance Upgraded (company contact)

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Bryan Garnier

Eric Lemarie

SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expected September. Guidance Upgraded (company contact)

SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190
Better than expected September. Guidance Upgraded (company contact)
A decent Q3 on the back of a resilient September
New chips improving visibility for 2022
New guidance, new estimates, new valuation
Positive rating reiterated.

20/10/2021 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 Lemarie

Other Reports on these Companies

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

September 8, 2022 September 8, 2022 1 EN

Bryan Garnier

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

º Negative organic growth in Q2, an unexpected -6% volume decline Growth outlook significantly deteriorating

July 22, 2022 July 22, 2022 1 EN

Bryan Garnier

TECHNOLOGY Excessive relative derating for Schneider and Somfy

As a summary of the 1Q22 publications of our industrial coverage, we believe Schneider features the best fundamentals given (i) its strong industry automation focus, (ii) a product portfolio resolutely focused on sustainability and resource frugality in a context of tense supply chains, and (iii) its diversified geographical exposure. Schneider’s valuation, at par with building-focused players, is in our view not justified given its better fundamentals. Regarding Legrand and Somfy, players almost exclusively addressing the building sector, we believe Somfy’s valuation discount over Legrand is ...

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SOMFY CONVICTION BUY TOP PICKS | EUR195 VS. EUR190 Better than expected September. Guidance Upgraded (company contact)

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

Carbios and Hündgen sign a MoU for feedstock supply

Worldline - not as weak as expected, but too early to jump in

adidas: The best sunny terrace in sporting goods currently...

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