Bryan Garnier - SOMFY (DAMA.PA) SOMFY: Count on it for the Home of the future | CONVICTION BUY vs. BUY | EUR170 VS. EUR165 (+22%)

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Bryan Garnier

Eric Lemarie

SOMFY: Count on it for the Home of the future | CONVICTION BUY vs. BUY | EUR170 VS. EUR165 (+22%)

SOMFY - CONVICTION BUY vs. BUY | EUR170 VS. EUR165 (+22%)
Count on it for the Home of the future

They did it again: EBIT is slightly stronger than expected
Guidance with a safety cushion, despite solid underlying market trends
An acquisition to take care of the excess cash?
Conviction Buy (vs Buy) for a natural leader in Smart Homes

11/03/2021 4 EN

Underlying

SOMFY

See profile

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.

See profile

Analysts

Eric Lemarie

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SOMFY: Count on it for the Home of the future | CONVICTION BUY vs. BUY | EUR170 VS. EUR165 (+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

Carbios: Creation of a 100% biorecycled bottle with L'Occitane

Fashion: a wet spring but blooming publications

Cybersecurity: investing in the platformisation era

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