Estimates update following FY22 results
PT upgraded slightly to EUR3.6 vs EUR3.5 following our post-FY 2022 estimates update, and more notably, better FCF generation and therefore lower net debt. Neutral recommendation unchanged.
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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