The "Andreades effect" still plays
We reiterate our Buy rating and our DCF-derived PT of CHF78 following the publication of Q3 2023 results way above expectations, while company guidance for 2023 has been upped slightly. Market conditions have stabilised for a year. Interim CEO Andreas Andreades is proving he is doing a good job andTemenos is engaged in the development, marketing and sale of banking software systems. Co. is also involved in supporting the implementation of the systems at various client locations around the world as well as in offering help desk support services to existing users of TEMENOS software systems. Co.'s client base consists of banking and other financial services institutions. Co.'s segments include: Product, which is engaged in marketing, licensing and maintaining Co.'s software solutions, including software development fees for requested functionality, as well as providing hosting arrangements; and Services, which represents various implementation services such as consulting and training.
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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