Report
Clément Genelot

Tesco: stronger UK momentum, record valuation, what next?

Post-Kantar's P07 UK market share data release, we have lifted our EPS/FCF by 1%/4% to reflect higher food inflation and stronger market share gains in a UK market that continues to hold steady for now. PT increased to 433p. Despite a less compelling risk/reward at current valuation levels, we cont
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Bryan Garnier
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.

Analysts
Clément Genelot

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