VOLUNTIS - NEUTRAL vs. BUY | EUR8 vs EUR11 FY18: Mid-term revenue and breakeven guidance lowered; Roche walks away
VOLUNTIS - NEUTRAL vs. BUY | EUR8 vs EUR11FY18: Mid-term revenue and breakeven guidance lowered; Roche walks away
No surprises in FY18 numbers; Financial visibility into late 2020
Mid-term revenue and breakeven guidance downgraded
Roche completely walks away…this one was expected
FV down to EUR8 (vs. EUR11), downgrade to Neutral (vs. Buy)
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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