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Jean-Jacques Le Fur
  • Jean-Jacques Le Fur

SANOFI: Question mark regarding liver side effects with tolebrutinib |...

SANOFI - BUY | EUR110 Question mark regarding liver side effects with tolebrutinib FDA placed phase III conducted with tolebrutinib on hold Tolebrutinib is an important drug for Sanofi Share price should react negatively

Cedric Rossi
  • Cedric Rossi

H & M: Q2 results beat tempered by poor trading and uncertain outlook ...

H & M - NEUTRAL | SEK190 Q2 results beat tempered by poor trading and uncertain outlook on H2 Q2 2022 results beat explained Inventories are under control but markdown risk in H2 cannot be neglected either… We leave our FY22 estimates fairly unchanged

Jean-Jacques Le Fur
  • Jean-Jacques Le Fur

VALNEVA BUY | EUR15 vs. Under review Target Price reinstalled at ...

º Approval of Covid-19 vaccine is positive, but there is no purchase agreement at the moment TP of EUR15– Buy reiterated Undervalued strategic asset in Lyme combined with free optionality

Dylan Van Haaften
  • Dylan Van Haaften

GALAPAGOS - BUY | EUR65 TYK tock for TYK2?

GALAPAGOS - BUY | EUR65 TYK tock for TYK2? TYK2 as a target has come under increased scrutiny Perhaps this trajectory also informs GLPG Oncology M&A trajectory

Dylan Van Haaften
  • Dylan Van Haaften

SENSORION: Decibel data sets a high bar for CIO, but also reflects com...

SENSORION - CORPORATE | EUR4.8 Decibel data sets a high bar for CIO, but also reflects complexities in administration Data was good and sets a high bar … … but safety leaves plenty to be desired, we cannot rule out SENS-401 for CIO

Gregory Ramirez
  • Gregory Ramirez

CAPGEMINI - BUY Top Picks | EUR241 What about a scenario with Atos?

CAPGEMINI - BUY Top Picks | EUR241 What about a scenario with Atos? Betaville asserts potential interest of Capgemini for Atos We deem such a scenario would not really an issue on a financial standpoint with cost synergies Still questions on the potential scope

Dylan Van Haaften
  • Dylan Van Haaften

BASILEA PHARMACEUTICA BUY | CHF 52 Near cashflow positive commerc...

This Monday, Basilea Pharmaceutica Ltd has provided an update on the company’s strategy (Click); these are the key takeaways i) renewed focus on the company’s core anti-infective franchise (antibacterial and antifungal), ii) company’s intention to cease the development of the company’s oncology pipeline, transfer back the rights of derazantinib to Merck, and engage in transactions for its oncology assets and other pre-clinical assets by 2H 22, and iii) the guidance around sustained profitability...

Cedric Rossi
  • Cedric Rossi

Luxury & Fashion

Although Nike topped CS expectations for Q4 sales and EPS (90¢ vs. CS of 81¢), its GM suffered from inflation and actions to clean up excess inventory, particularly in China after Covid-related lockdowns. Whereas Q1 targets highlight a degree of caution in the near-term, the FY23 outlook shared by management during the conference call is quite aligned with ADS’ FY22 guidance, i.e. double digit sales growth but muted GM (-50bp to flattish vs. flattish for ADS), reflecting the lingering impact of ...

Loic Morvan
  • Loic Morvan

KERING BUY | EUR850 Gucci set to underperform peers in H1

º Likely mixed picture for H1 with Gucci still underperforming Flat EBIT margin expected Attractive valuation

Cedric Rossi
  • Cedric Rossi

ESSILORLUXOTTICA BUY Top Picks | EUR195 Mr Del Vecchio passes awa...

ESSILORLUXOTTICA BUY Top Picks | EUR195 Mr Del Vecchio passes away but leaves an enduring legacy º Delfin: the end of dismembered shares? What role of Mr Del Vecchio’s heirs? They should stay united and remain “silent partners” Business continuity ensured by top and “middle” managers

Jean-Jacques Le Fur
  • Jean-Jacques Le Fur

IPSEN: Epizyme acquisition needs to confirm its potential | NEUTRAL | ...

IPSEN - NEUTRAL | EUR106 vs. EUR110 Epizyme acquisition needs to confirm its potential A dilutive deal until 2024 and accretive beyond Neutral reiterated and TP adjusted to EUR106 vs EUR110

Clement Genelot
  • Clement Genelot

ZALANDO - SELL | EUR26 VS. EUR38 (+1%) End of the tunnel not yet in si...

ZALANDO - SELL | EUR26 VS. EUR38 (+1%) End of the tunnel not yet in sight with persisting downward risks In this insight, we analyse Zalando’s recent FY 22 profit warning. After a deep dive into the assumptions behind this warning, we understand that Zalando is still betting on ambitious H2 assumptions despite the clearly deteriorating macro-eoconmic environment. We stand at the low end of the new EBIT range and still see some downward risks for FY 22 and FY 23. Sell reiterated despite what app...

Jean-Jacques Le Fur
  • Jean-Jacques Le Fur

UCB - BUY | EUR121 vs. EUR130 New 2022 guidance: BUY rating kept but d...

UCB - BUY | EUR121 vs. EUR130 New 2022 guidance: BUY rating kept but decreasing our TP EUR121 A set of negative impacts stronger than anticipated Bimzelx US launch could be in H2 2023e at the latest

Olga Smolentseva
  • Olga Smolentseva

BIONTECH: Initial results for Omicron-adapted booster point to superio...

BIONTECH - BUY | USD296 Initial results for Omicron-adapted booster point to superiority of monovalent version

Cedric Rossi
  • Cedric Rossi

Luxury & Fashion Returns headache: online fashion retailers are feelin...

Luxury & Fashion Returns headache: online fashion retailers are feeling the heat of higher return rates The disappointing publications of ASOS and boohoo highlight the significant pain point of higher return rates due to shifting consumer habits. In a context of spiraling inflation, this new sales and margin headwind triggers questions about the sustainability of the free returns policy at online fashion retailers, especially if consumers now focus on low-ticket items due to the consumer squeez...

Jean-Jacques Le Fur
  • Jean-Jacques Le Fur

IPSEN: Epizyme acquisition for which we are divided | NEUTRAL | EUR11...

IPSEN - NEUTRAL | EUR110 Epizyme acquisition for which we are divided A drug with sales to leverage but in a therapeutic area that Ipsen does not know well An acquisition price that appears not too high

Jean-Jacques Le Fur
  • Jean-Jacques Le Fur

UCB: New 2022 guidance: BUY rating kept but decreasing our TP EUR121 |...

UCB - BUY | EUR121 vs. EUR130 New 2022 guidance: BUY rating kept but decreasing our TP EUR121 A set of negative impacts stronger than anticipated Bimzelx US launch could be in H2 2023e at the latest

Loic Morvan
  • Loic Morvan

LVMH: H1 results should be reassuring | BUY | EUR910

LVMH - BUY | EUR910 H1 results should be reassuring Q2 sales should remain well oriented despite Mainland China H1 profitability to be slightly up (+30bp) Buy recommendation with unchanged EUR910 TP

Dylan Van Haaften ... (+2)
  • Dylan Van Haaften
  • Edward Hall

GALAPAGOS: These are not the acquisitions you are looking for | BUY | ...

GALAPAGOS - BUY | EUR65 These are not the acquisitions you are looking for Galapagos’s unexpected entrée into cell therapy and oncology may indicate more oncology deals to come…

Cedric Rossi ... (+2)
  • Cedric Rossi
  • Xavier Regnard

Luxury & Fashion New key milestone achieved as IFC picks location...

Yesterday, IFC announced it had picked a location for its first commercial-scale Infinna™ fibre factory, which is leased from Stora Enso in Kemi, north-western Finland. The plant requires an investment of around EUR400m and would reach full capacity in 2025. Reaching this key milestone brings IFC closer to its objective of scaling up production its Infinna™ upcycled textile fibre in order to supply major fashion groups such as Inditex, PVH, Patagonia and H&M, which have committed to use it. As a...

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