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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Ticker Underlying First Report Latest Report
519000 DE0005190003 BMW AG 2018/08/02 2018/09/26
520000 DE0005200000 Beiersdorf AG 2018/08/07 2019/07/11
543900 DE0005439004 Continental AG 2018/07/19 2018/08/23
578560 DE0005785604 Fresenius SE & Co KGaA 2018/06/11 2019/05/02
578580 DE0005785802 Fresenius Medical Care AG 2018/07/13 2019/05/02
604700 DE0006047004 HeidelbergCement AG, 2018/06/07 2019/05/09
604840 DE0006048408 Henkel KGaA 2018/08/17 2018/12/21
604843 DE0006048432 Henkel KGaA Pfd. 2018/05/30 2019/01/22
623100 DE0006231004 Infineon Technologies AG 2018/06/11 2019/06/04
645290 DE0006452907 Nemetschek SE 2019/06/27 2019/06/27
659990 DE0006599905 Merck KGaA 2018/07/03 2019/05/15
663200 DE0006632003 MorphoSys AG 2018/08/02 2019/07/04
710000 DE0007100000 Daimler AG 2018/06/22 2018/07/26
716460 DE0007164600 SAP AG 2018/06/07 2019/07/19
725750 DE0007257503 Ceconomy AG 2018/06/25 2019/07/03
747206 DE0007472060 Wirecard 2018/07/25 2019/05/08
840221 DE0008402215 Hannover Rueck SE 2019/05/07 2019/05/07
840400 DE0008404005 Allianz SE 2018/08/03 2019/07/01
843002 DE0008430026 Muenchener Rueckversicherungs-Gesellschaft AG 2018/08/08 2019/05/08
923944 US12626K2033 CRH PLC ADS 2019/04/24 2019/04/24
927200 GB0059822006 Dialog Semiconductor PLC 2018/06/11 2019/05/10
A0CA8L NL0000400653 Gemalto NV 2018/07/24 2019/04/16
A0N916 US03524A1088 Anheuser-Busch InBev N.V. ADS 2019/04/16 2019/05/22
A0Q249 ES0127797019 EDP Renovaveis S/A 2018/05/23 2019/02/01
A115FW FR0011950732 Elior Group 2018/05/17 2019/05/29
A116LR FR0011981968 Worldline 2018/05/31 2019/04/25
A14M4D NL0010937066 Grandvision B.V. 2018/07/05 2019/07/18
A14NXK FR0012419307 Focus Home Interactive SAS 2018/07/06 2019/05/06
A14R82 BE0974281132 Biocartis Group NV 2019/01/29 2019/04/25
A14W4B NL0011333752 Altice Europe NV A 2018/05/17 2019/05/10
A1EWWW DE000A1EWWW0 Adidas 2019/03/14 2019/05/06
A1PHFF DE000A1PHFF7 Hugo Boss AG 2018/08/02 2019/05/06
A1T95K FR0011476928 FNAC DARTY 2018/03/27 2019/06/17
A1W7CM FR0004188670 TARKETT 2018/07/10 2019/06/20
A1W7Q9 BE0974260896 CELYAD 2018/07/24 2019/07/08
A1XDS6 FR0010667147 Coface 2018/07/26 2019/07/01
A2AADD DE000A2AADD2 Innogy SE 2018/08/10 2019/02/01
A2AKJL FR0013153541 Maisons du Monde 2018/07/18 2019/07/05
A2ARR4 US40537Q2093 Halcon resources 2019/05/16 2019/05/16
A2DKAC FR0004025062 SOITEC 2018/06/14 2019/07/18
A2DKCH NL0012169213 Qiagen N.V. 2018/08/01 2019/05/20
A2DXZH FR0010096479 bioMerieux S.A. 2018/07/18 2019/02/27
A2GS40 DE000A2GS401 Software AG 2018/06/13 2018/06/13
A2JLD1 NL0000339760 BE Semiconductor Industries N.V. 2018/06/15 2019/04/29
ABE AT0000824206 AB Effectenbeteiligungen AG 2018/06/18 2019/07/15
ABI BE0974293251 Anheuser-Busch InBev 2018/07/26 2019/01/14
AC FR0000120404 Accor S.A. 2018/06/13 2019/06/18
ACAD US0042251084 ACADIA Pharmaceuticals Inc. 2019/05/06 2019/05/06
ACB CA05156X1087 Aurora Cannabis Inc 2019/02/05 2019/02/05
ACL AU000000ACL6 Alchemia Ltd. 2019/04/04 2019/05/16
AGN NL0000303709 Aegon N.V. 2018/08/16 2019/05/06
AH NL0011794037 Ahold Delhaize 2018/08/08 2019/07/09
ALCLS FR0010425595 Cellectis 2018/05/23 2019/05/09
ALEZV FR0010246322 Easyvista 2018/04/05 2019/04/12
ALGFT FR0004163111 Genfit 2018/10/15 2019/06/12
ALT FR0000034639 Altran Technologies S.A. 2018/05/24 2019/07/15
ALTHX FR0013286259 Theranexus SA 2018/10/30 2019/07/12
AMEBA FR0011051598 Amoeba SA 2018/09/24 2019/02/01
ASIT BE0974289218 Asit Biotech SA 2018/09/05 2019/04/03
ASM NL0000334118 ASM International N.V. 2018/07/18 2019/07/18
ASML NL0010273215 ASML Holding N.V. 2018/07/18 2019/07/18
ATE FR0000071946 Groupe Alten 2018/07/26 2019/07/08
ATO FR0000051732 Atos SE 2018/05/31 2019/05/06
AXW FR0011040500 Axway Software S.A. 2018/07/26 2019/04/15
AZN GB0009895292 AstraZeneca 2018/05/22 2019/07/04
BAY001 DE000BAY0017 Bayer AG 2018/08/28 2019/05/14
BAYN US0725001012 Bay National Corp. 2019/02/27 2019/04/05
BB FR0000120966 Societe BIC 2018/08/02 2019/04/26
BIM FR0013280286 bioMerieux S.A. 2018/07/18 2018/11/09
BN FR0000120644 Danone 2018/05/16 2019/06/20
BOTHE BE0974280126 Bone Therapeutics SA 2018/09/17 2019/07/09
BRBY GB0031743007 Burberry Group PLC 2018/05/17 2019/05/20
BUP FR0013284080 BIOM UP SA 2018/07/05 2019/07/11
BVD FR0000060873 MBWS 2018/06/11 2019/05/02
BVI FR0006174348 Bureau Veritas S.A. 2018/10/30 2019/06/04
CA FR0000120172 Carrefour S.A. 2018/06/13 2019/06/26
CAP FR0000125338 Capgemini SE 2018/07/27 2019/06/25
CARL B DK0010181759 Carlsberg A/S B 2018/06/25 2019/03/06
CAS FR0000072894 Cast S.A. 2018/07/30 2019/05/07
CDI FR0000130403 Christian Dior S.E 2019/05/06 2019/05/06
CFIHALCON CL0000000373 Halcon Fondo de Inversion 2019/04/08 2019/04/10
CFR CH0210483332 Compagnie Financiere Richemont SA 2018/09/10 2019/07/18
CNP US15189T1079 CenterPoint Energy Inc. 2018/07/30 2019/05/16
CO FR0000125585 Casino Guichard-Perrachon et Cie. S.A. 2018/05/04 2019/06/28
COX FR0013018124 NicOx S.A. 2018/08/02 2019/07/17
CPG GB00BD6K4575 Compass Group PLC 2018/11/20 2018/11/20
CPR IT0005252207 Campari 2018/07/10 2019/06/17
CRG IE0001827041 CRH PLC 2018/06/22 2019/04/24
CS FR0000120628 AXA S.A. 2018/08/02 2019/05/03
DBV FR0010417345 DBVTechnologies 2018/07/04 2019/07/02
DDDD GB00BJL5BR07 4D Pharma 2018/06/07 2019/05/21
DG FR0000125486 Vinci S.A. 2018/06/19 2019/04/24
DGE GB0002374006 Diageo PLC 2018/05/28 2019/02/01
DIA ES0126775032 DIA 2018/07/25 2018/07/25
DSY FR0000130650 Dassault Systemes S.A. 2018/06/14 2019/06/13
EDEN FR0010908533 Edenred 2018/07/24 2019/07/01
EDF FR0010242511 Electricite de France (EDF) 2018/10/11 2018/10/11
EDP PTEDP0AM0009 EDP-Energias de Portugal S.A. 2018/07/25 2018/07/25
EI FR0000121667 EssilorLuxottica 2018/07/26 2019/07/18
EKI FR0011466069 Ekinops SA 2019/04/26 2019/07/19
EN FR0000120503 Bouygues S.A. 2018/05/17 2019/07/04
ENAG99 DE000ENAG999 E.ON SE 2018/08/08 2019/02/01
ENG ES0130960018 Enagas S.A. 2018/07/27 2018/07/27
EO FR0000121147 Faurecia 2018/07/02 2018/10/11
ERF FR0000038259 Eurofins Scientific 2018/07/30 2019/03/05
FG. CA3060442074 Falcon Gold Corp 2019/04/04 2019/04/04
FGR FR0000130452 Eiffage S.A. 2018/07/02 2019/07/03
FR FR0013176526 Valeo S.A. 2018/05/17 2018/07/26
FTE FR0000133308 Orange 2018/07/26 2019/04/30
GEN DK0010272202 Genmab A/S 2018/05/28 2019/06/18
GLPG BE0003818359 Galapagos Genomics NV 2018/05/31 2019/07/15
GNRO CH0308403085 GeNeuro 2018/07/27 2019/03/25
GRF ES0171996087 Grifols 2018/04/05 2018/04/05
GSK GB0009252882 GlaxoSmithKline PLC 2018/04/05 2019/07/04
GSKCONS INE264A01014 GlaxoSmithKlinensumer Healthcare 2018/12/04 2018/12/04
GSZ FR0010208488 Engie 2018/06/05 2019/02/01
HCMLY US50586V1089 LafargeHolcim ADR 2019/03/07 2019/05/15
HEIA NL0000009165 Heineken N.V. 2018/06/19 2019/04/24
HEIO NL0000008977 Heineken Holding N.V. 2018/06/19 2019/03/05
HLE DE000A13SX22 Hella 2018/05/16 2018/09/27
HM B SE0000106270 H & M Hennes & Mauritz AB B 2018/09/17 2019/06/17
HOLN CH0012214059 LafargeHolcim 2018/07/27 2018/11/28
IAN CA45074T1021 IANTHUS CAPITAL HLDGS 2019/02/08 2019/02/08
IDR ES0118594417 Indra Sistemas S.A. 2018/07/27 2019/06/19
IHG GB00BD8QVH41 InterContinental Hotels Group PLC 2018/08/07 2019/02/19
ILD FR0004035913 Iliad S.A. 2018/05/16 2019/05/08
ING FR0000125346 Ingenico Group 2018/07/26 2019/04/25
IPH FR0010331421 Innate Pharma SA 2018/10/01 2019/04/08
IPN FR0010259150 Ipsen 2018/07/05 2019/07/04
ITP FR0004024222 Interparfums SA 2018/07/25 2019/07/11
ITX ES0148396007 Inditex S.A. 2018/09/12 2018/09/13
JMT PTJMT0AE0001 Jeronimo Martins SGPS S/A 2018/07/25 2018/07/25
KER CA4924052042 Kerr Mines Inc 2018/06/14 2019/04/18
KORI FR0010386334 Korian 2018/07/26 2019/07/02
KOZAL TREKOAL00014 Koza Altin Isletmeleri AS 2019/05/02 2019/05/02
LEAF CA58506X1042 Medreleaf Corp 2018/05/11 2018/05/11
LNA FR0004170017 LNA Sante 2018/07/20 2019/05/08
LUX IT0001479374 Luxottica Group 2018/06/25 2019/03/11
MC FR0000121014 LVMH Moet Hennessy Louis Vuitton SE 2018/07/25 2019/06/28
MCPHY FR0011742329 MCPHY Energy SA 2018/06/06 2019/02/01
MDG1 DE000A1X3W00 Medigene AG 2019/01/09 2019/01/09
MEDA US5843932014 Media Analytics Corp 2018/05/07 2019/04/10
MEL ES0176252718 Melia Hoteles International SA 2018/05/28 2019/05/09
MELE BE0165385973 Melexis N.V. 2018/05/21 2018/05/21
ML FR0000121261 Michelin B 2018/07/13 2018/10/23
MLBLU FR0011041011 Bluelinea SA 2019/03/12 2019/04/16
MMT FR0000053225 M6-Metropole Television S.A. 2018/07/03 2019/07/15
MONC IT0004965148 Moncler 2018/05/09 2019/05/10
MRK US58933Y1055 Merck & Co. Inc. 2019/04/09 2019/04/09
MTLS US57667T1007 Materialise ADS 2018/11/16 2019/05/02
NANO FR0011341205 Nanobiotix SA 2018/06/25 2018/06/25
NESN CH0038863350 Nestle S.A. 2018/05/16 2019/05/16
NK FR0000120859 Imerys 2018/05/15 2019/06/21
NKE US6541061031 Nike Inc. Cl B 2018/09/26 2018/09/26
NOVN CH0012005267 Novartis AG 2018/05/17 2019/07/19
NOVO B DK0060534915 Novo Nordisk A/S B 2018/06/25 2018/11/06
NZYM B DK0060336014 Novozymes A/S B 2018/08/08 2018/09/19
ONC GB00BYQ94H38 Oncimmune Holdings 2018/10/31 2019/07/01
OR FR0000120321 L'Oreal S.A. 2018/07/27 2019/07/11
ORP FR0000184798 Orpea S.A. 2018/06/21 2019/06/26
POM FR0000124570 Compagnie Plastique Omnium 2018/06/13 2018/07/20
PP FR0000121485 Kering 2018/06/14 2019/06/20
RAL FR0000060618 Rallye S.A. 2018/07/25 2018/07/25
RAP AU000000RAP5 Resapp Health 2018/10/23 2019/04/25
RB. GB00B24CGK77 Reckitt Benckiser Group 2019/04/05 2019/07/05
RBREW DK0060634707 Royal Unibrew A/S 2018/06/18 2019/03/07
RCO FR0000130395 Remy Cointreau S.A. 2018/06/07 2019/04/25
RHHBY US7711951043 Roche Holding AG ADS 2018/05/29 2019/03/11
RI FR0000120693 Pernod Ricard S.A. 2018/06/11 2019/06/05
RIB FR0000075954 Riber 2019/06/27 2019/06/27
RMS FR0000052292 Hermes International S.C.A. 2018/07/20 2019/04/25
RNO FR0000131906 Renault 2018/06/15 2018/10/23
RO CH0012032113 Roche Holding AG 2018/05/29 2019/02/25
ROG CH0012032048 Roche Holding AG Part. Cert. 2018/05/22 2019/07/04
RUKN CH0126881561 Swiss Re 2018/08/03 2018/11/01
SAHOL TRASAHOL91Q5 Haci Omer Sabanci Holding A.S. 2019/01/23 2019/02/27
SAN FR0000120578 Sanofi 2018/07/03 2019/07/12
SAP BE0003625366 Sapec S.A. 2018/06/07 2018/06/07
SCH GG00BYMK4250 Safecharge International Group 2018/09/13 2019/05/23
SCHN CH0024638212 Schindler Holding AG 2019/06/27 2019/06/27
SCR FR0010411983 Scor S.A. 2018/07/26 2019/04/26
SECH FR0000060402 Albioma 2018/12/12 2019/02/01
SEIC US7841171033 SEI Investments Co. 2019/01/24 2019/03/19
SEV FR0010613471 Suez 2018/10/31 2019/02/01
SFER IT0004712375 Salvatore Ferragamo 2018/07/13 2019/07/16
SFL IT0004604762 Safilo Group 2018/08/03 2019/06/19
SGE GB00B8C3BL03 Sage Group PLC 2018/08/02 2019/05/20
SGO FR0000125007 Compagnie de Saint-Gobain S.A. 2018/07/11 2019/04/26
SGSN CH0002497458 SGS S.A. 2018/07/18 2019/07/18
SK FR0000121709 SEB S.A., 2018/07/25 2019/04/26
SOI FR0013227113 Soitec S.A. 2018/10/18 2018/10/18
SOP FR0000050809 Sopra Steria Group 2018/07/27 2019/07/05
STM NL0000226223 STMicroelectronics 2018/07/25 2019/05/15
SU FR0000121972 Schneider Electric S.A. 2019/04/04 2019/04/04
SW FR0000121220 Sodexo 2018/07/05 2019/07/08
SWDAF DE0003304002 Software AG 2018/06/13 2018/10/23
SWGAY US8701231065 Swatch Group AG ADS 2018/06/20 2019/07/18
SWP FR0004180578 Sword Group 2018/10/24 2019/04/26
TAP US60871R2094 Molson Coors Brewing Co. Cl B 2018/06/28 2018/08/02
TEMN CH0012453913 Temenos Group AG 2018/07/19 2019/07/18
TFI FR0000054900 Television Francaise 1 S.A. 2018/07/03 2019/07/15
TIF US8865471085 Tiffany & Co. 2018/08/29 2018/08/29
TIT IT0003497168 Telecom Italia 2018/04/05 2019/05/21
TNG FR0005175080 Transgene S.A. 2018/07/11 2019/05/02
TOD IT0003007728 Tod'S 2018/07/13 2019/06/27
TSCO GB0008847096 Tesco PLC 2018/06/15 2018/07/25
UBI FR0000054470 Ubisoft Entertainment S.A. 2018/06/13 2019/05/06
UBXN CH0033361673 u-blox Holding AG 2018/05/21 2018/05/21
UCB BE0003739530 UCB S.A. 2018/07/13 2019/06/28
UG FR0000121501 Peugeot S.A. 2018/06/15 2018/07/26
UHR CH0012255151 Swatch Group AG 2018/06/20 2019/07/17
UHRN CH0012255144 Swatch Group AG Reg. 2018/06/20 2019/01/31
ULVR GB00B10RZP78 Unilever PLC 2018/05/30 2018/12/04
UNA NL0000009355 Unilever N.V. CVA 2018/05/16 2019/07/11
VCT FR0000031775 Vicat S.A. 2018/08/07 2019/05/07
VIE FR0000124141 Veolia Environnement S.A. 2018/05/28 2019/02/01
VIV FR0000127771 Vivendi 2018/05/14 2019/04/15
VLTSA FR0011995588 Voltalia 2018/07/19 2019/02/01
WEED CA1380351009 Canopy Growth 2018/05/11 2019/07/04
ZALG DE000ZAL1111 Zalando SE 2018/09/18 2019/05/03
ZLDPF DK0060257814 Zealand Pharma A/S 2018/09/07 2019/06/03
ZURN CH0011075394 Zurich Insurance Group 2019/02/07 2019/02/07

Analysts

  • Hugo Solvet

    Healthcare Team
  • Clement Genelot

    Consumer Team
  • Bruno de La Rochebrochard

    Smart Industries & Services
  • Loic Morvan

    Consumer Team
  • Nikolaas Faes

    Consumer Team
  • Eric Lemarie

    Smart Industries & Services
  • Eric Monnier

    Analyst
  • Virginie Roumage

    Consumer Team
  • Thomas Coudry

    TMT Team
  • Antoine Parison

    Consumer Team
  • Xavier Caroen

    Smart Industries & Services
  • Cedric Rossi

    Consumer Team
  • Eric Le Berrigaud

    Healthcare Team
  • Marion Levi

    Healthcare Team
  • Pierre-Antoine Chazal

    Smart Industries & Services
  • Gregory Ramirez

    TMT Team
  • Richard-Maxime Beaudoux

    TMT Team
  • Frederic Yoboue

    TMT Team
  • Gary Waanders

    Healthcare Team
  • Olivier Pauchaut

    Smart Industries & Services
  • Jean-Jacques Le Fur

    N/A
  • Victor Floc’h

    Analyst
  • Ross Blair

    MBChB
  • Xavier Regnard

    Financial Analyst
  • David Vignon

    Financial Analyst
Gregory Ramirez

SOFTWARE AG BUY | EUR42

Q2 2019 results globally in line, but FY19 DBP guidance cut Q2 2019 in line with consensus but disappointing in licences DBP encountered execution issues in North America FY19 guidance is cut on DBP ex-Cloud/IoT

Thomas Coudry

EKINOPS: Closure of acquisition of OTN from Padtec | BUY | EUR5.2 vs. EUR5.4 (+38%)

EKINOPS - BUY | EUR5.2 vs. EUR5.4 (+38%) Closure of acquisition of OTN from Padtec OTN, a key technology to secure growth As announced, a slightly dilutive impact on our Fair Value

Gregory Ramirez

SAP: Q2 2019 call feedback: the route is traced out | BUY - Top Picks | EUR153

SAP - BUY - Top Picks | EUR153 Q2 2019 call feedback: the route is traced out Asia is not a real concern, while a rebound is expected in Q3 All engines are there for a 5ppt operating margin increase by 2023 Higher-than-expected non-recurring items are justified No change to our Top Pick investment case

Eric Le Berrigaud

NOVARTIS: Newsflow from the pipeline likely to be next catalyst | BUY - TOP PICKS | CHF106 vs. CHF100

NOVARTIS - BUY - TOP PICKS | CHF106 vs. CHF100 (+18%) Newsflow from the pipeline likely to be next catalyst Our new FV reflects various adjustments Some clarifications about Q2 performance

Virginie Roumage

RÉMY COINTREAU: No extrapolation from Q1 – fundamentals remain good | BUY | EUR133 vs. EUR130 (+3%)

RÉMY COINTREAU - BUY | EUR133 vs. EUR130 (+3%) No extrapolation from Q1 – fundamentals remain good A small quarter which is not meaningful for the rest of the year Cognac: suffering from negative phasing L&S: heavily penalized by the revamping of distribution in Europe Top line trend expected to accelerate post Q1

Nikolaas Faes

AB INBEV: Getting its act together | BUY - TOP PICKS | EUR100(+37%)

AB INBEV - BUY - TOP PICKS | EUR100(+37%) Getting its act together Successful investor conference Improvement in US market share likely to continue There is nothing better than a Happy Hour on a Monday evening

Hugo Solvet

ALCON: Consensus above FY19 guidance on profitability | NEUTRAL | CHF57(-7%)

ALCON - NEUTRAL | CHF57(-7%) Consensus above FY19 guidance on profitability In-line Q1 sales (up 4%cc) Profitability low on one-time items FY19 guidance leaves limited room of manoeuver Profit-taking risk on the share price at opening

Eric Lemarie

CRH: Positive start of the year | BUY | EUR38(+27%)

CRH - BUY | EUR38(+27%) Positive start of the year 7% organic top line growth in Q1 Still busy on the M&A side Positive guidance but not very precise yet Share-buy-back to continue

Gregory Ramirez

ATOS: Final FY18 results in line with preliminary numbers, guidance confirmed | BUY | EUR127

ATOS - BUY | EUR127 (+55%) Final FY18 results in line with preliminary numbers, guidance confirmed FY18 revenues and non-IFRS operating margin are confirmed There was no increase of the sales of receivables in H2 2018 FY19 guidance and Advance 2021 ambitions are confirmed

Gary Waanders

ONCIMMUNE: H1 results and imminent ECLS catalyst | Corporate | 140p vs. 130p

ONCIMMUNE - Corporate | 140p vs. 130p (+45%) H1 results and imminent ECLS catalyst Oncimmune in brief H1 financial results to Nov 30, 2018 – no surprises ECLS, largest biomarker-based lung cancer screening trial Increased valuation on strengthening outlook

Gregory Ramirez

SOFTWARE AG BUY | EUR42

Q2 2019 results globally in line, but FY19 DBP guidance cut Q2 2019 in line with consensus but disappointing in licences DBP encountered execution issues in North America FY19 guidance is cut on DBP ex-Cloud/IoT

Thomas Coudry

EKINOPS: Closure of acquisition of OTN from Padtec | BUY | EUR5.2 vs. EUR5.4 (+38%)

EKINOPS - BUY | EUR5.2 vs. EUR5.4 (+38%) Closure of acquisition of OTN from Padtec OTN, a key technology to secure growth As announced, a slightly dilutive impact on our Fair Value

Gregory Ramirez

SAP: Q2 2019 call feedback: the route is traced out | BUY - Top Picks | EUR153

SAP - BUY - Top Picks | EUR153 Q2 2019 call feedback: the route is traced out Asia is not a real concern, while a rebound is expected in Q3 All engines are there for a 5ppt operating margin increase by 2023 Higher-than-expected non-recurring items are justified No change to our Top Pick investment case

Eric Le Berrigaud

NOVARTIS: Newsflow from the pipeline likely to be next catalyst | BUY - TOP PICKS | CHF106 vs. CHF100

NOVARTIS - BUY - TOP PICKS | CHF106 vs. CHF100 (+18%) Newsflow from the pipeline likely to be next catalyst Our new FV reflects various adjustments Some clarifications about Q2 performance

Virginie Roumage

RÉMY COINTREAU: No extrapolation from Q1 – fundamentals remain good | BUY | EUR133 vs. EUR130 (+3%)

RÉMY COINTREAU - BUY | EUR133 vs. EUR130 (+3%) No extrapolation from Q1 – fundamentals remain good A small quarter which is not meaningful for the rest of the year Cognac: suffering from negative phasing L&S: heavily penalized by the revamping of distribution in Europe Top line trend expected to accelerate post Q1

Eric Monnier

Top Picks Q2 Healthcare: From five names down to three

The least we can say about Q1 2018 is that it was another tough quarter for healthcare in general with few exceptions across the sector, despite early activity on the M&A front with Sanofi announcing the acquisitions of Bioverativ and Ablynx in January. This was not enough to prevent the sector from underperforming the general indices by 1.4pp (-6% in absolute terms). We assume this is mainly the reflection of shy 2018 guidance on average from most companies suggesting in the end another transition year with very limited growth, most of which coming from the positive impact of the US tax refor...

Loic Morvan

Kering: CMD

Kering: (NEUTRAL, Fair Value EUR505 vs. EUR466 (+5%)) CMD Gucci Yesterday Kering hosted analysts at an investor day in order to present prospects on Gucci. While we view sales ambition of EUR10bn as in line with our expectations, 40% EBIT margin seems us more ambitious. In order to take in account these prospects, we adjusted our earnings expectations by 5%. FR uplift from EUR466 to EUR505.

Eric Le Berrigaud ...
  • Jean-Jacques Le Fur

Pharmaceuticals: Paris NASH meeting feedback

Pharmaceuticals Paris NASH meeting feedback GLP-1 analogs ok for NASH but not DPP-IV or SGLT2 inhibitors ALT reduction and "metabolic" components are key Some words about the interest of PPARα/δ

Eric Le Berrigaud

Pharmaceuticals: J&J: Read-across from Q2 figures for European companies

Pharmaceuticals J&J: Read-across from Q2 figures for European companies No significant change in trend in immunology Tough times in CVM Darzalex and Imbruvica are driving growth in oncology Softer growth in Vision Care

Loic Morvan ...
  • Virginie Roumage

HPC | Vers une beauté digitalisée, naturelle et personnalisée

SECTOR | HPC | Vers une beauté digitalisée, naturelle et personnalisée Le marché mondial de la beauté continue à être particulièrement bien orienté. Nous pensons qu’il devrait progresser de 5% en 2019 (+5.5% en 2018), ce qui se compare à un TCAM de 4% depuis 2007. Les principaux relais de croissance demeurent la premiumisation, la montée en puissance des classes moyennes dans les pays émergeants, l’urbanisation grandissante (en particulier dans les nouveaux marchés) et le vieillissement de la population mondiale (spécialement dans les pays développés)

Loic Morvan ...
  • Virginie Roumage

HPC | A more digitalized, natural and personalized beauty

SECTOR | HPC | A more digitalized, natural and personalized beauty The global beauty market remains particularly robust. We believe it should grow by 5% in 2019 (+5.5% in 2018), compared with a CAGR of 4% since 2007. The main sources of growth drivers are still premiumisation, the expanding middle classes in emerging markets, widespread urbanisation (especially in new markets) and the ageing global population (especially in western countries).

David Vignon ...
  • Gregory Ramirez

Software & IT services: Q3 2019 Top Picks: SAP and Sopra Steria Group

Software & IT services Q3 2019 Top Picks: SAP and Sopra Steria Group European IT stocks continued to outperform in Q2 2019 We expect no significant trend changes in Q3 2019 SAP remains a Top Pick on the back of defensive features We add Sopra Steria to our Top Pick list on surprise potential

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