ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/02/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/02/2026

Benelux Morning Notes

EVS: Strong 2H25 but for lower cash position, order intake in line, 2026 guidance in line. Proximus: CMD feedback. Staffing: Belgium January Temp volume weaker at -4.8% YoY but on tougher comps. TKH Group: Preview: Connectivity profitability and progress on disposal programme

CTP A more rational development and accounting strategy

CTP shares took a beating after the FY25 results as the consensus probably expected a higher completion number and the capitalisation of interests clouds the outlook comparability. We actually like both trends. Firstly, there is no point for more completions and speculative investments in CEE as it would destroy value for all logistic developers in the market. Capitalising interest also make sense as it increases the comparability with the pure REITS, but EPRA accounting still overlooks the large value creation from its development activity as the unrealised gains from converting land into par...

Syensqo Model reset after disappointing FY26 outlook, downgrade to Accumulate

Syensqo negatively surprised the market last week with weaker than expected 4Q results and with a FY26 underlying EBITDA guidance of c. € 1.1bn, which was c. 15% below our and consensus forecasts and represents a c. 7% drop vs 2025 actuals. While part of the earnings pressure in recent years relates to a more difficult macro-economic environment, a number of businesses has seen a more intense competition and also pricing pressure, including in the recently divested Oil & Gas, Aroma Performance and parts of the Specialty Polymers and Novecare portfolio. Syensqo's new CEO Mike Radossich commente...