ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/05/2025

Eutelsat 3Q25: Financing yet to launch. Move bonds to Equal Weight.

Eutelsat reported reasonable Q3 revenues, but no new financing… yet. The company still expects to receive ECA capex financing and confirmed reports that they are in talks for a substantial equity raise.

Netflix (NFLX, Neutral, $975 target) Mgmt. Meeting Recap including takeaways from our follow up convo with President of Ads

We attended NFLX’s group meeting with the investment community post Upfronts earlier today. The full group of executives took questions for an hour, followed by almost another hour of follow-up scrums. We spent most of our time in the follow up period speaking with President of Advertising, Amy Reinhard, and our takeaways mostly walk through the incremental color she shared. There are no changes to our advertising model or estimates. The latest disclosure of 94M monthly active users (MAUs) is in-line with our 1Q25-ending figure.

Bible 1Q25 - Smartphones: 2025 weak and front-loaded? Rest of the year is at risk, including for the iPhone.

Dear all, ​​ Today, we are publishing the Smartphones section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, Foundry, and Semicap Equipment. ​Shipments were strong, but multiple signals suggest 2025 smartphone demand may be front-lo...