Report
Fehmi Ben Naamane

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/26/2025

Underlyings
Alten SA

Alten is a holding company. Through its subsidiaries, Co. operates in three areas: Engineering and Technology Consulting (ETC), Telecoms Networks and Multimedia, and Information Systems (NTIS). Through the Engineering and Technology Consulting (ETC) segment, Co. studies and designs technology products for technical divisions in industry and telecoms. The Telecoms Networks and Multimedia segment focuses on Product design, Architecture, deployment, and operation of networks. Lastly, the IT systems segment comprises Applications and software development, and Infrastructure and Telecoms (Applications, systems and networks Corporate telecommunications).

Cegedim SA

Cegedim is a technology and services company. Co. supplies services, IT tools, specialized software, information flow and database management services to healthcare industries, pharmaceutical companies, healthcare professionals and insurance companies. Co.'s operations can be divided into three sectors: CRM and Strategic Data (optimizing marketing and sales strategies, namely through tools and databases for managing sales forces, returns on investment, market or prescriber studies); Healthcare Professionals (software publishing with availability of promotional information) and Insurance and Services (software publishing and management of healthcare reimbursement flows).

DOOSAN SKODA POWER A.S.

Grenergy Renovables

Grenergy Renovables Sl. Grenergy Renovables SL is a Spain-based company engaged in the marketing of energy recovery facilities. The Company develops projects and an Independent Power Producer (IPP) that generates renewable energy mainly through solar photovoltaic plants.

GRUPO ECOENER S.A.

Guerbet SA

Guerbet is a French pharmaceutical group that develops, markets, and provides maintenance services for medical equipment and devices destined for diagnostic and interventional imaging. Co.'s portfolio comprises media solutions covering MRI, X-rays and products devoted to International Radiology and Theranostics and medical devices. Co. organizes its operation by product family covering Magnetic Resonance Imaging (MRI), X-rays (XR) and Interventional Radiology and Theranostics (IRT). The MRI family includes Dotarem® and Artirem®; Co.'s X-ray product family includes Xenetix®, Optiray®/Optiject®, Oxilan®, and Telebrix®; and the IRT product family has Lipiodol®, Bleu Patente V and Hexabrix®.

HUGO BOSS AG

HUGO BOSS Group is engaged in the global apparel market. The Group, which is based in Metzingen Germany employs almost 12,500 people, generated annual sales of EUR 2.4 billion in fiscal year 2013 and is an apparel manufacturer. The Group focuses on developing and marketing high-end women's and men's fashion and accessories. With its brand including the BOSS core brand, the lines BOSS Orange, BOSS Green and the progressive brand HUGO, Co. targets different, consumer groups. The brands consists of modern business wear, evening wear and sportswear, shoes and leather accessories as well as licensed fragrances, eyewear, watches, children's fashion, home textiles and mobile accessories.

Marie Brizard Wine & Spirits SA

Marie Brizard Wine & Spirits is a wine and spirit company which is engaged in the production and distribution of wines and spirits mainly in Europe and in the U.S.A. Co.'s products can be divided into three categories: Vodka and Spirits, Wines, and Other beverages. Co. develops a portfolio of spirit brand with in particular: Youri Dolgorouki; Sobieski; Marie Brizard; Old Lady's; Berger; “PL Polonaise”; Starogardzka; Balsam Pomorski; Krakowska; Zawisza. Co. operates geographically in Poland, Western Europe, Lithuania, Bulgaria, and Other countries.

NH Hotel Group SA

NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.

SOCIETE L.D.C.

Synergie SA

Synergie is engaged in the development of human resources management, by providing services in the field of temporary work, outplacement, recruitment, consulting and training. Co. services different sectors: services and specialized sector (medical, senior employment, human services), transportation and logistics sector, industry sector, construction and civil engineering sector. As of Dec 31 2009, Co. is present in 13 countries in Europe and Canada and reports its activities geographically, in 4 areas: France, Northen and Eastern Europe, Southern Europe and Canada.

Xilam Animation SA

Xilam Animation SA is a France-based audiovisual and multimedia production company. The Company is engaged in the production and distribution of content, both two-dimensional (2D) and Common Gateway Interface (CGI), for television (TV), film and new platform formats. The Company's television production credits include: Rahan, Oggy and the Cockroaches, Mr BaBy, A Kind of Magic, Rintindumb, Shuriken School, Space Goofs, The New Adventures of Lucky Luke, Tupu and Ratz. Its feature film credits include Kaena - The Prophecy and Go West! A New Adventure of Lucky Luke. The Company's wholly owned subsidiaries include Vietnam-based Armada TMT, Germany-based Igloo Productions GmbH, and France-based Xilam Films SAS and Xilam Multimedia SAS.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Fehmi Ben Naamane

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