ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/11/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/02/2026

ams OSRAM : FCF trajectory still unclear, particularly in a transition year

profine : It’s time for the expansion strategy to pay off

profine has suffered over the past 3 years from the weakness in the construction segment despite being in the resilient (albeit discretionary) renovation segment. Volumes have continued to fall, although stabilization has started to be seen throughout 2025. On a positive note, the German group has been able to maintain its selling prices notwithstanding the decrease in PVC prices notably in Europe. This has allowed profine to maintain healthy EBITDA margins despite the continued inflation, notably on wages. FCF generation, however, has been negative in the last 2 years, impacted by its expansi...

Theon International PLC : As Europe rearms, Theon delivers

We initiate on Theon International, a leading global supplier of night vision and thermal imaging systems, with an Outperform recommendation and target price of €38.0 p/sh. With double digit mid-term sales growth (AA-OB +18.4%), manageable leverage and a leading positioning in core markets, we see Theon as a quality defence company with a durable moat in its core markets.

profine : It’s time for the expansion strategy to pay off

profine has suffered over the past 3 years from the weakness in the construction segment despite being in the resilient (albeit discretionary) renovation segment. Volumes have continued to fall, although stabilization has started to be seen throughout 2025. On a positive note, the German group has been able to maintain its selling prices notwithstanding the decrease in PVC prices notably in Europe. This has allowed profine to maintain healthy EBITDA margins despite the continued inflation, notably on wages. FCF generation, however, has been negative in the last 2 years, impacted by its expansi...