Basic-Fit N.V. : Acquisition of franchise platform Clever Fit

Morning Crédit 27/10/2025

IQ: EBITDA still down on a y/y basis, but some positive FCF generation seen during the quarter|

ODDO : High-quality private market managers, diverging valuations

EQT and PG are high-quality private market investors with strong brands, and performance. PG however stands out with its bespoke offering, which is unique and appealing. Both trade at justified premium to peers, yet relative to each other PG is more attractively priced. We initiate EQT with Neutral and SEK 350 TP and PG with Outperform and CHF 1,290 TP.

R&S Group : Valuation of the transformer pure play has become attractive again

R&S Group is a pure play in the transformer business (focus on distribution up to medium-sized power transformers) with a strong presence in its home market Switzerland, but also in Poland, Italy, and increasingly in Germany as well as other parts of Europe. The group will benefit from structurally growing electricity grid investments leading to mid-teens adj. EBIT growth in the next couple of years. In light of the recent share price correction (~-30%), we initiate coverage at Outperform with a target price of CHF 34, offering 27% upside.

Merck KGaA : CMD feedback - Transitional year ahead, Process solutions and Semis strong