ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/29/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 29/07/2025

Canal+ : H1 results in line, momentum remains positive and new FCF guidance issued

Cerba Healthcare : Initial thoughts ahead of expected restructuring talks

OC Oerlikon Corp AG : Execution pure play – Small is beautiful, isn’t it?

The H1 2025 results due 5 August 2025 will offer a first glimpse of the new OC Oerlikon, with Barmag (former Polymer Processing division ex HRSflow) classified as discontinued operations. We expect the new OC Oerlikon to be more resilient to economic cycles, offer higher growth and margin potential, but also to have an asset-heavier business model. We have adjusted our target price from CHF 4.00 to CHF 4.30 and reiterate our Neutral rating. But we also describe the way forward for the group to become a more compelling investment case (and the risk of being a less attractive equity story).

Abivax : A well-deserved success, Outperform confirmed

We are significantly raising our TP from € 24 to € 88 following the positive results of the phase 3 induction trial (ABTECT) for obefazimod in ulcerative colitis. Obefazimod achieved significant clinical remission rates higher than those observed in phase 2b, and comparable to the best agents under development. Based on these results, we believe that Abivax is a credible M&A target for a pharma player looking to strengthen its position in immunology. Outperform rating reiterated.