Report
Carole Braudeau

Morning Crédit 18/02/2026

Tereos : -57% d’EBITDA sur les 9M 25/26. Prévision réitérée d’un pic de levier à 6x au 31 mars|Celanese – still challenging conditions but margins and FCF generation remain healthy|Emeis a publié des résultats 2025 supérieurs aux attentes|
Underlyings
Carrefour SA

Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.

Mercialys SA

Mercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.

Suedzucker AG

Suedzucker is the parent company of Suedzucker Group, which operates in four segments: sugar, which comprises sugar production in Bosnia, Austria, Romania, Slovakia, Czech Republic and Hungary, as well as Moldova; special products, which, among others, produces and sells ingredients made from natural raw materials for food products and animal feed, and its bioethanol businesses; CropEnergies, which includes the bioethanol activities of Co.'s Sudzucker group with production sites in Germany, Belgium, France and the U.K. as well as trading activities in Brazil, Chile and the U.S; and fruit, which serves food companies from the dairy, baked goods, ice cream and non-alcoholic beverage industry.

Verallia SAS

Verallia SAS Formerly known as Verallia SASU. Verallia SASU is a France-based company, which operates as a producer of glass packaging solutions. The Company manufactures a number of jars and bottles for various markets, including the still and sparkling wine, spirits, food, as well as the beer and nonalcoholic sectors. Apart from France, the Company also operates in many countries in Western Europe, Eastern Europe and South America, among others.

Wendel SE

Wendel is an investment company specializing in acquiring long-term holdings in industrial and services companies. Co.'s activities can be divided into six main divisions. Through Bureau Veritas, Co. provides conformity assessment services and certification. Through Stahl, Co. is engaged in high performance coatings and leather finishing products. Through Saint-Gobain, Co. manufactures, transforms and distributes construction materials. Through Legrand, Co. specializes in electrical and digital building infrastructures. Through Deutsch, Co. provides high-performance connectors. Through Materis, Co. provides specialty chemicals for construction.

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
Carole Braudeau

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