Oddo BHF - HENSOLDT AG (HAG) Hensoldt AG : Neutre vs Surperformance – Une valorisation qui intègre beaucoup mieux les qualités du titre

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Oddo BHF

Olfa Taamallah ...

Yan Derocles

Hensoldt AG : Neutre vs Surperformance – Une valorisation qui intègre beaucoup mieux les qualités du titre

08/05/2025 1 FR

Underlying

HENSOLDT AG

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DE000HAG0005 Germany

Provider

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.

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Analysts

Olfa Taamallah

Yan Derocles

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Atos : Execution risk and debt levels still too high to come back to the stock

Following its debt restructuring, Atos has regained a cash position that will enable it to continue operations. However, in an unfavourable macroeconomic environment, the group's operational recovery will be tough going and cash burn is set to remain high. Despite the CMD due on 14 May, we think it is too early to return to the stock. We are upgrading our recommendation to Neutral with a target price of € 35.

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Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

Suite à la restructuration de sa dette Atos a retrouvé une position de liquidité lui permettant d’opérer ses activités. Néanmoins, dans un contexte macro défavorable, le redressement opérationnel du groupe sera difficile et la consommation de trésorerie restera importante. Malgré la tenue d’un CMD le 14 mai, il nous semble trop tôt pour revenir sur le titre. Nous relevons l’opinion Neutre avec un OC de 35 €.

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Hensoldt AG : Neutre vs Surperformance – Une valorisation qui intègre beaucoup mieux les qualités du titre

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/05/2025

Hensoldt AG : Neutral vs Outperform – A valuation that better reflects the stock's qualities by far

Atos : Execution risk and debt levels still too high to come back to the stock

Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

SMA Solar Technology AG : Q1 above consensus but the lower third of the guidance is now targeted

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