ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 17/11/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/17/2025

Governance of family companies: accepting the difference

Family companies offer clear advantages in terms of strategic stability, but specific governance risks can deter outside investors. We built a sample of 100 companies and an analytical framework differentiated according to family involvement. We applied this analytical framework to 4 companies that have the risks under control and to 4 with riskier profiles. We conclude that governance risk does not simply depend on the size of the family’s stake, but rather on its ability to institutionalise controls. Disciplined and predictable family share ownership can therefore be an opportunity for outsi...

Gouvernance des sociétés familiales : accepter la différence

Les sociétés familiales présentent des atouts évidents de stabilité stratégique, toutefois, les risques de gouvernance spécifiques peuvent freiner les investisseurs externes. Nous construisons un échantillon de 100 sociétés et une grille d’analyse différenciée en fonction de l’implication familiale. Nous appliquons la grille en détail à 4 sociétés maîtrisant les risques et 4 aux profils plus à risque. Nous concluons que le risque de gouvernance ne dépend pas simplement du poids de la famille mais davantage de la capacité de celle-ci à institutionnaliser des contrôles. Un actionnariat familial ...

UNIQA : A niche player in a growing CEE market with some residual upside potential

UNIQA continues to execute well on its 2025-2028 strategic targets, with improving non-life profitability and expanding life and health business segments. Positive trends should drive an EPS CAGR of 8.3%, on a par with Triglav Group, and above the AT&CEE average of 6.8% and we believe UNIQA is likely to upgrade its mid-term targets. The stock offers an attractive dividend yield of 6% and despite the 65% YTD return, our valuation analysis still indicates above 10% upside from current levels. We confirm our Outperform rating and increase our target price to € 14.5 from € 12.3. We also discuss UN...