ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/13/2025

ATOSS Software SE : Operational excellence meets a full valuation

ATOSS Software is a leading workforce management (WFM) software provider. The company has a strong track-record since the IPO in 2000 with an excellent operational performance, coupled with a CAGR of 9.8% for revenue and 22.1% for EBIT since that date. However, macro-headwinds and risks surrounding the international expansion strategy could put further pressure on the shares, given the stock currently trading at a premium of 22.2% to its peer group of leading Human Capital Management (HCM) software companies. Our DCF valuation also provides limited upside on the current valuation. We therefore...

thyssenkrupp : TKMS – a fully-integrated offer in the naval defence business

As a fully-integrated naval solutions provider, TKMS is perfectly positioned to capture the strong growth of the market. With the phase-out of legacy contracts, we think that the company will be able to meet its medium-term guidance in terms of EBIT margin >7% as of 2027. We value the business at between € 3.6bn and € 5.8bn in the event of a spin-off from thyssenkrupp.

ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?

Les prix de la mémoire ont progressé de 15% sur un mois et de ~30% YTD. Cela reflète une forte tension sur l’offre alors que la demande IA est plus élevée qu’attendu. Les stocks de mémoires sont, par ailleurs, au plus bas, ouvrant la voie en 2026 à un supercycle, tiré par l’IA mais aussi par l’intégration de l’Edge AI dans les smartphones/PC. Un marché des semis à ~+15/20% en 2026 est crédible dans ce contexte. Dans notre couverture, cela devrait d’abord bénéficier à ASML, VAT, Siltronic, ASMi et SUSS (Surperformance vs Neutre), pour lesquels nous relevons nos BPA 26/27e de respectivement 9% e...