ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/18/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 18/03/2025

Seche Environnement : Issuance Focus

Séché Environnement has just completed the placement of a new bond maturing in 2030 (five years), in ‘Green’ format. The funds will be used to repay the bridge loan that was obtained to finance the acquisition of ECO, as well as the funds used on the RCF. The IPT was announced at 4.75/5.0%, then the guidance was tightened to 4.625% +/- 12.5. Lastly, given what appears to have been strong demand, the yield was set at 4.5% and the size of the bond increased to € 400m (+€ 50m).

Séché Environnement : Focus Emission

Séché Environnement vient de boucler le placement d’une nouvelle obligation à échéance 2030 (5 ans), en format « Green ». Les fonds serviront à rembourser le bridge loan qui avait été obtenu pour financer le rachat d’ECO, ainsi que les fonds utilisés sur le RCF. L’IPT avait été annoncé à 4.75/5.0%, puis la guidance a été resserrée à 4.625% +/- 12.5. Finalement, compte tenu d’une demande qui semble avoir été forte, le rendement a été fixé à 4.5% et la taille de l’obligation augmenté à 400 m EUR (+50 m EUR).

Jenoptik AG : An undervalued growth story

Jenoptik is continuing its transformation towards a pure player profile in photonics. The group will present its new organisation on 25 March 2025 and is set to divest Prodomax, which we value at € 95m, by end-2025 at the latest. The valuation remains attractive at 7.9x 2025e EBITDA, giving a discount of ~20% to its five-year average. We think low visibility on H1 2025 is largely priced in now, offering an attractive entry point with substantial re-rating potential once the upturn in the semiconductors market materialises, probably as of H2 2025. Outperform rating confirmed and target raised t...