ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/10/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/04/2026

Seche Environnement : Growth, resilience, and accretive M&A deals

Despite a disappointing performance in 2025, our investment case remains intact, underpinned by margin improvement (in France and internationally), further global expansion (36% of revenue), and the integration of accretive acquisitions with a strong track record. This momentum is further bolstered by the group's capacity to deliver strong and resilient organic growth, consistently outpacing GDP. We indeed expect EBITDA to be up 21% in 2026 with a CAGR of 12.5% over 2025-28. Additionally, the up...

Séché Environnement : Croissance, résilience, opérations M&A relutives

Les performances décevantes de 2025 ne remettent pas en cause notre thèse d’investissement reposant sur le redressement des marges (France et International), la poursuite de la montée en puissance à l’international (36% du CA) et l’intégration d’acquisitions relutives avec un bon track record. Parallèlement, le groupe affiche une dynamique organique solide et résiliente (surperformance du PIB). Nous tablons sur une hausse de 21% de l’EBITDA 2026 et un TMVA 2025/28 de 12.5%. Le prochain CMD devra...

Seche Environnement : Priority to debt reduction once the acquisition ...

Admittedly, over the past year, Séché Environnement has hit the acquisitions trail more often than we expected. That said, we also understand that these were opportunities to be seized, which will shore up its positions in and outside France. On a pro forma basis for these three acquisitions, debt leverage should temporarily exceed the limits set by the group; but management has been clear and debt reduction will now be a top priority, alongside the target to bring leverage ratio back below 3x (...