ODDO BHF Small & MIDCAP MORNING NEWS – 02/21/2025

Cabka NV : Preliminary FY24 release and a much needed dividend cut

Cabka N.V. Announces 2024 Preliminary Update: resilient portfolio growth and margin expansion in challenging markets

Cabka N.V. Announces 2024 Preliminary Update: resilient portfolio growth and margin expansion in challenging markets Amsterdam February 21, 2025 - Cabka N.V. (together with its subsidiaries “Cabka”, or the “Company”), a company specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, announced its 2024 preliminary update today. Cabka expects full year 2024 sales to be around €182 million, in line with the guided range of €180 - €185 million. In Europe, our Portfolio business grew by 8% year-over-year, inclu...

ForFarmers - Leading in a consolidating feed market

We upgrade ForFarmers to from Hold to Buy, for the following reasons:Management successfully turns around the company. Under the helm of new management ForFarmers has been delivering on its strategy in the past few years, resulting in improving key positions through selective M&A with a focus on growth metrics such as free cash flow generation and EBITDA. It also has strengthened its market segments like poultry, horse and organic feed. Team agrar & HaBeMa boosting EBITDA by 25-30%. In 2024, ForFarmers announced the JV with team agrar and to fully consolidate HaBeMa. We expect this to boost EB...

(Sponsored) Luxempart - Family-owned compounder with strong track record

Luxempart has a ~15% IRR over the last 30 years, which is a very impressive track record for any investment company in EuropeAfter the Nexus AG tender, Luxempart's war chest would still be more than EUR 300m (almost 10% of its portfolio) positioning it well for any investment opportunityAny event that would improve the liquidity of the stock would serve as a significant catalyst in our view to narrow its discountWe estimate the current NAV to be EUR 113.9 p/s, implying a discount of 38%. TP goes to EUR 88 (from EUR 94). With ~25% of upside, this is an