ODDO : Shift to more favourable cycle to ease AI pressure on sector valuations

While we do not deny the uncertainties and risks associated with artificial intelligence (pricing pressures, organisational change, etc.), we remain constructive on this issue, given the significant volume opportunities in prospect for the sector with the integration of agentic AI. Moreover, improving growth momentum in 2026 should reduce pressure on sector valuations (discount >30% vs Stoxx 600 vs a premium of 10% four years ago). On this basis, we have upgraded Bechtle (Outperform vs Neutral), downgraded Nagarro (Neutral vs Outperform) and prefer Capgemini, Alten, Wavestone and ALSO Holding.

ODDO : L’entrée dans un cycle plus favorable devrait réduire la pression que l’IA a pu mettre sur les valorisations du secteur

Sans nier les incertitudes et risques liés à l’IA (pressions tarifaires, changements organisationnels, etc.), nous restons constructifs sur cette thématique tant les opportunités de volumes autour de l’intégration de l’IA agentique sont importantes pour le secteur. D’autant plus que l’amélioration de la dynamique de croissance en 2026 devrait permettre de réduire la pression sur les valorisations du secteur (décote >30% vs Stoxx 600 contre une prime de 10% il y a 4 ans). Dans ce contexte, nous relevons notre opinion sur Bechtle (Surperformance vs Neutre), l’abaissons sur Nagarro (Neutre vs Sur...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/04/2026

(Sponsored) Cabka - Extracting full value from recent investments

New 2-phase strategy. At its recent CMD, Cabka announced a two-phase strategy. First strengthening the company with deleveraging of the balance sheet and an EBITDA margin recovery to 13-15%, followed by an expansion phase in which organic growth and acquisitions can drive revenues to EUR >300m, with the EBITDA-margin exceeding 15%.More defensive approach. After several difficult years, Cabka is choosing a more defensive approach, reinforcing its balance sheet while taking calculated risks with new product introductions to drive growth. The near-term focus is on cost control and capital efficie...

EnergyVision - Profitable green energy with a sunny growth outlook

Unique model with stable high marginsStable return by matching production and consumption. EnergyVision has developed a unique model based on green solar energy, where it matches production and consumption to create attractive stable returns. Its long-term contracts with consumers give it good visibility on the prices at which it sells its solar energy. Customers benefit from attractive prices and lower vulnerability to future price hikes.EV chargers bring even better matching. With the launch of chargers for electric vehicles in 2022, EnergyVision has added another sales channel for its solar...

(Sponsored) Fastned - Gearing up for a growth spurt

Scaling up its succesful station approachRolling out tried-and-tested concept. Fastned is a clear market leader in highway fast charging in the Netherlands. In the past years it has optimized its concept to provide market-leading reliability and a high service level to customers at competitive costs. It is now rolling out this concept to other European countries, aiming to grow from 346 stations at YE2024 to 1,000 stations by 2030.Significant operating leverage. The stations have been operating at a positive operating EBITDA (i.e. before network expansion costs) since 2019 and their total EBIT...