ODDO : Monthly July’25: Earnings providing a reassuring picture

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/01/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/01/2025

Morning Notes : OPTI BB, HYL BB, MONT BB, WHATS BB

: OPTI BB, HYL BB, MONT BB, WHATS BB

Hyloris XTRAZA license and supply agreement with Huons in South Korea

Hyloris announced that an exclusive license and supply agreement has been signed with Huons for XTRAZA in South Korea. Under the terms, Hyloris will exclusively supply XTRAZA to Huons though further financial terms were not disclosed. This deal follows previously announced agreements in selected APAC regions and Canada with AFT, and in the UK with Colonis Pharma. A phase 3 trial for XTRAZA is ongoing in the US and EU, with data expected by YE25, and we note that a deal for XTRAZA in the larger US market remains to be signed. We reiterate our € 6 TP and Hold rating.

What's Cooking? Acquisition in Rennes contributing immediately to 1H25 EBITDA result

We saw a good set of 1H25 results as a 13% y/y increase in turnover translates into an increase in underlying operating profit from EUR 8.4m (excluding Savoury business) to €12.7m although raw material costs remain historically high, mainly for animal proteins and ingredients. Energy and transport costs have also risen further. We maintain our positive stance (Accumulate, € 135 Target Price) as What's Cooking? expects to continue the good results of 1H25 in 2H25. They expect FY25 REBITDA to be between € 37 and 43m. What's Cooking? also expects to continue the same positive trend in terms of pr...