Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB

After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by approximately 9%, while the share price has rallied by around 40% over the same period, resulting in ...

Azelis/Trimming estimates on ‘softer-for-longer' view/BUY

We trim our estimates as we expect the challenging macro environment, as experienced in 3Q25, to extend into 4Q25 and 1H26. Our lower target price of €14 per share (from €19), reflects our lower estimates and de-rated peer multiples. We maintain our BUY recommendation.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/23/2026

Morning Notes : BAR BB, BTLS BB, PHIA NA

: BAR BB, BTLS BB, PHIA NA

Barco Despite US headwinds more or less in line but order cycles shortening

FY2025 was more or less in line with our and CSS forecasts, demonstrating resilience amid global challenges and “setting up a foundation for future growth”. We maintain our prudence stance as -while FY2025 shows that Barco can return to sales and margin growth under difficult conditions- the year also exposed clear vulnerabilities—most notably in order intake, which fell 5% YoY (–2% at constant FX) and declined across several divisions and regions. The contraction in orders, combined with the steep drop in the orderbook (€492.8m vs. €563.7m), highlights a weakening forward demand environment t...

Philips Strong 4Q25 results and outlook, targets mid-teens margins by 2028

Philips reported a strong set of 4Q25 results with the adj. EBITA of € 770m coming in well ahead of expectations (kbcse: € 678m, css: € 672m), predominantly driven by PH. Order intake remained strong at +7%. The FY26 margin outlook of 12.5%-13.0% also came in ahead of expectations (kbcse: 12.3%, css: 12.2%). Together with the CMD that will take place in London today, the group also announced its new 2026-2028 ambitions, including a mid-teens margins by 2028 (kbcse: 13.5%, css 13.6%) and accumulative FCF between € 4.5- € 5.0bn (kbcse: € 4.4bn, css: € 4.0bn). We reiterate our Accumulate rating a...