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 : AED BB, OPTI BB, HOMI BB, KIN BB, MONT BB

: AED BB, OPTI BB, HOMI BB, KIN BB, MONT BB

Montea Good things come to those who wait (for the big boxes)

Yesterday, Montea reported results that had an initial negative market reaction. After the call, the management and chairman Dirk De Pauw were available for a sit-down lunch to give more colour. The Q&A session centered on the pace of the development pipeline. Montea removed its project table as it believes it hurts their negotiating capacity. Now, it just reports an expected GLA of 236k sqm that will be completed over the next 2 years. The reason why it takes longer to develop the landbank is also due to the selectivity of Montea to certain projects. It reserves its best plots for single tena...

Cementir Holding FY25 Recurring EBITDA +1%, guidance calls for 0-5% growth in FY26

FY25 Non-GAAP EBITDA jumped by 15% in absolute terms or by +1% on a recurring base (excluding incidentals). FY26 guidance calls for Recurring EBITDA to be flat to up c.5%, despite severe winter conditions in ao Nordics & Baltics at the start of the year. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those regions allows to realize solid profitability, as witnessed by the current solid Recurring EBITDA margins (24.8%). A sizeable net cash position gives Cementir significant firepower for acquisitio...