Dynamic Top Pick List Update April 2026: Adding Fagron

The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continues unabated. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. KBC macro-econimists have hiked the inflation expectation for 2026 from 1.9% to 3.3%. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We continue our defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) will likely continue its easing cycle, but the final am...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/27/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 27/03/2026

Whitestone Group Launched a public capital increase of up to €25m

This morning Whitestone Group announced a public offering without preferential subscription rights for a maximum of 1,461,988 new shares at a fixed issue price of €17.10 per share. The offering follows the successful €46m private placement completed in Jan'26 and aims to allow all shareholders and the Belgian public to subscribe on the same terms. The issue price represents a 6.21% premium to the closing price of €16.10 on the last trading day prior to the announcement and a 5.52% discount to the revalued NAV of €18.10 as of 31 Dec'25. No minimum amount has been set. The company reserves the r...

Morning Notes : FAGR BB, ENRGY BB

: FAGR BB, ENRGY BB

Fagron Solid 1Q26 results, Strong Brands Performance

Fagron reported 1Q26 revenues 1% above CSS expectations. Organic revenue growth of 3.2% at CER was supported by all regions, driven in particular by DD growth in Latin America. Despite losing the GLP-1 tailwind, North America still delivered positive organic growth. The continued focus on Brands is clearly paying off, with 22.6% organic revenue growth at CER y/y. Acquisition integrations are progressing as planned. FY26 guidance for MDS to HSD organic revenue growth at CER is reiterated, Fagron expects a REBITDA margin of c. 20.0%, in line with both our and CSS expectations. A solid set of res...