Morning Notes : ATEB BB, BAR BB, RECT BB, TWEKA NA, AZE BB, EKOP BB, ONWD BB

: ATEB BB, BAR BB, RECT BB, TWEKA NA, AZE BB, EKOP BB, ONWD BB

Barco Signs of recovery or is one swallow not making a summer?

Barco is showing signs of recovery after two challenging years. Although Barco's revenue in 2024 declined by 10%, the second half of 2024 was significantly better than the first half. We have updated our model as Barco expects growth in FY25, assuming no major geopolitical or macroeconomic disruptions. Is Barco's strategy beginning to bear fruit, or is one swallow not making a summer? We give them the benefit of the doubt, considering the structural improvements made over the past few years, and adjust our TP slightly to € 13.4 (previously € 13.2), which is the average of our updated DCF and S...

ODDO BHF Small & MIDCAP MORNING NEWS – 02/11/2025

Vopak Expanding global ITL capacity with investment in Thai Tank Terminal

Vopak announced FID has been taken to expand its existing Thai Industrial Terminal operated via its 35% owned the Thai Tank Terminal JV. The FID relates to a 160k cbm tank infrastructure to support US ethane import into Thailand. Vopak's 35% share in the investment for the additional tank storage will be close to €130m. Industrial terminal investments come with attractive OCRs and contract durations. We reiterate our Buy recommendation following last week's initiation on the name.

Gimv Medi-Markt And Unizell Merge To Form Liveo Group

Medi-Markt and Unizell will merge to form Liveo group, who will be a highly capable supplier to the German homecare market specialising in the sophisticated, long-term care of chronically ill or impaired people in their home environment. The Liveo group will employ over 450 people. The group will operate throughout Germany and will achieve total combined sales of approximately €150.0m. Gimv will hold a majority interest in Liveo and will continue to grow the group with Jürgen van der Smissen. The transaction remains subject to the usual official approval and is expected to be completed in the ...

GBL Sale Of 8.5m Shares Of SGS SA Could Make Way For Sizable Private Asset

GBL announced that it had sold, through its wholly-owned subsidiary ‘Serena S.à r.l', 8.5m shares of SGS SA (~4.5% of SGS' shares outstanding) by way of an accelerated bookbuilding process for total proceeds of €0.8b. GBL will continue to remain SGS' largest shareholder with ~14.6% of the capital and voting rights. In the context of the Offering, GBL has entered into a 90-day lock-up commitment with respect to its remaining shares of SGS. The Offering is expected to settle on March 10, 2025. We welcome this news since the partial divestment from SGS will provide management with the required li...