Barco/Clear vision: The perfect storm dissipated/BUY (previously Hold)

Although Barco is active in very diverse end-markets, the Covid pandemic was a perfect storm for all its segments with long-lasting effects on growth and FCF. We believe the company can finally turn this page. Under the hood a lot changed for the better and we believe Barco is now a far more attractive company. It is back to growth with a structurally higher margin potential. The buyback further supports EPS growth and returns. In our view, valuation remains very attractive, and we upgrade to BUY (from Hold) with a €17 per share target price (from €10). The company will hold a CMD in October, ...

Morning Notes : BAR BB, EXM BB, GREEN BB, HAL NA, UMI BB

: BAR BB, EXM BB, GREEN BB, HAL NA, UMI BB

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/20/2025

Morning Notes : AGFB BB, DSFIR NA, IMMO BB, NEXTA BB, PROX BB, EKOP BB

: AGFB BB, DSFIR NA, IMMO BB, NEXTA BB, PROX BB, EKOP BB

Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen

In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen. Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and higher price uncertainty. However, we note that Gimv has consistently compounded its portfolio whil...

Ekopak Surprising press release triggers sell off

Following December's profit warning, Ekopak again astounded the markets yesterday by announcing an approximate €8m revenue restatement of its recently published FY24 numbers. We were surprised to learn that the restatement pertained to revenue recognition of engineering efforts linked to the Waterkracht project, which was not disclosed at the time of the FY24 release. Additionally, the company is investigating balance sheet strengthening measures, which will likely result in a dilutive capital increase. Ekopak also announced plans to strengthen its management team, with further communication t...