Dynamic Top Pick List Update May 2025: Removing Fugro – Adding Merus

The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European companies could benefit. • On April 16, we removed Fugro from our Dynamic Top Pick List due to a revised...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/25/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 25/04/2025

Hal Trust 1Q25: NAV Increased 0.5% Driven By Listed Assets

During 1Q25, NAV increased 0.5% to €15.6b or €172.4ps or (vs. €15.5b €171.6ps at FY24-end). The slight uptick was driven by a €100m increase in the market value of listed assets. Best performer was Technip Energies (~5.7% of NAV) which reported a 12% net profit increase YoY for 1Q25. Vopak (~15% of NAV) was the worst performer after reporting no revenue increase YoY and supply chain disruptions from Trump's tariffs. Total listed portfolio stood at €4.5b (vs. €4.4b at FY24-end). Revenues from the unquoted companies for 1Q25 amounted to €2.3bn, up 2.7% from FY24-end. The liquid portfolio, valued...

Morning Notes : AGN NA, ATEB BB, VGP BB

: AGN NA, ATEB BB, VGP BB

VGP A solid investment, undiscovered behind JV walls

In this note, we review the pipeline and rental model in light of the current tariff uncertainty. We believe that VGP is not well understood in the market due to the complexity of its JV structure. VGP is a hybrid developer/investor that gradually shifts more to the latter. We model the financials on a look-through basis and value the consolidated cash flows including JV's. VGP understands the skill of leveraging its permitted landbank into yielding assets. The investments are largely recycled through a JV-partner. The development gains drive NTA appreciation and supports the share price over ...