bpost/A turnaround is not a next day delivery/HOLD

HOLD maintained; target price increased from €1.75 to €1.95 to reflect progress made in the last two quarters and the increase in outlook. However, we also believe tough trading conditions, optimisation of Staci and transformation of Radial US will mean that a recovery of fundamentals cannot be expected in the next quarter(s) as visibility is low and transformation takes time. We do see the longer-term potential but first want to see tangible evidence of margin recovery which validates plugging the margin targets set at the recent CMD. For this we also need a more benign macro environment. We ...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/11/2025

Morning Notes : LOTB BB, MELE BB, XFAB FP

: LOTB BB, MELE BB, XFAB FP

Lotus Bakeries FIRST LOOK : Three Continents, One Momentum: Lotus Turns Up the Heat

In FY25, Lotus Bakeries delivered a 10% revenue increase to a very nice € 1.355m (KBCSe 1.355m, CSS 1.346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue By the end of 2025, Biscoff production expanded to three continents. We welcome that the new production facility in Thailand delivered its first volumes into the Asia-Pacific region. We increase our Ta...

Melexis In rough weather, exaggeration only deepens the valley

Melexis enters 2026 with a message that is far from triumphant: the recovery is happening, but it remains “an uneven recovery”. 4Q25 delivered growth, yes—but only just—and once again China dictated the rhythm with swings that overshadow structural progress. We updated our model taking into account management insists that FY26 will mark the start of margin improvement, and while the yield normalization story is credible, it does little to offset the uncomfortable reality of flat sales in 1Q and 1H. Seasonality, annual pricing resets, and shifting EV incentives are real factors—but they also ...