ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/14/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 14/05/2025

DEME Group : Solid Q1 sales, 2025 guidance unchanged

Morning Notes : ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MAAT FP, DEME BB, PHVS US

: ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MAAT FP, DEME BB, PHVS US

Agfa FIRST LOOK: Weak Radiology Solutions and strong HealthCare IT in 1Q

1Q25 was marked by a weak performance in Radiology Solutions (1Q is traditionally a seasonally weak quarter but now with strong impact of the decline of the medical film markets, particularly in China) and the continued strong performance of Agfa's HealthCare IT division, driven by customer adoption of Agfa's cloud technology. While Agfa's Digital Printing Solutions equipment business faced challenges due to economic uncertainty, and the market for Agfa's Zirfon membranes for green hydrogen production slowed down in Europe and North America, Agfa claims that the long-term outlook for these bus...

D'Ieteren New 2024-2028 targets in line with expectations, but will this be enough?

This morning D'Ieteren announced its new 2024-2028 ambitions which will be followed by a CMD in London later today. While the mid-single digit adj. EBIT growth target came below our estimate of 7.1%, we believe the outlook is rather prudent as the outlook for the different entities is almost perfectly in line with our expectations. No other major news was announced. While the 1Q25 sales update came in slightly below our estimates , we want to highlight that this was partially due to fewer trading days as this impact was not included in our expectations. Buy € 220 TP.