Benelux Morning Notes

CFE: Preview: underlying 2026 margin to improve / DEME: Preview: strong 2025, eyes on 2026 outlook / JDE Peet's: Acquisition by KDP expected to close in 2Q26 / Solvay: 2025 ends with strong FCF; 2026F und. EBITDA guidance slightly below, supported by one-off / UCB: Peer Moonlake investor day / Vastned: Beat on bottom line with operational metrics accelerating, but outlook remains weak

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/16/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/02/2026

Azelis Model update

After revising our estimates post FY25 results we lower our estimates. For 2026 we lower our revenue estimates as we expect lower organic growth, lower acquisitional growth and more FX headwinds. The impact on the gross profit margin is modest while we anticipate more pressure on the EBITA margins. However, we see significant upside as the current valuation is based on compressed estimates and multiples. Our DCF valuation and multiple approach result in a fair value of € 15 per share. Therefore, we reiterate our Buy rating.

Morning Notes : GLPG NA, SOLB BB, AZE BB, JDEP NA

: GLPG NA, SOLB BB, AZE BB, JDEP NA

Amoéba Transforming into an industrial and commercial company by end FY26

Amoéba stated that in FY25, major regulatory and commercial milestones have laid the groundwork for commercialisation in FY26. We maintain our positive stance (Buy, € 1.5 TP) as after FY25 marked by intense regulatory and pre-commercial activity (both in biocontrol and cosmetics, as well as recognition from agricultural and wine-growing professionals), FY26 could be a turning point for Amoéba, marking its transformation into an industrial and commercial company. This change is based on the latest regulatory advances, as the ANSES (French Agency for Food, Environmental and Occupational Health &...