ODDO : Shift to more favourable cycle to ease AI pressure on sector valuations

While we do not deny the uncertainties and risks associated with artificial intelligence (pricing pressures, organisational change, etc.), we remain constructive on this issue, given the significant volume opportunities in prospect for the sector with the integration of agentic AI. Moreover, improving growth momentum in 2026 should reduce pressure on sector valuations (discount >30% vs Stoxx 600 vs a premium of 10% four years ago). On this basis, we have upgraded Bechtle (Outperform vs Neutral), downgraded Nagarro (Neutral vs Outperform) and prefer Capgemini, Alten, Wavestone and ALSO Holding.

ODDO : L’entrée dans un cycle plus favorable devrait réduire la pression que l’IA a pu mettre sur les valorisations du secteur

Sans nier les incertitudes et risques liés à l’IA (pressions tarifaires, changements organisationnels, etc.), nous restons constructifs sur cette thématique tant les opportunités de volumes autour de l’intégration de l’IA agentique sont importantes pour le secteur. D’autant plus que l’amélioration de la dynamique de croissance en 2026 devrait permettre de réduire la pression sur les valorisations du secteur (décote >30% vs Stoxx 600 contre une prime de 10% il y a 4 ans). Dans ce contexte, nous relevons notre opinion sur Bechtle (Surperformance vs Neutre), l’abaissons sur Nagarro (Neutre vs Sur...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/04/2026

Biotalys Refocusing strategy on lead assets and cutting annual cash burn

We will update our model (from “Buy” to “under review”) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while protecting long-term platform value. The shift prioritizes EVOCA NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commercialization readiness. Biotalys intends to cut 30 jobs (In 2025 Biotalys on average had 59 employees.), maintains...

Morning Notes : DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

: DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

DSM-Firmenich FIRST LOOK: Sale of ANH to CVC for EV of up to € 2.2bn

Dsm-firmenich announced the divestment of its ANH business to CVC, while it will retain a 20% minority stake for now. The deal value (EV of up to € 2.2bn for 100%; implying a c. 7x EV/normalized adjusted EBITDA multiple) is in line with recent market rumours although below our € 3bn forecast, while also other elements in the deal structure are a bit disappointing (price tag included €0.5bn earn-out, a loan & liquidity facility will be provided). Despite the lower than expected ANH deal metrics, we welcome the ANH as it allows dsm-firmenich to turn the page on the long awaited strategic transfo...