Morning Notes : AKZA NA, BESI NA, CRBN NA, CMBT BB, FLOW NA, RAND NA, VPK NA, TKWY NA

: AKZA NA, BESI NA, CRBN NA, CMBT BB, FLOW NA, RAND NA, VPK NA, TKWY NA

ODDO : Best names to hide in during US tariff war in our DivFin coverage

KPN 1Q25: Profitability exceeds expectations, reiterates outlook

KPN reported a solid set of 1Q25 results, with adj. service revenues up 3.1% organically to € 1319m, hereby slightly exceeding expectations (kbcse: € 1310m, css: € 1311m). Adj. EBITDAal increased 3.1% organically to € 634m, or comfortably above expectations (kbcse & € 624m). The group also reiterated its upward revised guidance from mid-February. Following the recent share price rally due to KPN's limited direct impact to tariffs, we lower our rating from Buy to Hold and reiterate our € 4.2 TP.

Onward Medical FIRST LOOK: US ADR program established

Onward has launched an ADR program in the US, allowing American investors to trade Onward shares more easily in USD. Each ADR represents one ordinary Onward share and trades on the OTCQX market under the symbol ONWRY. This move aims to attract US institutional investors, enhance share liquidity, and broaden Onward's shareholder base. While it does not affect the company's cash position or shares outstanding, it could boost visibility, paving another step in the way for a potential future US IPO. We continue to look forward to an FDA label expansion for ARC-EX home use in 2025, while we also ex...

Pharvaris Initiation: A new pill's on the way to keep the swelling at bay

Pharvaris is a Dutch biotech developing deucrictibant for HAE, a rare genetic disease with a $3bn market, in both the on-demand and prophylactic settings. We see Pharvaris as an attractive investment case underpinned by deucrictibant's de-risked B2R target, competitive phase 2 results setting it up to be the only high efficacy oral option, in addition to a validated commercial opportunity for more convenient orals as evidenced by competitor Orladeyo's successful launch despite sub-par efficacy. We are confident in the upcoming phase 3 readouts in HAE on-demand (1Q26) and prophylaxis (2H26), an...