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: ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HYL BB, IBAB BB, KIN BB, MTLS US, VGP BB, AZE BB, ZEAL DC
Hyloris provided an update regarding the review of valacyclovir for oral suspension which had a PDUFA target action date of 12 October 2025. It appears that the FDA identified significant inspection observations at the third party manufacturing plant in Greece. The manufacturer confirmed that it is actively implementing its remediation plans. Currently, Hyloris believes that resolution of the manufacturing situation is required to obtain an FDA product approval and is working on a solution. We reiterate our € 6 TP and Hold rating.
: ARCAD NA, GIMB BB, HYL BB, CTPNV NA
: ATEB BB, COMB BB, BPOST BB, ELI BB, GLPG NA, JEN BB, HYSG BB, ZEAL DC, ECMPA NA
In this Holdings report we review the European private equity landscape following a landmark 2025. We saw record deal values, improved exits, and strong mid-market activity in France & Benelux, which continues to support a constructive backdrop for our covered names. We discuss recent developments at GBL (downgraded to Accumulate as most catalysts now appear priced in after sharp discount compression) and HAL Trust (target reached, re-evaluating while maintaining Accumulate amid portfolio strength). Across the broader holdings universe, discounts to NAV have narrowed to multi-year lows, reflec...
Eurocommercial reports results -1,7% below our EPRA EPS expectations and the visible alpha CSS on higher than expected investment and interest expenses. The investment expenses are likely related to the € 110,0m Swedish acquisition announced this week. The operational metrics improved materially on all fronts vs 3Q25: collection rate, OCR, Vacancy. Momentum continued in January 2026 as total retail sales were up +6,5% YoY. Over FY25 the portfolio valuation increased by +1,9% driven by higher NOI and stable cap rates. We think Eurocommercial will reach the upper end of its FY26 guidance of €2,...
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