ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/26/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 26/08/2025

AEX from 25 to 30, place your bets Our candidates for the AEX expansion

The AEX is set to expand from 25 to 30 constituents starting on 23rd September, announcement on 9th September after close. This marks a significant change since its last expansion in 1994. The new rule book was published on 22/08/25 and leaves some room for interpretation for companies that have another primary listing (WDP). We believe that WDP meets the requirement for “reference market”. The expansion will be based on Free Float Market Capitalization, with a buffer zone to manage transitions. Five companies from the AMX index (which tracks mid-cap stocks) are expected to promote to the AEX....

NX Filtration FIRST LOOK: 1H25 below expectations but FY25 guidance reiterated

1H25 revenues landed at €6.5m growing 12% y/y (26% h/h) below our €8mE. Gross margins kept up well at a high 60%. Ongoing cost efficiencies show off with FTE's down to 154 vs. 169 at year end. EBITDA stood at €-8.2m (vs. €-6.4m in 1H24 and our €-6.9mE). Guidance remained unchanged calling for FY25 revenues to grow in the 50-70% range. We are currently at the mid point of this range. In order to reach this forecast, 2H25 revenues should grow >115% y/y and >70% sequentially (h/h). We remain cautious for now, as history has shown that reliably guiding revenues is challenging. Hold and €3.1 TP rei...

Morning Notes : AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXFIL NA, IMCD NA

: AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXFIL NA, IMCD NA

Retail Estates Leen Bakker gets court protection in Belgium

Leen Bakker België NV is currently under judicial protection as of 14th August 2025 and seeks buyers for its 44 stores to avoid closure. We believe this will have a limited impact on Retail Estates that leases 11 retail properties to Leen Bakker in BE. This makes up 1.39% of the rental income, while there are no arrears. The chain is owned by private equity company Gilde that bought it from Blokker Holding in 2017 and merged it with Kwantum. Both are related to home furnishing and rely on out-of-town showrooms. We believe that the competition in this segment has increased with new formats like...