PostNL/A festive season coming up?/HOLD

The 3Q25 results were a slight miss versus expectations due to a more negative impact from mix in Parcels. PostNL has taken some efficiency measures to compensate and hence reiterated its outlook for FY25. However, we feel the outlook is challenging given that 4Q25F will need a significant uplift vs 4Q24. Election mail and yield/efficiency measures provide support but mix and uncertain customer confidence and close clustered timing of festive events lead us to remain a bit more cautious for 4Q25F. Focus will be on the outcome of some key events which make the investment case currently an event...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/03/2025

Benelux Morning Notes

GBL: €1.7bn of GBL Capital assets sold at 9% discount; PostNL: 3Q25 results miss due to more negative mix Parcels; FY25 outlook reiterated but challenging; UCB: Bimzelx's prescription data confusion

DEME Saltchuk takes peer Great Lakes Dredge & Dock private for $1.2bn Cash

Saltchuk a privately held US group active in freight transport, marine services and energy distribution, has agreed to acquire Great Lakes Dredge & Dock Corp (GLDD), an US offshore energy and dredging contractor often viewed as a peer to DEME due to its similar infrastructure-focused marine activities. The deal values Great Lakes at $1.2bn equity and $1.5bn transaction value, with Saltchuk offering US$17.00 per share in cash—a 25% premium to the company's 90-day VWAP and above its all-time high share price. Great Lakes is one of the largest provider of dredging services in the US, operatin...

Morning Notes : ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

: ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

Ontex [FY25 EBITDA at low end of guidance, FY26 guidance of +10% EBITDA]

4Q adjusted EBITDA dropped by 32% while FY25 adjusted EBITDA landed at 175.6m, which is at the low end of the € 175-180m guidance given at the time of the profit warning in December. FY26 guidance calls for a 10% increase in adjusted EBITDA to c. € 193m which is about 2% below our and consensus forecasts. We remind that Ontex recently decided to accelerate its CEO transition plan with Mr Nielly, previously President of Ontex Europe, having been appointed as the new CEO already in the course of January. Ontex has launched a strategic review, which seems mainly directed to enhancing the company'...