KPN on track for a strong FY25/Strong competition not denting its performance

This morning, KPN presented good 2Q25 results, although the equity market seems to have been a bit disappointed by KPN's cash generation in 1H25. Nevertheless, we take it as a positive that KPN has raised its FY25 outlook and remain constructive on its notes. The KPN notes look somewhat attractive compared to some notes of Orange.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/23/2025

Eurocommercial Properties Megastore sale of EUR 14.1m above fair value

Yesterday Eurocommercial sold its recently developed EKO megastore for EUR 14.1m. The store is located as a standalone unit next to its Grand Samarkand shopping Centre (Sweden). It is part of the strategy to focus solely on shopping centres. The extension was completed in 1Q25 and let to EKO via a 10y lease. The development had a YoC of slightly above 8.0%. The exit yield is significantly lower at 6.3% which is above the latest reported fair value. This signals an ongoing undervaluation of the portfolio despite the 3.1% fair value increase over FY24. This triggered us, combined with the recent...

Pharvaris Raises $ 175m in gross proceeds via public offering

Pharvaris announced the pricing of an upsized public offering of 8,250,000 ordinary shares at a price of $ 20 per share (13.49% discount to previous close), and to one investor, pre-funded warrants to purchase 500,000 ordinary shares at a price of $ 19.99 per pre-funded warrant for gross proceeds of approx. $ 175m. We expect the net proceeds to extend Pharvaris' cash runway to mid-2027 (KBCSe) from 2H26, and will be used for R&D as well as commercialisation preparations in the US. We update our model to incorporate the additional cash, and shares, and take YE25 cash (previously YE24) for our D...