Shurgard : Q3 2025: Asset growth and rate increases drive strong performance

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/06/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/11/2025

Galapagos 9M25 conference call feedback

Galapagos reported 9M25 results and hosted a conference call to discuss its results. We provide the key takeaways from the call in this note.

CTP Conference Call lifts the lid on Vietnam expansion

The conference call explained that the FY25 EPRA EPS range will be at lower end of 0.86-0.88 due the cancellation of a Romanian deal. This deal was baked into the estimates and would have amounted to a €250m deal. Our estimate stands at 0.86 anyway. The cancellation could be linked to Romania's newly enforced Foreign Direct Investment (FDI) screening. CTP now commands a 40% market share in Romania. A lot of attention in the call was spent on the unknown Vietnam potential for CTP. CTP will publish a paper on Vietnam on their website to illustrate their view on the market. However, the call also...

Titan Better than expected 3Q results and positive outlook. All eyes on CMD.

TITAN's 3Q EBITDA jumped by 20% and came in 4% above our forecast and 8% above consensus. Importantly, the outlook for the remainder of the year is said to be positive. We look forward to the upcoming CMD (11 November) where we hope to get more clarity on the group's medium term ambitions. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. We remind that only one third of Titan America's sales is imported in the US. Additionally, the US remains a net-import market in which c. 24% of consumption is imported, implying that, over the short to medium...