Oddo BHF - Aalberts added to our Midcaps Europe list

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Oddo BHF

Christophe-Raphaël Ganet

Aalberts added to our Midcaps Europe list

04/02/2026 1 EN

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Christophe-Raphaël Ganet

Other Reports from Oddo BHF

Nicolas David ... (+2)

Nicolas David
Nicolas Thorez

ODDO : Shift to more favourable cycle to ease AI pressure on sector valuations

While we do not deny the uncertainties and risks associated with artificial intelligence (pricing pressures, organisational change, etc.), we remain constructive on this issue, given the significant volume opportunities in prospect for the sector with the integration of agentic AI. Moreover, improving growth momentum in 2026 should reduce pressure on sector valuations (discount >30% vs Stoxx 600 vs a premium of 10% four years ago). On this basis, we have upgraded Bechtle (Outperform vs Neutral), downgraded Nagarro (Neutral vs Outperform) and prefer Capgemini, Alten, Wavestone and ALSO Holding.

41m 41m 1 EN

Nicolas David ... (+2)

Nicolas David
Nicolas Thorez

ODDO : L’entrée dans un cycle plus favorable devrait réduire la pression que l’IA a pu mettre sur les valorisations du secteur

Sans nier les incertitudes et risques liés à l’IA (pressions tarifaires, changements organisationnels, etc.), nous restons constructifs sur cette thématique tant les opportunités de volumes autour de l’intégration de l’IA agentique sont importantes pour le secteur. D’autant plus que l’amélioration de la dynamique de croissance en 2026 devrait permettre de réduire la pression sur les valorisations du secteur (décote >30% vs Stoxx 600 contre une prime de 10% il y a 4 ans). Dans ce contexte, nous relevons notre opinion sur Bechtle (Surperformance vs Neutre), l’abaissons sur Nagarro (Neutre vs Sur...

47m 47m 1 FR

Carole Braudeau

Carole Braudeau

Credit Morning 02/04/2026

Sappi: Very weak Q1 2025/26 and disappointing outlook, but liquidity remains satisfactory|ams OSRAM to sell its non-optical sensors for €570m|Santander announced strong 2025 results and the acquisition of a US bank for USD 12.2 bn.|

1h / 29m 1h / 29m 1 EN

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Aalberts added to our Midcaps Europe list

ODDO : Shift to more favourable cycle to ease AI pressure on sector valuations

ODDO : L’entrée dans un cycle plus favorable devrait réduire la pression que l’IA a pu mettre sur les valorisations du secteur

Credit Morning 02/04/2026

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