Report
Charlotte Vaisse ...
  • Marc Lavaud
  • Thijs Berkelder

ODDO BHF Small & MIDCAP MORNING NEWS - 25/07/2023

Founded in 2006, Deutsche Rohstoff (DRAG) is an independent German-based company focusing on oil & gas production in the US. In addition, DRAG participates globally in exploration and mining projects in the field of battery and strategic metals. In view of growing revenues (CAGR 3.7%, 2023e to 2025e), strong EBITDA margins (+90bp to 74.8% in 2025e vs 2023e) and a solid balance sheet (equity ratio >70%, net cash position as of 2025e), we initiate coverage with Outperform and a target p...
Underlyings
Almirall SA

Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.

APPLUS SERVICES S.A.

Applus Services SA is a Spain-based company that provides inspection, testing and quality assurance services. The Company's activities are divided into five segments: Applus+ RTD, which provides non-destructive testing services mainly to the oil industry; Applus+ Velosi-Norcontrol, which offers solutions for technical assistance, supervision, inspection, quality control testing, certification and consulting services mainly to industrial, electrical, oil and telecommunications facilities; Applus+ Laboratories, which focuses on laboratory testing, system certification and product development services within aerospace, industrial and consumer goods sectors, among others; Applus+ Automotive, which is responsible for the vehicle roadworthiness testing services, and Applus+ IDIADA, which delivers design, engineering, testing and certification services mainly to car manufacturers. The Company operates in Europe, Africa, Asia and the Americas.

Beneteau SA

Beneteau designs, manufactures and sells yachts and powerboats through an international network of dealers. Co. also designs, manufactures and sells mobile homes. Its operations can be divided into two segments: The Boats segment and the Leisure Homes segment. The Boats segment groups together the activities for manufacturing and marketing boats with a customer base made up of dealers; The Leisure Homes segment groups together the activities for manufacturing and marketing mobile homes with a customer base made up of campsites and wholesalers, and the the activities for manufacturing and marketing wood-frame houses. Some of Co.'s brands are Beneteau, Jeanneau, CNB, IRM and O'Hara.

Bigben Interactive SA

Bigben Interactive is engaged in designing and distributing accessories for video game consoles for the European markets (France, Germany, Belgium, Luxemburg, the Netherlands). Co.'s activities can be divided into four categories: design and distribution of accessories for video game consoles (controllers, steering wheels, memory cards, pistols); exclusive distribution of video game software; non exclusive distribution of video game consoles and software; publication and distribution of promotional products (USB keys, watches, electronic gifts, audio gifts).

DEME GROUP NV

DUTCH STAR C SHAR

Elior Group SA

Elior is a contracted food and support services group based in France. Co. provides personalized catering and service solutions to 3.7 million customers in the business & industry, education, healthcare, leisure and travel markets through 17,500 restaurants and points of sale in 13 countries. Co. offer solutions in two core segments, Contract Catering & Support Services (provides foodservice solutions to Business & Industry, Education and Healthcare as well as support services for facilities management and cleaning services) and Concession Catering & Travel Retail (food service solutions for motorways, airports, railway stations and leisure).

EXEL Industries SA

EXEL Industries designs and manufactures precision spraying equipment that it markets to three markets: farming, industry and consumers. Co. organizes its operations into two divisions: Plant Protection (manufactures professional, semi-professional and consumer agricultural spraying equipment for plant protection; plant health products sprayed include herbicides, insecticides, fungicides, liquid fertilizers and other products) and Material Protection (supply of material protection products in two different areas: paint and viscous industrial product application equipment; and elimination of dust and odors).

ID Logistics Group

ID Logistics is an international contract logistics group that designs and implements one-stop services tailored to the specific requirements of each client. The services Co. offers combine customized architectures to allow clients to optimize their supply chain.

Interparfums

Interparfums SA. Interparfums SA, also known as Interparfums, is a French-based company engaged in the design, manufacturing and marketing of fragrances. The Company designs, produces and distributes perfumes and cosmetics under such brands as Burberry, Boucheron, Burberry Beauty, Jimmy Choo, Lanvin, Montblanc, Nickel, Paul Smith, Repetto, S.T. Dupont and Van Cleef & Arpels, Karl Lagerfeld, among others. The Company is present in Switzerland, Germany, Spain, Italy, the United Kingdom, Singapore, the United States, among others. The Company operates through the subsidiaries, including Interparfums Suisse Sarl, Interparfums Deutschland GmbH, Interparfums Srl, Interparfums Ltd, Interparfums Luxury Brands and Interparfums Singapore. As of December 31, 2013 the Company's shareholder was InterParfums Holding with 73,1% stake in the Company.

Nacon SASU

Toy manufacturer

Navigator Company SA

Navigator and its subsidiaries are engaged in the production and sale of cellulose pulp and related products, the purchase of wood and agricultural and forest production, the harvesting of forests and the transport of wood from the forests to the plants, and the production and sale of electricity and thermal energy. Co. is also involved in the production of paper and derivative paper products.

Plastic Omnium SE

Compagnie Plastic Omnium is a manufacturing and services company which partners with car manufacturers and local communities, through its two core businesses which are Automotive Equipment and Environment. Co.'s activities can be divided into two divisions: the Automotive division and the Environment division. The Automotive division designs, manufactures and sells vehicle body parts (exterior parts and modules) and plastic fuel systems. The Environment division provides products and services for local authorities, including waste pre-collection and management equipment and services, and road and highway signage.

Prodways Group SA

Prodways Group SA. Prodways Group SA is a France-based company engaged in the industrial machinery sector. The Company focuses its activities on the industrial three-dimensional (3D) printing market and more specifically on ''rapid manufacturing'' 3D printing for industrial series production. The Company designs, manufactures and sells products for various industries, including automotive, dental, molding, medical, jewelry and luxury, aerospace and defense, architectural and design, consumer products and academic and research. It offers its customers multi-technology, multi-application industrial solutions, 3D printing systems and a wide range of composite, hybrid and powder products. In addition, it also develops its own manufacturing for the podiatry (orthopaedic soles) and dentistry (orthodontic pieces and dental trays) markets that is sold directly to healthcare professionals. It operates through Avenao Industrie and Interson-Protac.

Telenet Group Holding NV

Telenet Group Holding is a holding company. Through its subsdiairies and its broadband network, Co. is engaged in the provision of cable television, including television services, broadband internet and telephony services to residential subscribers in Flanders and certain communes in Brussels as well as broadband internet, data and voice services in the business market throughout Belgium and parts of Luxembourg. In addition, Co. is engaged in the provision of mobile telephony services through a mobile virtual network operator partnership with Mobistar NV.

Verimatrix SA

Inside Secure designs, develops and sells software, silicon IP, tools and know-how to be integrated into mobile and connected devices to protect its customers' transactions, content, applications, and communications. Co. is serving markets such as: network security; IoT security; content & application protection; and mobile payment & banking. Co.'s technology protects solutions for a broad range of customers including: service providers; digital content distributors; security system integrators; device vendors; and semiconductor manufacturers.

Provider
Oddo BHF
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.

Analysts
Charlotte Vaisse

Marc Lavaud

Thijs Berkelder

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