Credit Morning 05/12/2025

Pharma: Donald Trump wants to cut the price of prescription drugs|ams OSRAM launches a consent request to amend the convertible notes|MPS published strong Q1 2025 results /the offer for Bacred is proceeding according to schedule|

Morning Crédit 12/05/2025

Pharma : Donald Trump veut réduire le prix des médicaments sur ordonnance|ams OSRAM lance une demande de consentement visant les obligations convertibles|MPS a publié de solides résultats T1 2025 et poursuit son offre sur Mediobanca|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 30/04/2025

Geberit AG : Strong product innovation pipeline offers above-average growth

Geberit has outperformed the underlying European construction market every year bar three since it became a listed company in 1999. One of the main reasons for this is its strong innovation power. Given the (successful) launch of various blockbuster products in the recent past and in 2025, we have raised our 2025/2026 EPS estimates by +2%/+4%. Moreover, improving sentiment in its leading market, Germany, and the potential for lower interest rates has prompted us to adopt a bull case valuation approach. We have upgraded Geberit from Neutral to Outperform, with a new target price of CHF 680.

La Mondiale : A la recherche d’un nouvel élan

AG2R La Mondiale a affiché une belle dynamique de collecte et des cotisations records en 2024, mais un recul de 20% de son résultat net, en deçà des objectifs de son plan d’entreprise Nouvelle Donne. Ce dernier aura certes réussi le redressement de la Prévoyance Santé, mais d’autres mesures seront nécessaires pour rentabiliser Domitys et globalement assurer sur la durée l’équilibre économique du groupe. Fabrice Heyriès, nouveau directeur général arrivé le 7 avril dernier, aura donc pour mission de préparer et mettre en œuvre le prochain plan stratégique. Une meilleure rentabilité permettrait d...

La Mondiale : In search of a new impetus

AG2R La Mondiale recorded strong inflow momentum and record contributions in 2024, but net profit fell by 20%, below the targets of the Nouvelle Donne business plan. Although the plan has succeeded in turning around the protection and health division, other measures will be needed to restore Domitys' profitability and, more generally, to ensure the group's long-term economic balance. Fabrice Heyriès, chief executive since 7 April, will have the job of preparing and implementing the next strategic plan. Stronger profitability would boost the solvency ratio, which has stabilised at 176% over the...