Report
Nicolas Thorez

ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2021

Fluidra is the world leader in pool equipment, having strongly benefited from recent lifestyle changes and successful integration processes (Zodiac in 2018) which have reinforced its competitive advantages (global, brands, integration). We believe its fundamentals are adequately reflected in the valuation (EV/EBITDA c.17x, FCF yield <5%) in anticipation of the expected slowdown in the normalisation of post-pandemic, and would not rule out a pullback on the share price after its strong...
Underlyings
Argan SA

Argan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.

Generix Group SA

Generix is engaged in the design and distribution of computer software. Co.'s software programs cover commercial management, accounting, production and the management of human resources.

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

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
Nicolas Thorez

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