AZN - Overdone – U/G to BUY (TP £120, 10pgs)

We upgrade AZN after we factor in what we believe is the worst-case China outcome and upgrade our 2025 sales following a strong Q3, leaving us just 2% below 2025 cons EBIT. Moreover, a strong Q3 shows the potential for robust revenue growth (ex-China) in 2025 & based on our conversations with investors, we now believe they are ready to start to look through the China issues, but we acknowledge the very likely risk that AZN will ultimately be drawn into the fraud investigations in China. Furthermore, buybacks in 2025 may help to boost EPS growth to double-digits. BUY. For access to the full not...

Keep calm and carry on

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2024

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Accelleron : Straight and smooth sailing with a compounder profile

Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong sto...

Dermapharm Holding SE : All divisions contribute to better-than-expected 9M figures

>A strong set of 9M figures beats expectations - 9M sales of € 890m (+3%) came in 1% above our (€ 886m) and 2% above the consensus compiled by the company of € 871m. Adjusted EBITDA of € 240m (-1%) is 5% above our estimates of € 229m and 8% above consensus of € 223m. The slightly lower profitability vs 9M 2023 (adjusted EBITDA margin of 27% vs 28%) still reflects the absence of sales from the extremely attractive contract with BioNTech, which still supported Q1 2023....

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...