ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 23/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/14/2025

Polynt Group : Further dividend distribution expected amid good deleveraging capabilities

While the chemical industry remains under pressure, notably in Europe amid cheaper imports, oversupply and weak demand for key end markets such as construction and automotive, Polynt has been able to improve its margins while continuing to generate positive FCF. Besides the consolidation of the composite industry, the company’s leading position and strong pricing power, switch to higher margin products, and good technological capabilities, have led to margin expansion. Furthermore, Polynt has low capex requirements, while it has good control of its working capital. Margins are expected to cont...

Polynt Group : Further dividend distribution expected amid good deleveraging capabilities

While the chemical industry remains under pressure, notably in Europe amid cheaper imports, oversupply and weak demand for key end markets such as construction and automotive, Polynt has been able to improve its margins while continuing to generate positive FCF. Besides the consolidation of the composite industry, the company’s leading position and strong pricing power, switch to higher margin products, and good technological capabilities, have led to margin expansion. Furthermore, Polynt has low capex requirements, while it has good control of its working capital. Margins are expected to cont...

Verisure : Endless cash machine

The main shareholder, Hellman & Friedman, has just issued new PIKs via the Aegis holding company with the aim of paying itself another large dividend, the fifth in nine years and likely to be the last. We are taking advantage of this transaction to review the group's latest trends, detail the implications of the IPO on cash generation and update our recommendations (including the new PIKs).