Report
Andreas Riemann ...
  • Jean Danjou
  • Usama Tariq

ODDO BHF Small & MIDCAP MORNING NEWS - 03/28/2024

With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a substantia...
Underlyings
Banco Comercial Portugues S.A.

Banco Comercial Portugues is a privately-owned bank that provides a range of banking activities and financial services in Portugal and abroad, with a focus on commercial banking, corporate and investment banking and asset management and private banking. Co. operates in the following segments: Portugal, which consists of retail banking (including ActivoBank), companies (including companies and corporate and investment banking), asset management and private banking, and non-core business portfolio; and foreign activity, which consists of Poland, Angola, and Mozambique. As of Dec 31 2014, Co. had total assets of Euro76.36 billion.

Berentzen Gruppe

Berentzen Gruppe AG is a Germany-based producer and distributor of liquors and non-alcoholic beverages. Under the Berentzen brand, the Company offers corn brandies and a range of fruit brandies made from apples, pears, wild and black cherries, plums, damsons, blackcurrants and red fruits, as well as from passion fruits and melons. Under the Puschkin brand, the Company offers vodka and fruit-flavored vodka, including blackberry and blood orange flavors. Other brands and products include Doornkaat, Strothmann, Bommerlunder Aquavit, Amaro Montenegro, Vecchia Romagna and Polar Limes, among others. In addition, the Company offers non-alcoholic beverages under the Vivaris and Sinalco brands. The Company operates through various subsidiaries across Germany.

Cegedim SA

Cegedim is a technology and services company. Co. supplies services, IT tools, specialized software, information flow and database management services to healthcare industries, pharmaceutical companies, healthcare professionals and insurance companies. Co.'s operations can be divided into three sectors: CRM and Strategic Data (optimizing marketing and sales strategies, namely through tools and databases for managing sales forces, returns on investment, market or prescriber studies); Healthcare Professionals (software publishing with availability of promotional information) and Insurance and Services (software publishing and management of healthcare reimbursement flows).

ElringKlinger AG

ElringKlinger is a holding company. Co., through its subsidiaries, is engaged in the manufacturing and supply of cylinder-head and specialty gaskets, plastic housing modules, thermal and acoustic shielding parts for engine, transmission and exhaust tract applications, exhaust gas purification systems and components for lithium-ion batteries and fuel cells. Alongside vehicle and engine manufacturers, Co.'s customer base includes numerous automotive suppliers, particularly in the field of turbochargers, exhaust technology and transmission engineering. Co.'s operating business is divided into five segments: Original Equipment, Aftermarket, Engineered Plastics, Services and Industrial Parks.

Esker SA

ESKER and its subsidiaries are engaged in the design and production of software applications. Co. operates corporate resource access software such as applications and databases for workstations. Co. has three major product groups: Host Access, DeliveryWare and Fax Server. Host Access products allows users to access applications and databases stored on different servers from their own workstations. DeliveryWare responds to the need of companies for automatic management document delivery. Fax Server allows the user to send a fax directly from their workstation.

HighCo SA

High Co SA is a France-based marketing services group for mass-market retailers and consumer goods manufacturers. The Company offers marketing solutions, such as coupon issuing, a promotional technique that entitles the customer to a discount on a product; sampling, which consists in offering free samples to test a product; point-of sale, which ranges from shelf tags to in-store radio announcements, floor graphics and in-store field marketing; clearing, which consists of processing discount coupons and money-back offers; marketing communication agencies, which provide support for brands and retailers in their marketing campaigns, and digital services with the subsidiary, HighCo 3.0., which advises and assists clients on the integration of digital technologies for distributors and brands. The Company operates in France, Spain, United Kingdom, Poland, Russia and Turkey, among others.

InPost S.A.

JENOPTIK AG

Jenoptik is a holding company. Through its subsidiaries, Co. is an optoelectronics group engaged in the production of range of products including original equipment manufacturer or standard components, modules and subsystems through to systems and production lines for numerous sectors. Co.'s operating business is organized in the following three operating segments: Laser & Optical Systems, Metrology, and Defense & Civil Systems. The operating business within the segments is further subdivided into five divisions: Lasers & Material Processing, Optical Systems, Industrial Metrology, Traffic Solutions, and Defense & Civil Systems, each of which are subdivided into several business units.

Jungheinrich AG Pref

Jungheinrich is engaged in the development of new trucks and logistics solutions. Co.'s operating activities are divided into two segments: Intralogistics, which is engaged in the development, production and sale of new trucks including logistics systems as well as the mail-order business, short-term hire which include the rental of new and used material handling equipment, reconditioning and sale of used equipment and the provision of after-sales services including the maintenance, repair and spare parts businesses; and Financial Services, which encompasses the usage transfer and sales financing of material handling equipment and warehousing technology products.

Knaus Tabbert

LHYFE S.A.

LNA Sante SA

LNA Sante SA Formerly known as Le Noble Age. LNA Sante SA, formerly known as Le Noble Age SA is a France-based company that owns and operates retirement homes and complexes for elderly residents. The Company's residences provide care and assistance for elderly people with a variety of needs, from those with a high level of independence, to those who are completely dependent. LNA Sante SA is also engaged in real estate operations. The Company has residences in France and Belgium. LNA Sante SA operates through its several subsidiaries, including Le Parc de Diane Sarl, Institut Medicalise de Mar Vivo, Gerhome, Residence le Point du Jour and the home healthcare service provider ARAIR Assistance, as well as ARAIR Group's support and training services, among others.

MISTER SPEX SE

OSE Immunotherapeutics SA

Ose Immunotherapeutics SA, formerly Orphan Synergy Europe Pharma SA, is a France-based company principally engaged in the clinical stage biotechnological sector. The Company develops immunotherapy products against invasive or metastatic late-stage cancers. The Company offers a technology, called Memopi, which helps the immune system to eliminate malignant cells; it re-educates the body's immunological memory so that the immune system (and particularly T cytotoxic cells) attacks tumor cells by increasing the patient's specific cytotoxic T response against their cancer. The Company's main product, Texopi, is a patented combination of ten epitopes, selected and optimized from five tumor associated antigens.

Quadient SA

Neopost supplies mailroom equipment, offering products for franking, folding & inserting, addressing, address cleansing, tracking, tracing letters, parcels & the supply chain. Co. also offers various services, including consulting, maintenance, financial services & online service. Co.'s activities can be summed up to 2 segments: Mailroom Solutions & Communication & Shipping Solutions, divided into 9 operations: Automated mail opening, Management of incoming mail & traceability of important mail, Address printers, Automated insertion equipment, Intelligent franking, Financing solutions, Data quality, Customer Communication Management and Shipping Solutions, mainly in Europe & North America.

Roche Bobois International SAS

Roche Bobois SA, formerly Furn Invest SAS, is a France-based company operating in the furniture design and distribution businesses. It offers a broad range of made-to-order customizable designs, manufactured in small European workshops. The full furniture collection, divided in Living Room, Dining Room, Desks, Bedroom, Outdoor Furniture, and Other Products includes sofas, armchairs, cocktail tables, dining chairs, sideboards, beds, wardrobes, storage and accessories including lighting, cushions and rugs. The Company service offering includes Delivery, Financing, Warranty, Wedding Registry, Maintenance Guide, Catalogues, Interior Design and Online 3D (tridimensional) Planner. The Company operates through retail or franchising stores and owns more than 250 showrooms across the world. It is active in Europe, America, Africa, Asia and Middle East.

SES-imagotag SA

Ses Imagotag SA Formerly known as Ses-Imagotag SA. Ses Imagotag SA is a France-based company, which designs and markets electronic shelf labeling systems for food and non-food retail industries. The Company's solutions include store electronic systems (SES), electronic labels, software, radio and mounting systems. The Company's solutions are designed for every type of retail environment, including hypermarkets, supermarkets, electronics stores, garden centers, pharmacies and service stations. The Company's products are distributed in approximately 50 countries worldwide. Ses Imagotag SA's main clients include Intermarche, E. Leclerc, Monoprix, Groupe Casino, Carrefour and Auchan. The Company has a global presence, through its own subsidiaries and representations, in Italy, Spain, the United Kingdom, Scandinavia, Canada, Mexico and Singapore, as well as more than 60 international partners. It operates through imagotag GmbH, a manufacturer of electronic components.

SFC Energy AG

SFC Energy provides fuel cell generators for off-grid power applications, low and medium voltage electrical machine power products, instrumentation and measurement solutions, gas and flame detection safety systems as well as supervisory control and data acquisition solutions. For the power electronic market, Co. provides high-power electronic components, external and internal converters, switch mode power supplies, and special coils. For the defence and secutiry market, Co. provides portable power solutions that soldiers can use to run the devices they carry while on dismantled deployment. For the consumer market, Co. provides fuel cells used in hybrid operationalong with a solar module.

Sidetrade SA

Sidetrade Sa. Sidetrade SA is a France-based software publishing company. It supplies companies with predictive analytics for managing the Business-to-Cash cycle. The Company's Cloud technology, complementary to enterprise resource planning (ERP) provides Finance Departments with a management console, offering visibility of the customer relationship and control and forecasting of financial flows. The Company offers four technology solutions: Sidetrade Network (Intelligent Credit Management Software), Sidetrade Mobile (Financial Management Mobile Application), Digital Collection (Interactive Digital Invoice Dunning) and Euler Hermes Intelligence (Customer risk management application). In addition, Sidetrade SA offers such services as consultancy, outsourcing, audit, and litigation recovery. With customers of all sizes and from all sectors from around 65 countries, it enables approximately 100,000 users to collaborate via its Cloud and accelerate cash-flow generation. It operates through C-Radar.

SMA Solar Technology AG

SMA Solar Technology is a holding company. Through its subsidiaries, Co. operates in five divisions: Medium Power Solutions, which distributes inverters, system solutions as well as products used for monitoring PV systems and energy management; Power Plant Solutions, which supplies central inverters and system solutions to PV plants; Service, which provides customers in Germany and abroad with support and after-sales services; Zeversolar, which serves the Chinese photovoltaic market and the budget market (low-price segment) in foreign markets; and Railway Technology, which manufactures converters as individual devices and energy supply systems for railway coaches.

STRATEC SE

STRATEC Biomedical designs and manufactures automation solutions and technologies for use mainly in in-vitro diagnostics (IVD) and in other regulated markets. IVD refers to those diagnostics activities performed outside the body in a glass or in test receptacles in a laboratory. Co. operates through two segments: Instrumentation and All Other. In the Instrumentation segment, Co. designs and manufactures fully automated analyzer systems for its clinical diagnostics and biotechnology customers. In its all other segment, Co. develops workflow software for networking several analyzer systems and develops and sells scientific materials and technologies such as nucleic acid purification.

Suess Microtec AG

SUESS MicroTec SE Formerly known as Suess MicroTec AG. SUESS MicroTec SE is a Germany-based holding company (the Group) that supplies process equipment for microstructuring in the semiconductor industry. The Group operates through four segments: Lithography, Bonder, Photomask Equipment and Others. The Lithography division develops, produces and sells the mask aligner, developer, and coater product lines, as well as ultraviolet (UV) projection and laser processing product lines. The Bonder division comprises the development, production and distribution of the substrate bonder product line. The Photomask Equipment division includes the development, manufacture and sale of HMx, ASx, MaskTrack and MaskTrack Pro product lines through SUSS MicroTec Photomask Equipment GmbH & Co KG. The Others division combines further activities of the Group in the area of micro-optics and lenses and the centralized Group functions.

Trigano SA

Trigano designs, manufactures and sells leisure vehicles and leisure equipment. Co.'s operations can be divided into two segments: Leisure vehicles and Leisure equipment. The Leisure Vehicles segment produces motor caravans, caravans, mobile homes and accessories and provides services to its customers (leasing and financing of leisure vehicles). The Leisure Equipment segment produces trailers, camping equipment, and garden equipment. Co. operates in France, U.K., Italy, Germany, Belgium, Spain, Netherlands, Norway and Other countries.

Vranken-Pommery Monopole SA

Vranken-Pommery Monopole is engaged in the production, marketing and distribution of alcoholic beverages, primarily champagne, porto and pink wine (Rose). Co.'s brands are Pommery, Vranken, Heidsieck & Cdeg Monopole and Charles Lafitte for champagne; Sao Pedro, Rozes et Terras do Grifo for Porto; and Listel and Chapelle Gordonne et Billette for pink wine (Rose). Co.'s activities can be divided into three segments: Vineyard which focuses on managing Co.'s vineyard and wine-producing activities; Production of champagne, porto and pink wine; and Distribution and Marketing of products.

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
Andreas Riemann

Jean Danjou

Usama Tariq

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