Report
Oliver Metzger

ODDO BHF Small & MIDCAP MORNING NEWS - 13/07/2022

Today we officially initiate coverage on DEME Group with an Outperform recommendation. We expect that in the coming years DEME will significantly grow its world-leading offshore wind installation activities and show a further recovery in dredging, thereby improving its EBITDA to >€ 650m by 2025e, up from c. € 450m in 2022e. Assuming its valuation remains at a steady 6-6.5x EBITDA, we expect its share price to reach € 130 in the next 12 months, and as such expect DEME to outperform the...
Underlyings
Befesa SA

Befesa is a services company principally engaged in the collection and recycling of steel dust and aluminum residues and other related industrial services and logistics. Co. also offers industrial recycling services to hazardous waste markets. Co. organizes its activities into three business segments: steel dust recycling services, salt slags recycling services and secondary aluminum production.

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.

FlatexDEGIRO AG

Flatex AG, formerly known as Fintech Group AG, is a Germany-based company engaged in the financial technology sector. The Company divides its business into two operational segments: Securities Trading and Financial Services (ST & FS) and Transaction Processing and White-Label Banking Services (TP & WLBS). The ST & FS segment includes online brokerage in the business-to-consumer (B2C) sector in Germany (on trading platforms such as flatex.de, vitrade.de) and Austria (flatex.at). The operations are conducted by the subsidiaries flatex GmbH and ViTrade GmbH. The TP & WLBS segment includes the business-to-business (B2B) activities of subsidiaries XCOM AG and FinTech Group Bank AG that focus on research and development in the area of financial technology and provide back-end execution of securities transactions for the Company's own platforms and for other banks, as well as offer business process outsourcing services.

Gerresheimer AG

Gerresheimer is a holding company. Through its subsidiaries, Co. manufactures glass and plastic products for the pharma and healthcare industry. Co.'s operates in three divisions: Plastics & Devices, which its product portfolio includes products for the administration of medicines, such as insulin pens, inhalers, and prefillable syringes; Primary Packaging Glass, which produces glass primary packaging for medicines and cosmetics, such as pharma jars, ampoules, injection vials, cartridges, perfume flacons, and cream jars; and Life Science Research, which produces laboratory glassware for research, development, and analytics, such as beakers, Erlenmeyer flasks, and measuring cylinders.

Kaufman & Broad SA

Kaufman & Broad SA is a France-based property developer and builder. The Company is principally engaged in the development of single family homes and apartments, commercial real estate activity, as well as the provision of residence services for business tourists and students. The Company is involved in all stages of implementation of a development program, land research to commercialization of housing through project design, the filing of a building permit and after-sales service. The Company has operations in numerous cities in France, such as Bayonne, Bordeaux, Grenoble, Lille, Lyon, Marseille, Montpellier, Nantes, Nice, Paris, Rouen, Strasbourg, Toulon and Toulouse, among others. Furthermore, the Company provides construction of logistics platforms and warehouses. It is also operational through a number of subsidiaries, including Kaufman & Broad Pyrenees-Atlantiques, Kaufman & Broad Homes SAS, SM2I and Residences Bernard Teillaud SARL, among others.

Theranexus SA

Theranexus SA is a France-based company engaged in the healthcare industry. The Company is a biopharmaceutical entity that develops drug candidates to be used in the treatment of central nervous system (CNS) disorders, including epilepsy, narcolepsy, Parkinson's disease, Alzheimer's disease, neuropathic pain and psychiatric disorders. Its patented technology is aimed at increasing the efficacy of CNS drugs, which are approved and available on the market. The Company's technology is protected, scalable and versatile, and used to generate high value-added proprietary drug candidates for different conditions, while reducing time-to-market and market entry costs and risks in comparison with standard drug development processes. Theranexus SA operates in the domestic market.

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
Oliver Metzger

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