Oddo BHF - BELIEVE SA (BLV) Believe : Downward revision to guidance for growth and to FCF for 2023, a solid model but questions persist

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Oddo BHF

Jerôme Bodin

Believe : Downward revision to guidance for growth and to FCF for 2023, a solid model but questions persist

>Neutral rating reiterated - Yesterday evening, Believe reported interim results ahead of our expectations in terms of EBITDA (€ 24m vs € 15.8m forecast) but revised down its guidance for organic growth (+14 vs +18%) and FCF for 2023. Organic growth in Q2 reached 13% whereas we were looking for 18%. This difference is mainly attributable to a forex effect impacting the revenue of its partners. The end of the year is likely to come in below initial expectations. FCF wi...

03/08/2023 1 EN

Underlying

BELIEVE SA

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FR0014003FE9 Euronext Paris France

Provider

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.

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Analysts

Jerôme Bodin

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Believe : Downward revision to guidance for growth and to FCF for 2023, a solid model but questions persist

COMMUNIQUÉ DE PRESSE EN DATE DU 24 JUILLET 2025 RELATIF A LA MISE EN ŒUVRE DU RETRAIT OBLIGATOIRE VISANT LES ACTIONS DE LA SOCIETE BELIEVE

Believe: Results of the public buyout offer Imminent implementation of the mandatory squeeze-out

Believe : Résultats de l’offre publique de retrait Mise en œuvre du retrait obligatoire à venir

Glanbia : H1 results above expectations. FY guidance for EPS upgraded on better revenue growth for GPN and improved margin for H&N

Glanbia : H1 results above expectations. FY guidance for EPS upgraded on better revenue growth for GPN and improved margin for H&N

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/13/2025

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