Report
Anis Zgaya ...
  • Christophe Chaput
  • Khaled Ben Amor
  • Martial Descoutures
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 11/26/2019

Amid spiralling labour and energy costs (additional € 30m in 2019), Elis should be able to shield its EBITDA margin (31.5% on our estimates), reflecting a capacity to get price increases accepted without hurting volumes (organic growth estimated at +3.3%). In 2020, FCF generation (€ 268m vs € 165m in 2019) is set to benefit from a reduction in the capex budget (18% of revenue vs. 20% in 2019) and recent efforts to optimise the debt structure (average cost 1.5% vs. 1.8%). We are mainta...
Underlyings
Bigben Interactive SA

Bigben Interactive is engaged in designing and distributing accessories for video game consoles for the European markets (France, Germany, Belgium, Luxemburg, the Netherlands). Co.'s activities can be divided into four categories: design and distribution of accessories for video game consoles (controllers, steering wheels, memory cards, pistols); exclusive distribution of video game software; non exclusive distribution of video game consoles and software; publication and distribution of promotional products (USB keys, watches, electronic gifts, audio gifts).

Encavis AG

Capital Stage is an investment company based in Germany. Co. is engaged in investing in small and medium sized enterprises.

Genfit SA

Genfit is a biopharmaceutical company engaged in the discovery and development of drugs and biomarkers in therapeutic areas of high unmet need due to the lack of effective treatments or diagnostic tools and/or due to the increasing number of patients worldwide. Co. concentrates its research and development efforts to participate in the commercialization of treatment solutions and diagnostic tools to fight certain metabolic, inflammatory, autoimmune or fibrotic diseases affecting especially the liver (such as non-alcoholic steatohepatitis or "NASH").

Poxel SA

Poxel is a clinical-stage biopharmaceutical company focused on the development of treatments for type 2 diabetes and metabolic disease. Co.'s two drug candidates, Imeglimin and PXL770, are intended to complement and augment existing type 2 diabetes therapies, including in patients who no longer fully respond to such therapies, with the goal of helping patients better control their type 2 diabetes and reduce potentially disabling or fatal complications.

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.

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
Anis Zgaya

Christophe Chaput

Khaled Ben Amor

Martial Descoutures

Oussema Denguir

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