Report
Anis Zgaya ...
  • Louis Boujard, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2024

We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
Underlyings
Brembo S.p.A.

Brembo operates in the field of components for the motor vehicle industry, designing, manufacturing and marketing disc braking systems. The product ranges includes performance brake calipers, brake discs, wheel side assemblies, complete braking systems and integrated engineering services that accompany the development of new vehicle models marketed by car and motorbike manufacturers. Co.'s products and services are employed on cars, commercial vehicles, and motorbikes, as well as in racing. Co. is divided into several manufacturing and marketing units which Co. coordinates.

Coface SA

Coface is a holding company that performs its activities through its primary operating subsidiary, Compagnie franASSaise d'assurance pour le commerce extA(c)rieur and its subsidiaries. Through its subsidiaries, Co. is a provider of credit insurance to businesses with solutions to protect them against the rist of client insolvency on both domestic and export markets.

DEME GROUP NV

Dormakaba Holding AG

dormakaba Holding and its subsidiaries are engaged in the security industry. Co. offers its customers solutions that benefits in terms of security, organization and convenience. Co.'s offering ranges from individual components, products and systems to fully integrated solutions from a single source. Co.'s activities are organized along three business segments: Door Systems, which provides a flexible and extensive range of automatic doors, gates and wall systems; Access & Data Systems, which includes all hardware and softwarebased components and systems for access control solutions; and Key & Ident Systems which produces key blanks and key encoding machines for the duplication of keys.

Ekinops SA

Ekinops SA is a France-based company engaged in the provision of optical transport solutions for service providers and private networks. The Company develops optical aggregation and transportation sub-systems for metropolitan and long-distance networks. Its products include switching, routing and multi-protocol solutions; optical amplifiers, optical filters, as well as optical protection units, among others. Its system can be configured through a software download to manage the aggregation of multiprotocol services through integration of systems and functionalities, allowing systems to be used through a single protocol. Ekinops operates a network of business offices in Americas, Europe, the Middle East and Africa.

Greencoat Renewables

Indra Sistemas S.A. Class A

Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.

Mercialys SA

Mercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.

Nexity SA Class A

Nexity in an integrated real estate group based in France. Co. operates in all areas of real estate development and services (residential real estate, commercial real estate, real estate services to individuals and real estate services to companies, distribution networks and client relations, major urban projects). Co. maintains a market presence across all industry cycles (short, medium and long). Co. serves three types of clients: individuals, companies and investors, and local authorities. Co.'s activities are conducted around four primary divisions: Residential real estate, Commercial real estate, Services and Distribution Networks, and Other activities.

Outokumpu Oyj

Outokumpu is organized into the following five business areas: Coil Europe, Middle East and Africa, which consists of stainless operations as well as ferrochrome production in Europe; Coil Americas, which produces standard austenitic and ferritic grades as well as tailored products; APAC, which includes cold rolling facility and coil and plate service center in China, as well as a coil service center in Australia; Quarto Plate, which is comprised of the quarto plate production facilities in Sweden and in the U.S.; as well as Long Products, in which its products are used in a range of applications such as springs, wires, surgical equipment, automotive parts and construction.

PostNL NV

PostNL is a mail, parcel and e-commerce corporation with operations in the Netherlands, Germany, Italy, Belgium, and the United Kingdom. Co. has been assigned by the Dutch government to carry out the UPD (Universele Postdienst, Dutch for Universal Postal Service). Carrying out the UPD requires, amongst other things, Co. to deliver mail throughout the Netherlands five days a week (Tuesday through Saturday) and to maintain enough mailboxes in the country. ACM is charged with monitoring and enforcing the execution by Co. Co.'s operations are organized along three business segments: Mail in the Netherlands; Parcels; and International. Co. maintains over ten networks across thirteen countries.

Stroeer SE & Co. KGaA

Stroeer SE & Co KGaA. Stroeer SE & Co KGaA is a Germany-based digital multi-channel media company and provider of out-of-home (OOH) and online advertising. The Company operates through three segments: Content Media, Direct Media and OOH Media. The Content Media segment includes display and video advertising, as well as digital marketing services. The Direct Media segment comprises dialog marketing and transactional product groups. The services include direct sales and non-voice channels, such as social media and chat, among others. The OOH Media segment covers activities related to large-format advertising, street furniture and advertising on public transport, and includes the giant poster business BlowUP and the online platform for booking of regional out-of-home campaigns, stroeer-direkt.de, among others.

Tikehau Capital SCA

Tikehau Capital SCA Formerly known as Tikehau Capital SCS. Tikehau Capital SCA is a France-based asset management and investment company. The Company invests in various asset classes, including Private Debt, which comprises debt financing transactions, such as senior debt, unitranche and mezzanine, as well as collateralized loan obligations; Real Estate, which focuses on commercial property and seeks sale and lease-back transactions in which the Company's vehicles act as purchaser; Private Equity, which encompasses investments in the equity capital of listed and non-listed companies, and Liquid Strategies, which encompasses investments in bonds, investment grade securities and the management of open-ended funds. The Company operates either through direct equity investments or through its asset management subsidiary, Tikehau IM, on behalf of institutional and private investors. The Company has offices in Paris, London, Brussels, New York and Singapore, among others.

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

Louis Boujard, CFA

Other Reports on these Companies
Other Reports from Oddo BHF

ResearchPool Subscriptions

Get the most out of your insights

Get in touch