Oddo BHF - Cirsa : Preparing the ground for IPO

Report

Oddo BHF

Joan Sehim

Cirsa : Preparing the ground for IPO

Cirsa is executing its strategy step by step, which is expected to lead to an IPO by 2024. It all started with a return to strong operating performance in the last quarters, supported by the business normalisation, solid organic and external growth, cost savings initiatives and diversification towards online. As a result, net leverage has returned below the LBO level of Q3 2018 (3.9x as of March 2023) and should continue to improve looking ahead (3.5x in 2023e and 3.2x in 2024e)....

19/07/2023 1 FR

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.

See profile

Analysts

Joan Sehim

Other Reports from Oddo BHF

Tobias Fahrenholz

Tobias Fahrenholz

Georg Fischer : Grow with the smarter flow

We consider GF an attractive transformation and consolidation story in the structurally growing water equipment business. By the end of 2025, its more volatile and far less profitable machining + automotive-castings business should be gone and bring a higher-quality as well as greener business profile. The targeted gradual EBIT margin expansion of 360-560bp until 2030e (supportive operational leverage, remaining cost savings with Uponor around 70bp, improving product mix, more innovative solutions etc.) should not only become a supportive topic at the upcoming CMD in November but also help the...

6h / 50m 6h / 50m 1 EN

Carole Braudeau

Carole Braudeau

Credit Morning 08/27/2025

13h / 38m 13h / 38m 1 EN

Carole Braudeau

Carole Braudeau

Morning Crédit 27/08/2025

13h / 44m 13h / 44m 1 FR

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Cirsa : Preparing the ground for IPO

Georg Fischer : Grow with the smarter flow

Credit Morning 08/27/2025

Morning Crédit 27/08/2025

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe