Credit Morning 10/31/2025

INEOS Quattro: conference call comments|Casino is launching work to adapt its financial structure|Iliad and CK Hutchison are reportedly weighing a potential merger of their Italian operations (Reuters)|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/31/2025

Morning Crédit 31/10/2025

INEOS Quattro: conference call comments|Casino va discuter avec ses créanciers en vue de l'adaptation et du renforcement de sa structure financière|Iliad et CK Hutchison envisageraient une éventuelle fusion de leurs activités en Italie (Reuters)|

Logitech : PC cycle and leadership in gaming: the winning combo

As a leader in PC peripherals, Logitech is perfectly positioned to benefit from the PC replacement cycle (acceleration in volumes in Q3 and knock-on effect on peripherals) and the medium/long-term outlook for gaming (underestimated in our view, steady market share gains). This should translate into a solid financial performance (EPS CAGR 2025-28e of 14%) and trigger an upward revision phase (we are ~11% > css on FY 2027-28e EPS). We are initiating coverage at Outperform with a target price of CHF 115.

Nordic Semiconductor : Solid momentum in the short term, already well priced in, and probably overestimated in the long term

Nordic Semiconductor, leader in Bluetooth Low Energy (BLE), is entering a recovery cycle driven by the rebound in PC accessories and the launch of its nRF54 chip (2026e sales at +16%). But we think this momentum is already largely priced into what is a demanding valuation (relative-to-peer premium of ~40%). This exposes the group to the risk of de-rating in the event of disappointment. Moreover, we think long-term growth in BLE and operating leverage are probably overestimated (we are 18% below the css on 2028e EBITDA). We are initiating coverage with a Neutral rating and a target price of NOK...

Logitech : Cycle PC et leadership dans le Gaming : le combo gagnant

En tant que leader sur les périphériques PC, Logitech est parfaitement positionné pour bénéficier du cycle de remplacement PC (accélération des volumes au T3 et effet d’entrainement sur les périphériques) et des perspectives du gaming à moyen/long terme (sous-estimées selon nous, gains de PdM réguliers). Cela devrait se traduire par une solide performance financière (TMVA BPA 25-28e de 14%) et enclencher une phase de révisions en hausse (nous sommes ~11% > au css sur les BPA FY 27-28e). Nous initions à Surperformance, avec un OC de 115 CHF.