ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/05/2025

Robertet : Spéculation disparue, retour aux fondamentaux

Nous initions Robertet, un aromaticien multi-spécialiste, occupant la 7e place sur le marché mondial des parfums et arômes, avec une recommandation Neutre du fait de son profil de croissance moindre en 2025 (effets de base défavorables), des effets induits par les tarifs douaniers ou le dollar et de la fin de son statut spéculatif. Fondé sur un DCF et des comparables boursiers (après une décote de taille de 20%), notre OC se situe à 931 €.

Robertet : Speculation over, back to fundamentals

We are initiating coverage of Robertet, a multi-specialist flavour and fragrance company, ranked 7th in the global fragrance and flavour market, with a Neutral rating due to a weaker growth profile in 2025 (unfavourable base effects), the fallout from US tariffs or the US dollar and the end of the speculative appeal. Based on DCF and peer comparison (with a size discount of 20%), we came up with a target price of € 931.

MATMUT : Issuance Focus

Matmut is coming to the market for a first bond issue in the Tier 2 segment with a benchmark format of € 500m, a maturity of 10.75 years (2036) and a Baa1 rating. This bond issue is designed to finance part of the acquisition of HSBC Assurances Vie, for which the group has made a € 925m offer. The finalisation of the transaction is subject to relevant approvals and is expected to occur in the second half of 2025.