ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/27/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 27/05/2025

Polynt Group : The outlook remains blurry, but liquidity is strong across all actors

Commodity chemical players reported a weak set of Q1 results, with profitability suffering more compared to Specialty chemical players, as expected. The remaining part of 2025 and 2026 are expected to remain tough amid weak economic growth in Europe, tariffs in the US, and capacity additions in the US, although some external factors (government programs, lower interest rates) could boost earnings. While commodity players such as IGH and IQ will continue to suffer from the weak operating environment, their low-cost base and strong liquidity position (for now) provide sufficient cushion to navig...

Polynt Group : The outlook remains blurry, but liquidity is strong across all actors

Commodity chemical players reported a weak set of Q1 results, with profitability suffering more compared to Specialty chemical players, as expected. The remaining part of 2025 and 2026 are expected to remain tough amid weak economic growth in Europe, tariffs in the US, and capacity additions in the US, although some external factors (government programs, lower interest rates) could boost earnings. While commodity players such as IGH and IQ will continue to suffer from the weak operating environment, their low-cost base and strong liquidity position (for now) provide sufficient cushion to navig...

Germany under Merz: progress report

Germany's new Chancellor has inherited a fragile economy. At the start of 2025, real GDP had just returned to its 2019 level. In the meantime, several negative shocks had highlighted several structural problems. The country was too dependent on Russia to cover its energy needs, on China for its exports, on the automotive industry for its industrial activity and on the United States to ensure its defence against external threats. Friedrich Merz neatly took advantage of the circumstances to shake off the fiscal straitjacket and advocate a major effort on public investment and defence. Let’s reca...