ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 31/03/2025

IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FLUIDRA, GRUPO CATALANA OCCIDENTE, ELECTRICITY SECTOR, IAG, METROVACESA, NATURGY, OHLA, REPSOL. Tariffs remain in the spotlight European stock markets fell once again (except the peripheral indices IBEX and Italian Mib, which closed with minimal gains), marked by Trump’s announcement of 25% tariffs on imported cars. Thus, in the STOXX 600, Retail and Utilities posted the biggest gains, with Autos and Construction leading the drops. On the macro side, in the euro zone February’s M3 rose more than expected, with private sector loans standing out. In Spain, February’s retail sales...

Clariane : L’essai devra être transformé

Clariane n’a pas démérité en 2024 pour commencer à redresser sa situation financière, et en un an, nous n’avons pu que constater la bonne avancée du plan de désendettement et le redressement engagé de l’opérationnel. L’accord, en février, avec les banques pour amender le crédit syndiqué a été la bonne nouvelle supplémentaire. Malgré tout, il reste encore des choses à faire pour pérenniser la situation financière de Clariane. Si la poursuite du redressement opérationnel est un prérequis, l’impératif est de réaliser, sans faute cette année, les 500 m EUR de cessions restants et pouvoir ainsi pro...

Clariane : Consolidate the trend

Clariane did not disappoint in 2024 in beginning to improve its financial position, and in the space of a year it has made good headway in its debt reduction programme and ongoing operating recovery. The agreement reached with the banks in February to amend the syndicated facility was additional good news. Despite this, there is still work to be done to secure Clariane's financial position. Although continuing the operating turnaround is a precondition, the key issue for this year will be to successfully complete the remaining € 500m in divestments and therefore safeguard liquidity, ensure deb...

Credit recommendations April 2025