ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/04/2025

Forsee Power : Not much visibility on 2025 at this stage although lower accumulator prices will likely remain a support factor

Atos : Execution risk and debt levels still too high to come back to the stock

Following its debt restructuring, Atos has regained a cash position that will enable it to continue operations. However, in an unfavourable macroeconomic environment, the group's operational recovery will be tough going and cash burn is set to remain high. Despite the CMD due on 14 May, we think it is too early to return to the stock. We are upgrading our recommendation to Neutral with a target price of € 35.

Webuild : Building resistance: no significant impacts expected from the tariff war

Webuild has posted a strong set of results over the past years, with actual numbers exceeding the guidance. Going forward, we expect the company to continue delivering on its backlog, resulting in a sequential improvement in profitability. Despite the current macroeconomic volatility, Webuild is not expected to be directly impacted by US tariffs (local player through Lane) nor a potential economic slowdown, being exposed to long-term government spending programs in key regions such as Italy and Saudi Arabia. We have revised our recommendations, as in current market conditions, we find the long...

Webuild : Building resistance: no significant impacts expected from the tariff war

Webuild has posted a strong set of results over the past years, with actual numbers exceeding the guidance. Going forward, we expect the company to continue delivering on its backlog, resulting in a sequential improvement in profitability. Despite the current macroeconomic volatility, Webuild is not expected to be directly impacted by US tariffs (local player through Lane) nor a potential economic slowdown, being exposed to long-term government spending programs in key regions such as Italy and Saudi Arabia. We have revised our recommendations, as in current market conditions, we find the long...