ODDO BHF Small & MIDCAP MORNING NEWS – 12/04/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 04/12/2024

Grenergy renovables : Project rotation set to accelerate and net debt projected to decline

Puma : Better momentum and attractive valuation, upgrade to Outperform

Puma shares are down c. 15% YTD, mainly as H1 2024 was characterised by low growth and margin pressure. Moreover, Puma reduced its off-price exposure in the US and restricted the sell-in to wholesale. All that is solved, Q3 was a step in the right direction, and Puma should report double-digit top- and bottom-line growth in Q4. Thanks to growing demand for Speedcat, we raise our EPS forecast by 2% for 2025 and are 5% above the consensus. In light of that and given that Puma trades at a P/E 2025 of 15-16x (3-year average of 20x), we upgrade to Outperform with a new TP of € 60 (target P/E 2025 o...

Planisware : Profil désormais sous-estimé, et en mesure de regagner les faveurs du marché

Planisware est un (multi)spécialiste des logiciels de gestion de portefeuille projets (PPM). Après un parcours sans faute depuis son IPO (avril 2024), l’annonce au T3 d’un ‘sales warning’ pour FY 2024 (croissance de 17/18% vs 19.5%) a entrainé une baisse du titre et un de-rating sensible de la valorisation. Il convient toutefois de relativiser cet ‘accroc’, qui impacte davantage la perception du marché que les BPA du groupe, car les fondamentaux (intacts), les atouts et les perspectives attractives de Planisware (un des acteurs les plus dynamiques et rentables du secteur) devraient lui permett...

Credit Morning 12/04/2024

Orano a perdu le contrôle opérationnel de la SOMAIR au Niger|Casino Group sells €77m of real estate assets to Groupement Les Mousquetaires|Auchan completes the sale of a 47% stake in its Hungarian subsidiary.|Flos B&B Italia increases issuance size to exercise 103% call on 10% of the 2028 senior secured notes|Iliad: exclusive talks with InfraVia to sell 50% of Opcore at an EV of € 860m|