Report
Christophe-Raphaël Ganet ...
  • Geoffroy Michalet
  • Nicolas Thorez
  • Sven Edelfelt

ODDO BHF Small & MIDCAP MORNING NEWS - 10/29/2019

A recovery story against a less favourable macroeconomic backdrop and amid further tough competition. A self-help plan rolled out by the new management team under good auspices with EBITDA expected to pick up by a net € 175m in 2021, implying a 2018-2021 CAGR of +15.5%. With a foothold in a long-cycle business, the group should show greater resilience. Buy recommendation reiterated, target price adjusted to € 41 from € 40. Cf. company report published this morning. - ...
Underlyings
Imerys SA

Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).

Interparfums

Interparfums SA. Interparfums SA, also known as Interparfums, is a French-based company engaged in the design, manufacturing and marketing of fragrances. The Company designs, produces and distributes perfumes and cosmetics under such brands as Burberry, Boucheron, Burberry Beauty, Jimmy Choo, Lanvin, Montblanc, Nickel, Paul Smith, Repetto, S.T. Dupont and Van Cleef & Arpels, Karl Lagerfeld, among others. The Company is present in Switzerland, Germany, Spain, Italy, the United Kingdom, Singapore, the United States, among others. The Company operates through the subsidiaries, including Interparfums Suisse Sarl, Interparfums Deutschland GmbH, Interparfums Srl, Interparfums Ltd, Interparfums Luxury Brands and Interparfums Singapore. As of December 31, 2013 the Company's shareholder was InterParfums Holding with 73,1% stake in the Company.

SMCP SA

SMCP is engaged in the apparel and accessories retail market. Co.'s products are sold through a network of points of sale and websites. Co.'s product range is composed of on-trend and quality womenswear, menswear and accessories. Co.'s three brands can be characterized as follows: Sandro, targeted at sophisticated and self-confident women with a sleek, cool sense of style and a Parisian nonchalance; Maje, a bohemian chic positioning, targeting a feminine and young-at-heart and joie de vivre clientele and Claudie Pierlot, characterized as Parisian-preppy, wise and with a rebel touch. Claudie Pierlot is focused on a timeless, effortless style.

Ymagis SA

YMAGIS develops a range of services for cinemas (financing, sales, installation, facilities management and maintenance of digital projection and sound equipment, and also advertising displays for entrance halls, projection booth and cinema management software, seats, etc.) and offers digital services to film distributors and producers (duplication and physical or electronic delivery of digital content, post production, mastering, restoration and preservation).

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Christophe-Raphaël Ganet

Geoffroy Michalet

Nicolas Thorez

Sven Edelfelt

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