ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/26/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 26/06/2025

Macro hot spots: a mid-year review

The US president sets deadlines. Then he postpones them when he realises the objective is out of reach or personally damaging. The tariff question was initially supposed to be clarified on 2 April, but we now have to wait until 9 July. A further delay is possible. The same applies to the vote on the tax cut plan in the US and the resolution of wars (Ukraine, Middle East). The good news is that these postponements and U-turns aim to avoid the worst, namely a recession, but all this zig-zagging could end up derailing the economy. So far, there is no sign of this. In Q1, the world economy was not...

Points chauds macro : une revue de mi-année

Le président américain fixe des dates butoirs… puis les déplace, selon son bon plaisir, ou parce qu’il réalise que l’objectif ainsi fixé est hors d’atteinte ou dommageable pour lui-même. Initialement, la question des droits de douane aurait dû être clarifiée le 2 avril. Il faut désormais attendre le 9 juillet. Un nouveau délai n’est pas à exclure. Idem pour le vote du grand plan de baisse d’impôt aux Etats-Unis. Idem pour le règlement des guerres en Ukraine et au Moyen-Orient. Le bon côté des choses est que ces reports et ces revirements visent à éviter le pire, à savoir une récession, mais à ...

Vulcan Energy : Vulcan: Europe’s 1st carbon-neutral integrated lithium play – high risk, high return

We initiate coverage on Vulcan Energy with an Outperform rating and a TP of €4.0. The company is progressing towards full funding, and thus becoming the first carbon-neutral geothermal powered European lithium hydroxide producer using European lithium. Vulcan is likely to sell close to 100% of the output via legally binding take or pay contracts, but profitability beyond the initial contract duration depends on the lithium market price. That said, even at today’s multi-year low prices, assuming Vulcan will obtain a material premium for being European and carbon-neutral, sales, profitability l...