ODDO BHF Small & MIDCAP MORNING NEWS - 11/24/2023 Date Performance since listing Date Performance since listing

We are initiating coverage of De'Longhi with a Neutral rating and a target price of € 30. De'Longhi benefits from a leading position in the B2C espresso coffee machine segment, high margins, strong FCF generation and a healthy balance sheet. That said, we prefer SEB (Outperform, TP € 127) in the sector, as the French group is on track for more attractive EPS growth momentum over the next few years. The stock is now fairly valued (2024 EV/EBIT: 10.9x) after the recent rerating (+30% ov...

ODDO BHF Small & MIDCAP MORNING NEWS - 24/11/2023 Date Performance depuis l’entrée Date Performance depuis l’entrée

Nous initions le suivi de De’Longhi avec une opinion Neutre et un OC de 30.0 €. De’Longhi dispose d’un positionnement de leader sur le segment des machines à café B2C, d’un niveau de marge élevé, d’une bonne génération de FCF et d’un bilan sain. Toutefois, nous préférons SEB (Surperformance, OC 127 €) dans le secteur compte tenu d’un momentum de croissance des BPA plus attractif sur les prochains exercices. Le titre De’Longhi est aujourd’hui correctement valorisé (VE/EBIT 2024e : 10.9...

MFE B shares : Advertising trend better than expected in Q4 and for 2024

>Underperform recommendation confirmed - Yesterday, MFE reported Q3 results that fell short of our forecast for EBIT, primarily due to Spain. The advertising trend was down, unsurprisingly, in line with our forecast of -1% for Q3 2023. As a reminder, comparison bases were favourable. The group held a conference call during which it indicated that Q4 is up and positive for the time being in Italy and that this trend should continue in 2024. This is due to the synergies...

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ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025