ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/29/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 29/08/2025

Continental : Une transformation bienvenue mais déjà bien valorisée

La transformation en cours de Continental en un pure player du pneu, d’abord avec le spin-off imminent de l’activité automobile puis, en 2026, la cession de ContiTech, le rend indéniablement plus attractif sur le plan fondamental. Cela justifie le rerating récent observé et le relèvement de notre recommandation à Neutre (OC 79 € vs 70 €). Pour autant, nous estimons le potentiel désormais limité et, au sein des pneumaticiens, Michelin nous semble plus attrayant et conserve notre préférence (meilleure dynamique de résultats, profil plus diversifié, bilan, valorisation).

Celanese : Surviving market turbulence without combustion

We are starting the coverage of Celanese with a Negative credit view in the light of the current difficult market environment for chemical producers. With no significant recovery expected in the short term we expect net leverage to remain high, while we believe that there are still risks of further rating downgrades. On the positive side, Celanese benefits from a global scale and a vertical integration in its acetyls chain business, which together with its low-cost facilities allows it to keep sound EBITDA margins. Celanese has maintained a positive FCF generation despite the significant decre...

Celanese : Surviving market turbulence without combustion

We are starting the coverage of Celanese with a Negative credit view in the light of the current difficult market environment for chemical producers. With no significant recovery expected in the short term we expect net leverage to remain high, while we believe that there are still risks of further rating downgrades. On the positive side, Celanese benefits from a global scale and a vertical integration in its acetyls chain business, which together with its low-cost facilities allows it to keep sound EBITDA margins. Celanese has maintained a positive FCF generation despite the significant decre...