Atos : Le message du management reste résolument positif mais il faut désormais apporter des preuves de l’amélioration du momentum commercial

Accor : Share buyback launch postponed due to progress with Essendi disposal

TX GROUP : Refocus on digital and positioning on classifieds should buoy profitability, but growth drivers remain uncertain in the short term

We are initiating coverage of TX Group (TXG) with a Neutral rating and a target price of CHF 178, based on an SOP approach (after a holding company discount of 20%). The group brings together a number of traditional and digital media assets, mainly in the Swiss market. We are confident in the group's ability to improve its profitability (adj. EBIT margin of 17.8%e by 2027 vs 11% currently), primarily thanks to its digital and OOH activities and solid positioning in classifieds. However, we do not see sufficient growth drivers in the short term to support a further rise in EPS (2024-2027e CAGR ...