ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/07/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/10/2025

Komax Group : Intact megatrends – but global car production and China present challenges

Komax, as the global leading wire processing equipment producer (estimated 69% global market share for automation solutions), faces multiple challenges, with muted global car production, bad investment sentiment among its clients, and increasing Chinese competition. Komax has implemented extensive measures to optimize its cost structure and increase its presence in China (18% of 2024e sales). Despite the significant share price decline, we regard the risk-reward profile as unappealing for now and are initiating coverage with a Neutral rating (TP CHF 75).

TKMS : TKMS – a fully-integrated offer in the naval defence business – Initiation at Neutral on demanding valuation

As a fully-integrated naval solutions provider, TKMS is perfectly positioned to capture the strong growth of the market. With the phase-out of legacy contracts, we think that the company will be able to meet its medium-term guidance in terms of EBIT margin >7% as of 2027. We are initiating coverage with a Neutral recommendation and a target price of € 80 to reflect the current demanding valuation.

DSM-Firmenich : Still waiting for the ANH disposal