The London Tunnels - Hidden reserves

Opportunity knocks at Kingsway Exchange Tunnels to participate in the proposed rejuvenation of a singular and significant national asset and its vast blank canvas for potentially lucrative commercial display. The prospect of a major visitor attraction based on heritage and culture in unusual confines begs comparison with the development of the London Eye, which was also challenging but has arguably over delivered. With full commercial launch not till 2027, protracted project risks such as execution and further funding are inevitable (planning approval is expected at the 11 July London Borough ...

Jenoptik AG : An undervalued growth story

Jenoptik is continuing its transformation towards a pure player profile in photonics. The group will present its new organisation on 25 March 2025 and is set to divest Prodomax, which we value at € 95m, by end-2025 at the latest. The valuation remains attractive at 7.9x 2025e EBITDA, giving a discount of ~20% to its five-year average. We think low visibility on H1 2025 is largely priced in now, offering an attractive entry point with substantial re-rating potential once the upturn in the semiconductors market materialises, probably as of H2 2025. Outperform rating confirmed and target raised t...

Jenoptik AG : Une histoire de croissance sous-estimée

Jenoptik poursuit sa transformation vers un profil de pure player de la photonique. Le groupe présentera sa nouvelle organisation le 25 mars et devrait procéder à la cession de Prodomax, que nous valorisons à ~95 M€, au plus tard fin 2025. La valorisation est toujours attractive à 7.9x EBITDA 2025e, soit une décote de 20% par rapport à sa moyenne 5 ans. La faible visibilité sur le S1 2025 nous semble bien intégrée dans le cours actuel offrant un point d’entrée attractif, avec un potentiel de rerating important une fois que le rebond du marché des semiconducteurs se matérialisera, selon nous, à...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/18/2025