ODDO BHF Small & MIDCAP MORNING NEWS – 02/04/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 04/02/2025

Benelux Morning Notes

Belgium: New govt - positive on LT growth, 2025-26 could be more difficult. BNP Paribas: 4Q24 results above consensus estimates in Belgium. D'Ieteren: Belgian car registrations down 13%, 79% of 2019 level, VW down 25%. Fagron: Accretive bolt-on deal in the Iberian market. TomTom: 4Q24 results - No FCF in the near-term. Xior Student Housing: Focus on organic growth and developments for FY25

doValue : Issuance Focus

doValue : Focus Emission

Kaput? (Germany on the eve of elections)

Is the German business model kaput? The question is brutal, admittedly, but it reflects concerns about the persistent stagnation of Europe's largest economy. In seven years, Germany has accumulated a growth lag of more than 8 points vs the rest of the eurozone. 2025 could see the gap widen even further. With three weeks to go before the snap elections, all the parties are making roughly the same promises: lower energy prices, loosen budgetary constraints, reduce red tape, strengthen investment. In short, no one denies the seriousness of the structural problems, but the implementation of these ...