Morning Notes : BFITa NA, ELI BB, ALFEN NA, TKWYa NA

: BFITa NA, ELI BB, ALFEN NA, TKWYa NA

Elia Group Raising the bar, but largely discounted in the current share price

Elia delivered stellar 1H25 results, although driven by some exceptional factors that will be partly compensated in the 2H25 results. Mainly the shift to pro-rata accounting of the GE Capex had a large €40m positive impact. Also capitalising more interest as investments increase, had a positive effect on ETB as well as 50Hz. After the 2.2bn equity issue, Elia recovered sharply from the overhang uncertainty to trade back in line with the BEL-20 index. However, the equity raise at €61.9 per share for 2.2bn created a 48.3% increase in share count. The share price has now recovered to valuation le...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/25/2025

AC ENERGY CORP increases its risk exposure and slightly lowers to Neutral

AC ENERGY CORP (PH), a company active in the Alternative Electricity industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 4 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date April 8, 2022, the closing price was PHP 8.54 and its expected value was estimated at PHP 8.53.

With a more favourable environment, VUKILE PROPERTY improves to Positive

VUKILE PROPERTY (ZA), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date April 5, 2022, the closing price was ZAR 13.72 and its potential was estimated at ZAR 15.16.

An unfavourable environment weighs on ROYAL BAFOKENG PLATINUM, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of ROYAL BAFOKENG PLATINUM (ZA), active in the Platinum & Precious Metals industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date April 5, 2022, the closing price was ZAR 159.78 and its target price was estimated at ZAR 127.50.