ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/14/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 14/03/2025

Benelux Morning Notes

GBL: Beat on NAV thanks to strong Affidea & Sanoptis, changes in governance. OCI: 2H24 EBITDA loss on soft Nitrogen Europe and corporate costs. Proximus: Belgian state not yet proposing a new chairman. Universal Music Group: Ackman to sell a 2.7% stake. Vopak: Aiming for acceleration, opportunities promising

Morning Notes : GBLB BB, HYL BB, VPK NA

: GBLB BB, HYL BB, VPK NA

Hyloris FIRST LOOK: Positive study results for Dofetilide IV, plans FD...

Hyloris announced positive results from a pivotal clinical study evaluating its proprietary Dofetilide IV formulation (potassium channel blocker), an antiarrhythmic to treat atrial fibrillation. Based on company guidance of FDA submission in the coming months, the product could be approved in the US by 2026 taking into account the 10 month FDA review timeline, and we look forward to learn more about the company's US commercialisation plans for its cardiology products. Note that Hyloris has previ...

GBL FY24: Flat NAV, Leadership Change & Progress Made On Mid-Term Targ...

During FY24, NAVps remained flat at €113.3 (vs €113.6 at FY23-end), mainly dragged down by declines amongst listed assets. Mgmt. has made progress towards delivering double-digit TSR during the medium term. During Mar'25, GBL reduced its stake in SGS to 14.6%, generating proceeds to €0.8b of which €0.2b was cap gain. Prior to this, the stake in Adidas was also reduced from 7.6% to 3.5%. Proceeds from these divestments will be used to pay out a €5.0ps dividend (+80% YoY), which is expected to gro...

Vopak : Back as high return infrastructure growth company

Vopak Key take-aways CMD Vopak

Yesterday, we attended Vopak's insightful Capital Markets Day (CMD). Given the publication of our recent company note “The Flow Must Go On” dd. February 26, and the alignment of the insights shared with our views, we limit our comments to a few takeaways. We have included a few slides from the extensive PPT deck at the end of this FRN. Buy and €50 TP reiterated.

Benelux Morning Notes

Basic-Fit: Feedback from investor call which did not go down well. Euronext: SaaSy deal. Lotus Bakeries: New ice cream partnership with Froneri. Vopak: CMD with higher return target, €1bn additional capex for gas/industrial

Morning Notes : ABI BB, DIE BB, LOTB BB, MONT BB, VPK NA, IMCD NA

: ABI BB, DIE BB, LOTB BB, MONT BB, VPK NA, IMCD NA

Benelux Morning Notes

Ageas: Final stages in race for bidders on ESURE (UK). Agfa-Gevaert: A strong end to the year, driven by Healthcare. Basic-Fit: FY24 broadly in line; outlook FY25 below due to more aggressive 24/7 roll-out. GBL: Preview of upcoming FY24 results. Staffing: Manpower Employment Outlook Survey 2Q25; positive but stable trend vs 1Q25

Benelux Morning Notes

B&S Group: Preview - meeting its guidance. Randstad: Highlights of corporate roadshow. Staffing: US temp volume trend stable but still soft in Feb; upward revisions to Jan/Dec. Vopak: Ahead of its CMD

Vopak Expanding global ITL capacity with investment in Thai Tank Termi...

Vopak announced FID has been taken to expand its existing Thai Industrial Terminal operated via its 35% owned the Thai Tank Terminal JV. The FID relates to a 160k cbm tank infrastructure to support US ethane import into Thailand. Vopak's 35% share in the investment for the additional tank storage will be close to €130m. Industrial terminal investments come with attractive OCRs and contract durations. We reiterate our Buy recommendation following last week's initiation on the name.

Benelux Morning Notes

Air France-KLM: Surprising 4Q to the upside. CMB.TECH: A golden step into Golden Ocean? EVS: Evertz 3Q25 results. GBL: Boosting its liquidity profile. Gimv: Continued transaction spree post capital increase. Solvay: 4Q24 beat, 2025F guide in-line, reaffirmed 2028F target. Talabat: Completes InstaShop acquisition

GBL Sale Of 8.5m Shares Of SGS SA Could Make Way For Sizable Private A...

GBL announced that it had sold, through its wholly-owned subsidiary ‘Serena S.à r.l', 8.5m shares of SGS SA (~4.5% of SGS' shares outstanding) by way of an accelerated bookbuilding process for total proceeds of €0.8b. GBL will continue to remain SGS' largest shareholder with ~14.6% of the capital and voting rights. In the context of the Offering, GBL has entered into a 90-day lock-up commitment with respect to its remaining shares of SGS. The Offering is expected to settle on March 10, 2025. We ...

Morning Notes : ATEB BB, COMB BB, CPINV BB, EVS BB, GBLB BB, GIMB BB, ...

: ATEB BB, COMB BB, CPINV BB, EVS BB, GBLB BB, GIMB BB, IMMO BB, SIP BB, SOLB BB, VPK NA, DEME BB

Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Add...

We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed...