reports
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
BLC BASTIDE LE CONFORT MEDICAL SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
MRN MERSEN SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
CCC CCC SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
BRAV BRAVIDA HOLDING AB
LFDE LA FRANCAISE DE L'ENERGIE SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TMV TEAMVIEWER AG
ZGN ERMENEGILDO ZEGNA NV
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
R3NK RENK GROUP AG
PLNW PLANISWARE
4X0 STEYR MOTORS AG
LOCAL SOLOCAL GROUP
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
BLC BASTIDE LE CONFORT MEDICAL SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
MRN MERSEN SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
CCC CCC SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LFDE LA FRANCAISE DE L'ENERGIE SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TMV TEAMVIEWER AG
ZGN ERMENEGILDO ZEGNA NV
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
R3NK RENK GROUP AG
PLNW PLANISWARE
4X0 STEYR MOTORS AG
LOCAL SOLOCAL GROUP
- Thijs Berkelder
SSAB A SSAB AB CLASS A
POM PLASTIC OMNIUM SE
MBB MBB INDUSTRIES SE
ANA ACCIONA SA
RIEN RIETER HOLDING AG
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
WLN WORLDLINE SA
FTG111 FLATEXDEGIRO AG
TMV TEAMVIEWER AG
DSC1 DUTCH STAR C SHAR
FAST FASTNED
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
CABKA CABKA N.V.
- Thijs Berkelder
SSAB A SSAB AB CLASS A
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
MBB MBB INDUSTRIES SE
ANA ACCIONA SA
RIEN RIETER HOLDING AG
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
WLN WORLDLINE SA
FTG111 FLATEXDEGIRO AG
TMV TEAMVIEWER AG
DSC1 DUTCH STAR C SHAR
FAST FASTNED
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
CABKA CABKA N.V.
- Sinan Doganli
- Sinan Doganli
- Farid Bitari
- Nicolas David
- Nicolas Thorez
ODDO : No, AI will not eat incumbent software vendors... on the contra...
While market sentiment has abruptly reversed regarding the AI opportunity for software vendors, we are convinced of the potential of agentic AI in the medium term for the sector, particularly for SAP, which we believe is the best positioned and which we upgrade to Outperform. Nemetschek, Planisware and Sage also seem to offer a good risk/reward trade-off following their recent de-rating. Conversely, we are downgrading Amadeus to Neutral after the reduction in its discount vs peers.
- Farid Bitari
- Nicolas David
- Nicolas Thorez
ODDO : Non l’IA ne dévorera pas les éditeurs historiques… au contraire...
Alors que le sentiment du marché s’est brutalement retourné concernant l’opportunité de l’IA pour les éditeurs de logiciels, nous sommes convaincus du potentiel lié à l’IA agentique à moyen terme pour le secteur, notamment pour SAP qui nous semble le mieux positionné et que nous upgradons à Surperformance (vs Neutre). Nemetschek, Planisware et Sage nous semblent également offrir un bon risk/reward suite à leur récent de-rating. A l’inverse, nous dégradons Amadeus à Neutre suite à la nette réduct...
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
- Farid Bitari
- Nicolas David
TEMN TEMENOS AG
ALLIX WALLIX GROUP SA
CEN GROUPE CRIT SA
ZVTG ZAVAROVALNICA TRIGLAV D.D.
LXS LANXESS AG
CGM CEGEDIM SA
LSS LECTRA SA
NOEJ NORMA GROUP SE
SLHN SWISS LIFE HOLDING AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ECV ENCAVIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
AXS ACCSYS TECHNOLOGIES
SAP SAP SE
TMV TEAMVIEWER AG
KTA KNAUS TABBERT
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ORP ORPEA
PLNW PLANISWARE
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
- Farid Bitari
- Nicolas David
TEMN TEMENOS AG
ALLIX WALLIX GROUP SA
CEN GROUPE CRIT SA
ZVTG ZAVAROVALNICA TRIGLAV D.D.
LXS LANXESS AG
CGM CEGEDIM SA
LSS LECTRA SA
NOEJ NORMA GROUP SE
SLHN SWISS LIFE HOLDING AG
ECV ENCAVIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
AXS ACCSYS TECHNOLOGIES
SAP SAP SE
TMV TEAMVIEWER AG
KTA KNAUS TABBERT
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ORP ORPEA
PLNW PLANISWARE
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Daniel Großjohann
2025er Ausblick bestätigt – Q2 mit Licht und Schatten
TeamViewer hat den Ausblick für 2025 bestätigt, obwohl Q2 gegenüber Q1 eine weitere Abschwächung der Dynamik brachte und das wirtschaftliche Umfeld herausfordernd geblieben ist. Die Gründe für den Optimismus des Unternehmens liegen aber vor allem im Aufbau der Projektpipeline für H2. Dies ist zwar für Außenstehende schwer zu verifizieren, aber vor dem Hintergrund der Saisonalität und Upselling-Potenzialen mit der übernommenen 1E durchaus plausibel. Highlights in Q2 waren das weiterhin zweistelli...
- Daniel Großjohann
Outlook 2025 confirmed – Q2 with light and shade
TeamViewer has confirmed its outlook for 2025, although Q2 saw a further slowdown in momentum compared to Q1 and the economic environment remained challenging. However, the company's optimism is primarily based on the development of its project pipeline for H2. Although this is difficult for outsiders to verify, it is entirely plausible given the seasonal nature of the business and the upselling potential offered by the acquired 1E. Highlights in Q2 included continued double-digit growth in the ...
- Charlotte Vaisse
- Marc Lavaud
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
HO THALES SA
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
ALDEL DELFINGEN INDUSTRY SA
EKI EKINOPS SA
FII LISI SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BIG BIGBEN INTERACTIVE SA
BA. BAE SYSTEMS PLC
MIL BANK MILLENNIUM SA
HEIJM HEIJMANS N.V. CERT
TPS
VASTB ORANGE POLSKA S.A.
CON VASTNED RETAIL BELGIUM NV
WAF CONZZETA AG
INSD SILTRONIC AG
FACC VERIMATRIX SA
LDO FACC AG
FTG111 LEONARDO SPA
SAE FLATEXDEGIRO AG
CASH SHOP APOTHEKE EUROPE NV
GEST PROSEGUR CASH SA
CAF GESTAMP AUTOMOCION S.A.
WAVE CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
TMV WAVESTONE SA
NACON TEAMVIEWER AG
HAG NACON SASU
AERO HENSOLDT AG
AM MONTANA AEROSPACE AG
ALLFG DASSAULT AVIATION
LAT ALLFUNDS (UK) LTD
R3NK LATECOERE
EXENS RENK GROUP AG
CAN EXOSENS
CANAL+
- Charlotte Vaisse
- Marc Lavaud
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
HO THALES SA
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
ALDEL DELFINGEN INDUSTRY SA
EKI EKINOPS SA
FII LISI SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BIG BIGBEN INTERACTIVE SA
BA. BAE SYSTEMS PLC
HEIJM HEIJMANS N.V. CERT
TPS
VASTB ORANGE POLSKA S.A.
CON VASTNED RETAIL BELGIUM NV
WAF CONZZETA AG
SMHN SILTRONIC AG
INSD SUESS MICROTEC AG
FACC VERIMATRIX SA
LDO FACC AG
FTG111 LEONARDO SPA
SAE FLATEXDEGIRO AG
CASH SHOP APOTHEKE EUROPE NV
GEST PROSEGUR CASH SA
CAF GESTAMP AUTOMOCION S.A.
WAVE CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
TMV WAVESTONE SA
NACON TEAMVIEWER AG
HAG NACON SASU
AERO HENSOLDT AG
AM MONTANA AEROSPACE AG
ALLFG DASSAULT AVIATION
LAT ALLFUNDS (UK) LTD
R3NK LATECOERE
EXENS RENK GROUP AG
CAN EXOSENS
CANAL+
- Sinan Doganli
- Daniel Großjohann
Enterprise ARR remains strong, Q1 sales growth unexpectedly weak - TMV...
TeamViewer achieved (organic) pro-forma revenue growth of 7% in Q1 - with the acquired 1E business showing the stronger growth of +12% (cc). This was not well received by the market, as it reinforces the theory that the 1E acquisition is primarily intended to conceal deficits in organic growth. However, it should not go unmentioned that the Enterprise ARR (Annual Recurring Revenue) showed a decent increase of 20%(cc), which was stronger than the growth in 1E. We are therefore sticking to our 202...
- Nicolas David
- Thomas Zlowodzki
EVT EVOTEC SE
ISS ISS A/S
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
NOEJ NORMA GROUP SE
PNL POSTNL NV
G24 SCOUT24 AG
NANO NANOBIOTIX SA
ELIS ELIS SA
COFA COFACE SA
IDR INDRA SISTEMAS S.A. CLASS A
SAE SHOP APOTHEKE EUROPE NV
RUI RUBIS SCA
SANT S&T AG
TMV TEAMVIEWER AG
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