Morning Notes : COFB BB, DSFIR NA, IVA FP, MTLS US, ONTEX BB, PNL NA

: COFB BB, DSFIR NA, IVA FP, MTLS US, ONTEX BB, PNL NA

Inventiva FIRST LOOK: Hepalys starts Ph1 with lani for Japan/South Kor...

Inventiva makes progress in its exclusive licensing agreement with Hepalys that was announced in September 2023 to develop and commercialize lanifibranor for the treatment of MASH patients in Japan and South Korea. The first participant has now been dosed in a Ph1 study to assess the safety, tolerability and PK/PD profile of the drug. Upon completion of this study and following Inventiva's EU/US pivotal NATiV3 readout, Inventiva and Hepalys could advance into a pivotal study for the region. We s...

DSM-Firmenich Earnings momentum picking up and ANH sale in the cards f...

Dsm firmenich has retrieved a solid earnings momentum in FY24, even without including the temporary benefit from higher vitamin prices on the back of a supply side disruption. Whilst the FY25 adjusted EBITDA growth guidance of at least 13% is still boosted by a combination of savings and synergies, we believe a mid single digit growth for the medium term is a realistic scenario. We still appreciate dsm-firmenich for its broad portfolio and market leading positions. The upcoming separation of the...

Ontex Successful transformation story but some uncertainty on US tarif...

The acceleration of volume growth to 9% in 4Q24 is another testimony of the potential growth in North America. After recent divestment agreements on the Brazilian and Turkish businesses, Ontex will soon complete its strategic transformation and become a private-label focussed personal hygiene player in Europe and North America. Whilst Ontex is an established market leader in Europe, it is a challenger in North America which is characterized by much lower penetration of private label products. Wh...

Ontex - Earnings Flash - FY 2024 Results - Lucror Analytics

Ontex has released its FY 2024 numbers. The company continued to deliver on its transformation plan, with credit stats improving further. Ontex guided for a constructive FY 2025. This should be driven by volumes, on the back of continuing positive momentum. We expect modest earnings improvement and disposals to support further improvement in the credit profile this year. We believe Ontex will refinance the HY bonds in the coming months.

Credit Morning 02/20/2025

Carrefour: full-year earnings and launch of strategic assets review|OPmobility: solid 2024 results and positive outlook in a challenging environment|Groupe Bruxelles Lambert (GBL) said to be mulling Imerys minority buyout (Bloomberg)|Verallia recovers slightly in Q4 and takes a cautious view of 2025|

Morning Crédit 20/02/2025

Carrefour : résultats annuels et lancement d’une revue des actifs stratégiques|OPmobility : résultats 2024 solides et perspectives positives dans un environnement difficile|GBL étudierait un rachat des parts des minoritaires d’Imerys (Bloomberg)|Verallia se redresse légèrement au T4 et entrevoit 2025 avec prudence|

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, TK Elevator, The Very Group, Liberty Global, Tereos, Ontex, Recordati, TI Fluid Systems, THOM Europe, Borr Drilling, Klockner Pentaplast, Casino Guichard-Perrachon

Ontex Feedback conference call

Below are the highlights from the conference call. We remind that like-for-like revenue growth picked up in 4Q24 on the back up of the ramp-up of new contracts in North America, resulting in a 3% better than expected adjusted EBITDA. Ontex guides for 4-7% adj EBITDA growth in 2025 with consensus roughly at the midpoint of the range and KBCS slightly above. After recent divestment agreements on the Brazilian and Turkish businesses, Ontex will soon complete its strategic transformation and become ...

Credit Morning 02/19/2025

Tereos : 9M 24/25 results in line with expectations|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|KKR clashes with Fibercop management over a difference in EBTDA forecasts (FT)|SES : Moody’s revises the outlook to Negative from Stable, SES says FY24 results are better than expected|

ODDO BHF Small & MIDCAP MORNING NEWS – 02/19/2025

Morning Crédit 19/02/2025

Tereos : Résultats 9M 24/25 conforme aux attentes|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|FiberCop : conflit entre KKR et le management concernant les prévisions d’EBITDA (FT)|SES : Moody’s révise la perspective de Stable à Négative, SES indique que les résultats 2024 devraient être meilleurs que prévu|

ODDO BHF Small & MIDCAP MORNING NEWS – 19/02/2025

Ontex : Ontex reports a strong set of (Q4) FY24 results.

Benelux Morning Notes

Aedifica: Good results, positive message about tenants growth. AGEAS: BNP Paribas increase stake >15% ASR: 2H results and SBB in line, capital strength building up. Belgian Telecoms: Peer Telenet 4Q24 results, guiding for low to mid single digit EBITDAal decline EVS: Exceptional FCF, 2025 EBIT consensus to go up >7% on +10-15% like for like sales growth YoY Gimv: In close cooperation with WorxInvest KPN: VodafoneZiggo 4Q24 still weak, declining EBITDA guidance on “strategic customer initiatives”...

Morning Notes : AED BB, AGS BB, ASRNL NA, EVS BB, GIMB BB, ONTEX BB

: AED BB, AGS BB, ASRNL NA, EVS BB, GIMB BB, ONTEX BB

Ontex FIRST LOOK: 4Q24 LFL accelerating, FY25 guidance of +4-7% adj EB...

Like-for-like revenue growth picked up in 4Q24 on the back up of the ramp-up of new contracts in North America, resulting in a 3% better than expected adjusted EBITDA. Ontex guides for 4-7% adj EBITDA growth in 2025 with consensus roughly at the midpoint of the range and KBCS slightly above. After recent divestment agreements on the Brazilian and Turkish businesses, Ontex will soon complete its strategic transformation and become a private-label focussed personal hygiene player in Europe and Nor...