CFE/Hard working but lacking catalysts/HOLD

CFE's 1Q25 trading update underscored our view that end market conditions remain challenging in the short-to-medium term. Revenue declined by c.10% YoY in 1Q25 and the company reiterated its FY25 guidance, expecting a moderate decline in top line but a net profit close to the level reached last year. This was a positive and highlights that project-specific issues no longer significantly impact the underlying profitability of CFE. Our new, now in line with company guidance, FY25F net profit estim...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/20/2025

CFE : Weak start of 2025, but FY25 outlook maintained

Benelux Morning Notes

CFE: Keeps FY25 outlook. Greenyard: Preview of FY24/25 results. Recticel: Peer Rockwool 1Q25 results

Morning Notes : ABN NA, CFEB BB, HEIA NA, JEN BB, ROU BB, BTLS BB, ZEA...

: ABN NA, CFEB BB, HEIA NA, JEN BB, ROU BB, BTLS BB, ZEAL DC

Recticel/A strong 1Q25 thanks to Insulation Boards/BUY

We reiterate our BUY rating and €16 target price on Recticel following the group's 1Q25 results. We remain convinced by the medium-to-long term potential of the Insulation market, which should provide Recticel with ample room to grow both organically and through M&A thanks to its net cash position. On top of this, we expect a gradual recovery in the Residential segment to allow for material margin improvement, allowing Adj. EBITDA to grow by CAGR >21% over 2024-27F. We flag that the new factory ...

Benelux Morning Notes

Aedifica: Strong Q1, improving fundamentals, further growth to come. Air France-KLM: Surprising Atlantic. Aperam: In-line 1Q25, seasonal better 2Q25 expected. ArcelorMittal: In-line 1Q25, risks to steel demand due to tariff uncertainty. ASM International: 1Q25 Results - FY25 headwinds from weak USD. Ayvens: Getting into Gear. dsm-firmenich: Transformation on Track. Lotus Bakeries: Peer Mondelez 1Q25 results. Melexis: Mixed 1Q25 results in unstable markets. Ontex: Two steps fo...

Benelux Morning Notes

Allfunds Group plc: Calm before the storm. Coca-Cola Europacific Partners: No Leap(ing) Easter Bunnies. Recticel: Strong start to the year thanks to Insulation Boards. Universal Music Group: Spotify to increase Europe and Latin America prices this Summer

Morning Notes : IMMO BB, RECT BB, EKOP BB, MAAT FP

: IMMO BB, RECT BB, EKOP BB, MAAT FP

Recticel FIRST LOOK: Solid 1Q top line growth, no precise FY25 guidanc...

Recticel has seen a good start of the year, with a better than expected 12.7% top line growth in 1Q. The company still does not provide a quantitative guidance on FY25, but importantly is seeing some price increases in Insulation Boards. While we still believe in the strategic attractiveness of Recticel's (mainly) polyurethane focussed insulation offering, we deem valuation is about fair and we maintain our Hold rating and € 11 TP.

Morning Notes : AGFB BB, DSFIR NA, IMMO BB, NEXTA BB, PROX BB, EKOP BB

: AGFB BB, DSFIR NA, IMMO BB, NEXTA BB, PROX BB, EKOP BB

Real Asset Conference feedback 19-20 March 2025

This note gathers feedback from the group meetings and the panels. In total 21 companies were presented in group meetings and/or panels. More than 100 guests found their way to the venue either physical or virtual (only panels). The 2 panels made for informative additions to the C-level meetings and a nice platform for discussion. Wednesday afternoon concentrated 4 experts from Logistic companies (CTP, Montea, VGP, WDP) for an interesting discussion on brownfields: " an answer to the scarcity of...

Real Assets Conference Book 19-20 March 2025

We publish our conference book with info on the panels, the graphs on the market and company profiles. European REITS suffered from macro and geo-political worries (logistics) Also, the European knee-jerk reaction on the bund (+60 bps) had a negative effect. We believe that despite these worries, REITS are a good place to hide, given their high visibility and proven growth potential in a tough environment. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balanc...

Recticel/FY24 postview: heading to the United States/BUY

We reiterate our BUY rating and increase our target price to €16 from €15 for Recticel, as we remain convinced by the medium-to-long term potential of the Insulation market, which should provide Recticel with ample room to grow both organically and through M&A thanks to its net cash position. On top of this, we expect a gradual recovery in the Residential segment to allow for material margin improvement, allowing Adj. EBITDA to grow by CAGR 22% over 2024-27F. We flag that the new factory in the ...

Immobel Likely at the trough, but still reliant on bank financing

We revisit our model on Immobel after the FY24 results and the dividend cut. The dividend cut was necessary given the short term debt maturities. We expect 2025 to be a recovery year from the trough in FY24 margins, with slightly lower asset sales versus FY24. A cash recovery from the EUR 18.0m building permit from the Proximus towers could be a short term trigger for the stock. We think it is likely but nothing is confirmed. In FY25, Immobel needs to pay back a EUR 50.0m bond which is covered ...

Morning Notes : ADYEN NA, AGFB BB, BFIT NA, IMMO BB, TINC BB, ALFEN NA...

: ADYEN NA, AGFB BB, BFIT NA, IMMO BB, TINC BB, ALFEN NA, ZEAL DC

Morning Notes : CFEB BB, UCB BB

: CFEB BB, UCB BB

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

Benelux Morning Notes

Allfunds Group plc: Joining the buyback club. D'Ieteren: Belgian car registrations down 8%, VW down 9.5%. Recticel: Miss on FY24 Adj. EBITDA, but solid order book. TKH Group: In line numbers, sees a weak 1Q25

Morning Notes : ATEB BB, BAR BB, RECT BB, TWEKA NA, AZE BB, EKOP BB, O...

: ATEB BB, BAR BB, RECT BB, TWEKA NA, AZE BB, EKOP BB, ONWD BB