reports
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Thomas Vranken
UCB FIRST LOOK: Bimzelx deepens responses in HS over two years
UCB announced the first 2-year follow-up data with Bimzelx in hidradenitis suppurativa (HS). The data appears largely favourable in our view, with deepening responses across the various HiSCR endpoints. We believe Bimzelx is set to become the new standard of care in HS (pending FDA approval), and reiterate our €168 TP and Accumulate rating.
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 09/26/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 26/09/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Roy Külter
- Steven Boumans
Montea : Montea’s new Track24 growth plan, a good acquisition and rais...
>Yesterday Montea announced: 1) Track27 growth plan; 2) the acquisition of a € 151m portfolio in France and; 3) to raise up to €154m equity through a rights issue, by issuing c. 2.3m shares. - New Track 27 growth plan, ahead of our projected investmentMontea launches Track27 setting out the following objectives:Investment Target: Increasing the investment target to €1.2bn, with the portfolio expected to grow >50% to reach €3.5bn by YE2027. Investments are di...
- Wim Hoste
Umicore Revising Battery Materials scenario: lower but no exit
Whilst awaiting the outcome of the ongoing strategy review for the Battery Materials business, we decided to take a more cautious approach and cut our FY30 CAM volume estimate from 250 GWh to 200 GWh, which compares to the previous company target of 400 GWh and the previous order book of 270 GWh. We do expect Umicore to continue to invest in Battery Materials, albeit at a much lowered pace, and see room for NMC outside of China on the back of sustainability, geopolitical and security of supply r...
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
Life Sciences Conference 26.09.2024
This conference booklet is your guide to our Life Sciences Conference set to take place on Thursday, 26 September 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or join pitch sessions with the following companies and their top management: Public: AUTOLUS | GALAPAGOS | HYLORIS | INVENTIVA | MAAT PHARMA | ONWARD MEDICAL | SEQUANA MEDICAL | UCB | ZEALAND PHARMA Private: CONFO TX | MRM HEALTH | PANTERA | SKYLINE DX
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/25/2024
Iberdrola is the strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR average annual of 17.9%). But based on the strong share's performance and the low residual upside on our target price of € 15.30, we have lowered our rating to Neutral vs Outperform. - ...
- Thomas Vranken
UCB FIRST LOOK: Post-hoc analyses further confirm Bimzelx' PsO leaders...
UCB presents additional post-hoc analyses of its 4-year pooled data for Bimzelx in PsO. Bimzelx sustains high efficacy with 87.9% PASI90 and 72.4% PASI100 in year-1 responders after 4y. Furthermore, Bimzelx also showed >70% PASI90 and >40% PASI100 after nearly 4y in patients who did not respond to Humira, Cosentyx or Stelara. We see the consistent high PASI100 as differentiator for Bimzelx, setting the benchmark for future therapies. We reiterate our € 168 TP and Accumulate rating.
- ING Helpdesk
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/09/2024
Iberdrola est la référence stratégique dans le secteur des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive des actionnaires (TSR annuel moyen 17.9%). Toutefois, la forte performance du titre et le faible potentiel résiduel à notre objectif de cours de 15.3 €, nous amènent à abaisser l’opinion à Neutre vs Surperformance. - ...
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
Montea Rights Issue 150m for French Acquisition, Track27 increased
Montea announced a EUR 154m rights issue (1 for 9) to finance the acquisition of 17 properties (Reverso portfolio) in France. The deal is announced at a yield of 5.6%, but the development potential is expected to lift the yield over time to 7.0%. The rights issue price is set at 67.0, a discount to TERP of 9.3%. On the CMD in June, Montea already earmarked the French market as a prime target for growth. Rumours about Montea bidding for a logistic portfolio from Tristan Partners soon surfaced (Ti...
- Damien Choplain
- Martial Descoutures
UCB : Positive phase III for DPZ
>First phase III study of DPZ shows positive results… - UCB and Biogen yesterday published the headline results from the phase III PHOENYCS GO study evaluating dapirolizumab pegol (DPZ) in people with moderate to severe systemic lupus erythematosus. DPZ, in addition to standard treatment, met its primary endpoint by demonstrating an improvement in disease activity (BICLA test score, a standard assessment in Lupus) after 48 weeks. In addition, clinical improvements wer...
- Damien Choplain
- Martial Descoutures
UCB : Phase 3 positive pour DPZ
>La première phase III de DPZ ressort positive… - UCB et Biogen publiaient hier les résultats headlines de l'étude de Phase 3 PHOENYCS GO évaluant dapirolizumab pegol (DPZ) chez des personnes atteintes d'un lupus érythémateux systémique modéré à sévère. DPZ, en plus du traitement standard, a atteint son critère d'évaluation primaire en démontrant une amélioration de l'activité de la maladie (score test BICLA, évaluation standard dans le Lupus) après 48 semaines. De pl...
- ING Helpdesk
- Thomas Vranken
UCB FIRST LOOK: String of positive Ph3 readouts continues into SLE
UCB announced positive topline results for the first of two Phase 3 trials for anti-CD40L dapimap in systemic lupus erythematosus (SLE). SLE is a debilitating autoimmune disease, characterized by flares that could lead to organ damage. While we currently do not have topline data yet, dapimap is set to compete against GSK's Benlysta and AstraZeneca's Saphnelo and could eventually reach just below $ 1bn peak sales according to our preliminary analysis. We currently value dapimap at € 1.70 p.s., an...
- Thibault Leneeuw
Azelis Never change a winning formula, keep innovating
In this note we go in detail over our takeaways of the site visit in Istanbul and adjust our numbers accordingly. As expected, no new guidance was provided. A logical assumption based on remarks from mgmt., is 4% revenue growth and an increase in EBITA margin of at least 10bp annually. The event was well attended and we left with a positive feeling. We expect less operational leverage on the Gross profit margin, more leverage on the operating expenses and benefits from M&A. We reiterate our Buy ...
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
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