Credit Morning 02/24/2025

THOM Group: Q1 results in line with expectations, Q2 seems to be off to a good start.|Just East Takeway: Prosus to launch bid for 100% of share capital|Teva: positive Phase 2b results for the divakitug drug, launch of Phase 3 in H2 2025|Saipem: proposal to merge with Subsea7|

Morning Crédit 24/02/2025

THOM Group : des résultats T1 conformes aux attentes, le T2 semble bien débuter|Just East Takeway : Prosus lance une offre de rachat sur 100% du capital.|Teva : données positives de phase 2b pour le médicament divakitug, lancement de la phase 3 au S2 2025|Saipem: proposal to merge with Subsea7|

ODDO BHF Small & MIDCAP MORNING NEWS – 02/24/2025

JUST EAT TAKEWAY.COM : Bid with a 63% premium to Friday’s close

ODDO BHF Small & MIDCAP MORNING NEWS – 24/02/2025

Benelux Morning Notes

Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises

Umicore Running fast to almost stand still

Umicore is in a tough spot, with Automotive Catalysis operating in a structurally declining market, Recycling being a cyclical and metal price-sensitive business and Battery Materials, previously considered as the future growth engine, subject of a strategic review amidst slowing EV adoption and Chinese competition with lower priced LFP. Staying active in Battery Materials is of major importance to the equity story and we expect the upcoming CMD to confirm this stance, albeit with significantly ...

Morning Notes : FAGR BB, PNL NA, RET BB, UMI BB, CTPNV NA, TKWY NA

: FAGR BB, PNL NA, RET BB, UMI BB, CTPNV NA, TKWY NA

Just Eat Takeaway JET and Prosus agree on € 20.3ps all cash offer for ...

This morning, Prosus and JET announced that they have agreed on a recommended all cash off for 100% of JET shares at a price € 20.30 ps, or the equivalent of € 4.1bn. The acquisition represents a 63% premium to Friday's closing price and 49% premium over the 3-month VWAP. Board members holding shares and CEO Jitse Groen, who represent 8.1% of the shares, have committed to tender their shares in the offer. Overall, we believe the offer makes sense as JET's EU market exposure is complementary to ...

PostNL : The pressure continues unabated

Retail Estates 9m24/25 results, outlook unchanged, NL acquisition

of 106.1m. EPRA EPS came in at EUR 4.71, +3.10% YoY vs. 4.72 expected. RET confirmed its FY24/25 dividend of EUR 5.10. In the past, this guidance already included an additional EUR 1.46m that will be spent on building maintenance. This is now concentrated in the current last quarter of FY24/25. The debt ratio decreased from 44.62% to 43.49% over 3Q and stays well in the safe zone. Cost of Debt decreased to 2.12% vs. 2.30% over previous year. The EPRA NTA increased from EUR 78.15 to EUR 78.63 per...

Fagron FIRST LOOK: Semaglutide removed from FDA shortage list

After several months of speculation, the FDA has eventually removed semaglutide from its drug shortage list, stating that the situation is now resolved. Compounders like Fagron, who were able to distribute the drug in the meantime, are now given a 60-90 day grace period to wind down their sales (est. $6m/quarter contribution for Fagron's Anazao). The new situation is in line with Fagron's description of the lower-end scenario for its guidance issued last week, reflecting mid-single digit organic...

Just Eat Takeaway: Prosus arrives as Santa Claus with a two-month dela...

With Prosus launching a generous EUR20.3/cash offer for JET with a 63% premium and little likelihood of a counter-bid or upgraded bid, we will recommend that shareholders tender to the offer in Q2. It remains unclear whether Prosus will be able to handle a delisting of JET and Delivery Hero at the

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

ODDO BHF Small & MIDCAP MORNING NEWS – 20/02/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 02/20/2025

Benelux Morning Notes

AEGON: 2H better, small miss on solvency, strong cash position. Azelis: Uneven organic recovery in 4Q24, strong on profitability. BE Semiconductor Industries: 4Q24 results – 2025 reset. Fagron: Strong organic growth momentum underlined by FY24 results and outlook. Kinepolis: Slight EBITDA, net debt miss 2H24. NN Group: Capital saved by the bell, rest in line. SBM Offshore: Strong outlook. TKH Group: Preview; the elephant in the room. VGP: Strong bottom line performance. Wolters Kluwer: ...

Fagron N.V. : Fagron closes 2024 on the back of stronger margins and a...

Morning Notes : AGN NA, BESI NA, FAGR BB, GIMB BB, KIN BB, NN NA, VGP ...

: AGN NA, BESI NA, FAGR BB, GIMB BB, KIN BB, NN NA, VGP BB, AZE BB, ZEAL DC

Fagron FIRST LOOK: FY24 excellent growth, margin jumps

FY24 results once again outperformed expectations, featuring sustained high growth in N-Am's CS activities and a margin jump in LatAm. The company appears on track w.r.t. addressing the Wichita warning letter, and issues FY25 topline guidance of M-HSD growth in line with our expectations, hence we maintain our € 24 TP and Buy rating. A CMD is planned for Apr 10.