reports
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - Date1
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
JST JOST WERKE AG
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Saïma Hussain
Q3-24: Navigating 2024 with a thoughtful investment approach
Q3-24: Navigating 2024 with a thoughtful investment approach EARNINGS/SALES RELEASES IDI ended Q3 2024 with minimal activity on the investment front. Including its recent minority stake in TTK, a liquid leak detection specialist, IDI completed only three transactions YTD, compared to 14 in the same period last year. Though IDI’s net income is likely to suffer accordingly, this underlines IDI’s savvy investment approach in persistently uncertain market conditions. With substantial investment ca...
- Amira Manai
IDI : NAV remains stable over 9 months in a tough market environment
>NAV remains flat at end-September at € 91.94 per share - IDI published this morning its NAV at end-September, which stood at € 91.94 per share, stable vs the start of the year (+0.1%), thanks to closer monitoring of the companies in its portfolio and continued acquisitions and build-up deals. Overall, NAV came in at € 697.4m.One deal closed in Q3, three since January - Investment firepower remains solid - While the market environment remains challeng...
- Amira Manai
IDI : ANR toujours stable sur 9 mois dans un contexte de marché diffic...
>ANR à fin septembre flat à 91.94 € par action - IDI publie ce matin son ANR à fin septembre qui s’est établit à 91.94 € / action, stable par rapport au début d’année (+0.1%) soutenu par un suivi renforcé des participations de son portefeuille et par la poursuite des opérations d’acquisitions et de build-up. Au global, l’ANR s’établit à 697.4 M€.1 opération réalisée sur le T3 et 3 opérations depuis janvier – Capacité d’investissement toujours solide - §sep...
- Saïma Hussain
Nothing to rattle IDI
Nothing to rattle IDI EARNINGS/SALES RELEASES H1 24 may have been a flat start to the year for IDI, and yet the HoldCo has once again proved its resilience in a persistently challenging environment, with NAV per share remaining constant after taking the dividend into account. The decline in the number of transactions to two in the first half is not a cause for concern, given that the group has carried out more than 36 deals over the past two years. The company ended the half-year with a soli...
- Amira Manai
IDI : Resilience of NAV in a challenging environment
>NAV at end-June stable at € 92.4 per share - This morning, IDI published a NAV at end-June 2024 of € 92.4 per share (+0.53%), flat compared with end-December 2023 (€ 91.9 after taking the dividend into account). Overall, NAV stands at € 700.4m. Two deals carried out in H1 – Still solid investment capacity - After a very active year in 2023 (21 deals completed), the start of 2024 saw a slowdown in investment and disposals due to the difficult economi...
- Michael B. Schäfer
- Michael B. Schäfer
- Amira Manai
IDI : Résilience de l’ANR dans un environnement challenging
>ANR à fin juin stable à 92.4 € par action - IDI publie ce matin un ANR à fin juin 2024 de 92.4 € par action (+0.53%) stable par rapport à fin décembre 2023 (91.9 € après prise en compte du dividende). Au global, l’ANR s’établit à 700.4 M€. 2 opérations réalisées sur le S1 – Capacité d’investissement toujours solide - Après une année 2023 très active (21 opérations réalisées), le début de l’année 2024 marque un ralentissement sur le plan d’investissem...
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum: Feedback from day three
>Feedback from 52 companies present on day three - Our 13th edition of the ODDO BHF Nextcap Forum takes place on June 4 and 5 in Paris, and on June 6 virtually. Following the third day, which took place yesterday virtually at our Paris office with 52 companies in attendance, we publish hereafter feedback for those companies present:Aedas HomesLhyfeAfyrenMaisons Du MondeAltamirMcPhy EnergyAltriMister SpexAtresmediaNein...
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
FGA FIGEAC AERO SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
SRP SRP GROUPE SA
AUB AUBAY SA
NTG NETGEM SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
FNAC FNAC DARTY SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BAMNB KONINKLIJKE BAM GROEP NV
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
GREEN GREENYARD NV
MCPHY MCPHY ENERGY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
LTA ALTAMIR ACT PORTEUR
INSD VERIMATRIX SA
SIFG SIF HOLDING NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
FFARM FORFARMERS
TRE TECNICAS REUNIDAS SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
AVTX AVANTIUM NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALKAL KALRAY SA
AEDAS AEDAS HOMES SA
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
ALCUR ARCURE SA
TOM2 TOMTOM NV
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
ZEL PHARMA MAR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
MRX MISTER SPEX SE
ALAFY AFYREN
FORSE FORSEE POWER SA
HDF HYDROGENE DE FRANCE
ALVGO VOGO SA
WAGA WAGA ENERGY SA
ALHAF HAFFNER ENERGY SA
EAPI EUROAPI
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
LHYFE LHYFE S.A.
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum : Feedbacks 3ème journée
>Feedback de 52 sociétés présentes le 3ème jour - Notre 13ème édition du ODDO BHF Nextcap Forum a lieu les 4 et 5 juin en physique à Paris et le 6 juin en virtuel. Suite à la troisième journée qui a eu lieu hier en virtuel avec 53 de sociétés présentes, nous publions ci-après un feedback pour chacune des sociétés couvertes :Aedas HomesLhyfeAfyrenMaisons Du MondeAltamirMcphy EnergyAltriMister SpexAtresmediaNeinor Homes§...
TNG TRANSGENE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
SRP SRP GROUPE SA
AUB AUBAY SA
NTG NETGEM SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
FNAC FNAC DARTY SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BAMNB KONINKLIJKE BAM GROEP NV
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
GREEN GREENYARD NV
MCPHY MCPHY ENERGY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
LTA ALTAMIR ACT PORTEUR
INSD VERIMATRIX SA
SIFG SIF HOLDING NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
FFARM FORFARMERS
TRE TECNICAS REUNIDAS SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
AVTX AVANTIUM NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALKAL KALRAY SA
AEDAS AEDAS HOMES SA
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
ALCUR ARCURE SA
TOM2 TOMTOM NV
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
ZEL PHARMA MAR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
MRX MISTER SPEX SE
ALAFY AFYREN
FORSE FORSEE POWER SA
ALVGO VOGO SA
WAGA WAGA ENERGY SA
ALHAF HAFFNER ENERGY SA
EAPI EUROAPI
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
LHYFE LHYFE S.A.
- Saïma Hussain
FY23: IDI rewards its shareholders
FY23: IDI rewards its shareholders EARNINGS/SALES RELEASES After 2 successive years of solid results, IDI delivered another set of impressive earnings in FY-23, marked by an 11% increase in NAV. The positive developments were driven by the robust operating performance of the Private Equity Europe portfolio and brilliant divestments in spite of the unfavourable environment. IDI is spoiling its shareholders with a dividend of €5 per share (incl. €2.25 extraordinary) and confirms that it is uniqu...
- Amira Manai
IDI : ANR en progression de 11.4% sur 2023 - Versement d’un dividende ...
>ANR à fin 2023 en croissance de 11.4% à 96.86 € par action – Dividende de 5€ - IDI publie ce matin son ANR à fin décembre 2023 qui s’établit à 96.86 € par action en progression de 11.4% par rapport à fin 2022 (89.45 € par action avant dividende). Cette dynamique s’explique principalement par la bonne performance des participations du portefeuille et les forts retours des participations cédées. Pour rappel, l’exercice a été marqué par le closing de deux cessions avec...
- Amira Manai
IDI : NAV up 11.4% in 2023 - Payment of a € 5 dividend
>NAV at end 2023 up 11.4% to € 96.86 per share - € 5 dividend - - IDI published this morning its NAV at end-December 2023, which stood at € 96.86 per share, up 11.4% since end-2019 (€ 89.45 per share before dividend). This momentum is mainly due to a good performance from portfolio holdings and strong returns from divested holdings. As a reminder, the year was marked by the closing of two disposals with significant returns on investment, namely FCG (sale multiple >12...
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
IDL ID LOGISTICS GROUP
INF INFOTEL SA
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Amira Manai
IDI : Disposal of stake in Ateliers de France
>Exit from the Ateliers de France group ownership structure after more than 6 years with a disposal multiple of 2.1x - One week after the publication of its Q3 NAV, through which the group confirmed its brisk portfolio rotation momentum, IDI announced this morning its 15th transaction and 4th disposal since the beginning of the year. Specifically, IDI, Raise Invest (a private equity company investing in French SMEs with € 600m under management), Tikehau Capital (...
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