ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/28/2025

Benelux Morning Notes

Allfunds Group PLC: Der Weihnachtsmann kommt früh. CTP: First move into Italy - €1bn investment to come. Elia: Guidance reiterated, capex reaffirmed but some difficulties in US. SBM Offshore: Solid story, attractive returns. VGP: Third closing with Saga JV for €509m GAV

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 28/11/2025

Morning Notes : ELI BB, TINC BB, VGP BB, CTPNV NA

: ELI BB, TINC BB, VGP BB, CTPNV NA

WOOD Daily: KSPI US; VGO PW; CCC PW; RBW PW; PL Banks; MUR PW; PRIUA C...

HEADLINES: • Kaspi.kz: too cheap to ignore (stays BUY) • VIGO Photonics: 3Q25 results review – adjusted EBITDA over 2x above our estimate; order intake up 24% yoy POSITIVE • CCC: final 3Q25 EBITDA spot on prelims NEUTRAL • Rainbow Tours: 3Q25 conference call highlights NEUTRAL • Polish banks: President signs bill on higher CIT for the banks • Murapol: main shareholder sells 20.5% of shares in ABB NEUTRAL • Primoco UAV: promising tactical UAV producer (HOLD - initiation of coverage) • CTP: enters...

CCC : Q3 2025 consolidated results were in line with preliminaries

Kaspi.kz: too cheap to ignore (stays BUY)

We keep our BUY on Kaspi, with a slightly lower price target (PT) of USD 92.0/share. The company is trading at 6.3x P/E and 2.7x P/BV for 2025E, on our estimates. We believe Kaspi’s recent underperformance has its reasons. However, warts and all, even with our conservative assumptions (including a 32.5% COE for the non-bank part of the business), we see the current valuation as too cheap to ignore. If we are right about the earnings and buybacks, the EPS could increase at a 30% CAGR in 2026-27E....

Primoco UAV: promising tactical UAV producer (HOLD - initiation of cov...

We initiate coverage of Primoco UAV (Primoco) with a HOLD and a 12M price target (PT) of CZK 1,099/share. Primoco manufactures the Primoco One 150, a tactical, medium-sized, fixed-wing unmanned aerial vehicle (UAV), which holds the EASA LUC SAIL III civilian operating authorisation and was awarded the NATO STANAG 4703 military airworthiness certification in March 2025. It is used for intelligence, surveillance and reconnaissance (ISR), and is not weaponised currently. The drone is manufactured i...

WOOD Daily: EME Macro/Strategy – Dividends; TXT PW; RBW PW; CDR PW; PG...

HEADLINES: • EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced • Text: 2Q25-26 (calendar 3Q25) results – EBITDA down 29% yoy, 8% below the consensus NEGATIVE • Rainbow Tours: strong 3Q25 beat on EBITDA and net profit, following the strong gross margin and cost discipline POSITIVE • CD Projekt: 3Q25 results review – 3Q25 EBITDA up 92% yoy, 11-15% above our and the consensus estimates POSITIVE • PGE: stable to declining recurring EBITDA outlook for 2026E NEUTRAL • H...

EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...

The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...

Switch on the Robots Automation and Energy Investments in Logistic/Ind...

Automation and Energy investments increase the value per sqm of landbank. Tenants are inclined to sign longer lease contracts to protect their significant investments. We expect to see more large warehouse automation projects over the next 12-18 months as the ROI increases thanks to technological innovations. The decision process seems to take longer due to the size of the investments. We believe the logistic segment offers an interesting investment opportunity. WDP trades at only 3% premium...

WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...

HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...

WOOD Daily: GSPARK HB; ESLT US; WPL PW; PPC GA; ENA PW; PBK RO; NRP NA...

HEADLINES: • Graphisoft Park: industry-leading FFO ROE, despite low LTV (stays BUY) • Elbit Systems: 3Q25 results – strong margin recovery, solid FCF generation POSITIVE • Wirtualna Polska: 3Q25 results review – adjusted EBITDA up 57% yoy, 3% above the consensus; strong 4Q25E outlook in Travel e-commerce POSITIVE • Public Power Corporation: 3Q25 beat, but FY25E guidance unchanged NEUTRAL • Enea: full 3Q25 results in line with the preliminaries NEUTRAL • Patria Bank: solid bottom-line delivery in...

WOOD Daily: ING PW; GPW PW; MUR PW; PKN PW; EXAE GA; H2O RO; AQ RO; SF...

HEADLINES: • ING BSK: eyes 19% ROE and is more open to higher dividend payouts in its strategy update POSITIVE • Warsaw Stock Exchange: strong 3Q25 delivery with a 7% beat to consensus POSITIVE • Murapol: 3Q25E close to our forecasts with weaker revenue, but stronger gross margin NEUTRAL • Orlen: swaps some Norwegian assets with DNO NEUTRAL • Athens Exchange Group: Euronext reportedly reaches the acquisition threshold NEUTRAL • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy; conse...

WOOD Daily: BIMAS TI; CEZ CP; KSPI US; AIRA LI; OPTIMA GA; ASELS TI; A...

HEADLINES: • BIM: 3Q25 results – strong beat POSITIVE • CEZ: 3Q25 operating results miss, bottom line beats by 9% NEUTRAL • Kaspi.kz: 3Q25 highlights – 2025 continues to be soft; USD 100m buyback NEUTRAL • Air Astana Group: 3Q25 – EBITDAR down 17% yoy, despite 15% ASK growth NEGATIVE • Optima Bank: small bottom-line miss in 3Q25, but FY25E guidance maintained NEUTRAL • Aselsan: second Steel Dome serial production contract, and signs MOU with ROMARM POSITIVE • Auto Partner: October sales growth d...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/11/2025

WOOD Daily: TLV RO; JAHEZ AB; PGSUS TI; CCC PW; ALPHA GA; DNP PW; INPS...

HEADLINES: • Banca Transilvania: bottom-line beat in 3Q25, on higher trading income and lower costs POSITIVE • Jahez: 3Q25 financial results review NEGATIVE • Pegasus Airlines: 3Q25 – RASK pressure exceeds our estimate NEGATIVE • CCC: preliminary 3Q25 EBITDA miss of 5%; FY25E EBITDA guidance cut to PLN 1.7-1.8bn, from PLN 2.4bn NEGATIVE • Alpha Bank: 3Q25 highlights – a mixed bag NEUTRAL • Dino: key takeaways from the 3Q25 call NEGATIVE • InPost: key takeaways from the 3Q25 call NEGATIVE • MOL: ...

CCC : Guidance lowered following soft Q3 preliminary print