reports
- ING Helpdesk
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 06/24/2022
In a challenging macroeconomic climate, we prefer Argan and confirm our Outperform rating on the stock with a target price of € 120 (total return of +30%) We see it benefiting from solid fundamentals in the logistics segment and gaining visibility. - ...
ATO ATOS SE
DVT DEVOTEAM SA
INF INFOTEL SA
AKA AKKA TECHNOLOGIES SE
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
SWP SWORD GROUP SE
VLS VALNEVA SE
OPN GROUPE OPEN SA
ATE ALTEN SA
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ACCEL ACCELL GROUP N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
IDR INDRA SISTEMAS S.A. CLASS A
FTG111 FLATEXDEGIRO AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
WAVE WAVESTONE SA
NA9 NAGARRO
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 24/06/2022
Dans un environnement macro difficile, nous privilégions Argan et réitérons notre recommandation Surperformance sur le titre avec un OC à 120 € (total return +30%). Nous la voyons bénéficier des bons fondamentaux de la filière logistique et gagner en visibilité. - ...
ATO ATOS SE
DVT DEVOTEAM SA
INF INFOTEL SA
AKA AKKA TECHNOLOGIES SE
ASY ASSYSTEM SA
SX CS GROUP SA
SQI SQLI SA
SWP SWORD GROUP SE
VLS VALNEVA SE
OPN GROUPE OPEN SA
ATE ALTEN SA
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ACCEL ACCELL GROUP N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
IDR INDRA SISTEMAS S.A. CLASS A
FTG111 FLATEXDEGIRO AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
WAVE WAVESTONE SA
NA9 NAGARRO
- Martijn Den Drijver
Accell Group : 96.9% tendered, Accell to de-list soon
>96.9% tendered after end of post acceptance period - Accell has issued a press release in which it states that during the post acceptance period (which ended yesterday), 5.7m shares were tendered while the consortium also bought 24k shares in the market yesterday. As a result, the consortium now holds 96.9% of the outstanding shares of Accell meaning that, after settlement, normal squeeze out procedures can be executed enabling the consortium to gain 100% of the outs...
- Christophe-Raphaël Ganet
- Christophe-Raphaël Ganet
- Martijn Den Drijver
Accell Group : KKR and Teslin are almost there
>Deal highly likely to succeed - Yesterday evening, KKR and Teslin announced that they have received irrevocable commitments of shareholders representing 4.26% of the outstanding shares. As a result, the total percentage of shares tendered/committed now stands at 77.8%. In addition, KKR and Teslin have also been able to convince the Accell boards that sufficient shares will be tendered in the post acceptance period by passive and other investors (7-9% was our initial ...
- Maissa Keskes
- Martin Marandon-Carlhian
- Maissa Keskes
- Martin Marandon-Carlhian
- Martijn Den Drijver
Accell Group : June 3rd outcome a setback but it is not over yet
>Extension of tender period most likely next step - The outcome of the June 3rd tender offer was a disappointment for the consortium of KKR/Teslin as 73.53% of the outstanding shares were tendered, which is below the required 80.01%. KKR/Teslin now have until June 9 to determine what they are going to do next. There are multiple scenarios but the most likely one in our view is that KKR/Teslin will extend the acceptance period by at least two weeks (max 10 weeks) and s...
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 05/23/2022
We held our twenty-seventh ABN AMRO – ODDO BHF Benelux Forum this week. For the first time in three years the conference was in physical mode at the headquarters of ABN AMRO, which was well appreciated by investors and issuers. This year some 66 institutional investors had a total of 140 meetings with 21 issuers. We welcomed investors from the Netherlands, Belgium, Germany, France, Switzerland and the UK - ...
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 23/05/2022
We held our twenty-seventh ABN AMRO – ODDO BHF Benelux Forum this week. For the first time in three years the conference was in physical mode at the headquarters of ABN AMRO, which was well appreciated by investors and issuers. This year some 66 institutional investors had a total of 140 meetings with 21 issuers. We welcomed investors from the Netherlands, Belgium, Germany, France, Switzerland and the UK - ...
- Hugo Lisboa
- Martijn Den Drijver
Accell Group : KKR and Teslin take first hurdle, June 3rd next key dat...
>All resolutions adopted at EGM, including triangular merger resolution - At the EGM last Friday, all proposed resolutions were adopted. This included the conditional appointment of the new supervisory board members of Accell (2 KKR partners and 1 Teslin representative), the amendments of the articles of association, the discharge of the supervisory board and management board and resolution 2b, the post-settlement restructuring solution, which is effectively the trian...
- Andreas Riemann
- Marc Lavaud
- Martin Marandon-Carlhian
- Michael Foundoukidis
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
EURN EURONAV NV
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
BCP BANCO COMERCIAL PORTUGUES S.A.
ASC ASOS PLC
ACCEL ACCELL GROUP N.V.
SLIGR SLIGRO FOOD GROUP N.V.
BBED BETER BED HOLDING N.V.
ALM ALMIRALL SA
FAST FASTNED
- Andreas Riemann
- Marc Lavaud
- Martin Marandon-Carlhian
- Michael Foundoukidis
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
EURN EURONAV NV
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
BCP BANCO COMERCIAL PORTUGUES S.A.
ASC ASOS PLC
ACCEL ACCELL GROUP N.V.
SLIGR SLIGRO FOOD GROUP N.V.
BBED BETER BED HOLDING N.V.
ALM ALMIRALL SA
FAST FASTNED
- Hugo Lisboa
- Martijn Den Drijver
Accell Group : Shareholders pay attention: the EGM is not a rubber sta...
>Attendance and voting at EGM critical, especially in relation to the triangular merger resolution - Although slim, there is still a chance that investors can ‘force’ KKR/Teslin to raise their offer for Accell as investors can block the adoption of the triangular merger, possibly resulting in Accell remaining listed, a highly undesirable outcome for KKR/Teslin. The articles of association of Accell state that all resolutions at the general meeting are adopted by...
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2022
We are maintaining our Neutral recommendation on the stock after factoring the integration of Photosol into our model. The group now benefits from a structural green growth driver it needs to accelerate through synergies and acquisitions to justify the price paid. - - ...
PSM PROSIEBENSAT.1 MEDIA SE
MTU MANITOU BF SA
ATE ALTEN SA
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
BON BONDUELLE SCA
ASC ASOS PLC
GLB GLANBIA PLC
BRE BREMBO S.P.A.
SOC SUBSEA 7 S.A.
ACCEL ACCELL GROUP N.V.
SESL SES-IMAGOTAG SA
SAX STROEER SE & CO. KGAA
SEFER SERGEFERRARI GROUP SA
GCO GRUPO CATALANA OCCIDENTE S.A.
SAE SHOP APOTHEKE EUROPE NV
CGG CGG
TE TECHNIP ENERGIES NV
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 04/03/2022
Recommandation Neutre réitérée sur la valeur post intégration de Photosol dans notre modèle. Le groupe dispose dorénavant d’un relais structurel de croissance verte qu’il doit accélérer par des synergies et des acquisitions pour justifier le prix payé. - - ...
PSM PROSIEBENSAT.1 MEDIA SE
MTU MANITOU BF SA
ATE ALTEN SA
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
BON BONDUELLE SCA
ASC ASOS PLC
GLB GLANBIA PLC
BRE BREMBO S.P.A.
SOC SUBSEA 7 S.A.
ACCEL ACCELL GROUP N.V.
SESL SES-IMAGOTAG SA
SAX STROEER SE & CO. KGAA
SEFER SERGEFERRARI GROUP SA
SAE SHOP APOTHEKE EUROPE NV
CGG CGG
TE TECHNIP ENERGIES NV
- Hugo Lisboa
- Martijn Den Drijver
Accell Group : Results a bit better than expected, no change 2022 guid...
>Facts: Solid set of results in 2H21 - Accell reported sales of €678m, beating consensus by 1% with underlying EBIT coming in at €45.5m, a beat of 4%. The underlying EBIT margin was 6.7%, 20bp better than consensus. Net profit was a clear miss due to a €10m incidental item in financial expenses and much higher than expected taxes. NWC as a % of sales came in at 33% versus our expectation of 295% (up from 17% at 1H21) and because of that higher NWC, FCF came in at €127...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2022
On the back of decreasing headwind from the coronavirus pandemic and improving underlying trends (Medicare Advantage, FME25 and positive contributions from value-based care), we expect earnings to move upwards again (FY 2023e adj. EBIT growth of 21%). Increasing positive newsflow and improving top- and bottom-line momentum make Fresenius Medical Care attractive again in our view. We upgrade to Outperform with a new peer group/DCF-derived target price of € 72. - ...
TFI TELEVISION FRANCAISE 1 SA
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
ZAL ZALANDO SE
GRF GRIFOLS S.A. CLASS A
BAYN BAYER AG
VID VIDRALA SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
ACCEL ACCELL GROUP N.V.
FDR FLUIDRA S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
GRF.P GRIFOLS S.A. PREF CLASS B
GSK GLAXOSMITHKLINE PLC
CASH PROSEGUR CASH SA
PHNX PHOENIX GROUP HOLDINGS PLC
SHEL SHELL PLC
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