Credit Morning 12/19/2024

Afflelou: topflight first quarter, leverage below 5x|Fnac Darty: € 109m fine from France's competition authority, slightly higher than the provision.|Maxeda: a better Q3, € 13m bond buyback|Eutelsat Group: S&P cuts the corporate rating to B-/stable from B-/stable|Atos compltes its financial restructuring, S&P raises the corporate rating to B-/stable from SD|

Morning Crédit 19/12/2024

Afflelou : un très bon premier trimestre, levier en-dessous de 5x|Fnac Darty : amende de 109 m EUR de l’Autorité de la concurrence, un peu supérieure à la provision|Maxeda : un meilleur T3, rachat de 13 m EUR d’obligations|Eutelsat Group : S&P degrade le rating corporate de B/stable à B-/stable|Atos finalise sa restructuration financière, S&P relève le rating corporate de SD à B-/stable|

ODDO BHF Small & MIDCAP MORNING NEWS – 12/11/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 11/12/2024

Aalberts Key take-aways CMD – Thrive 2030 – Refocus, Rebalance, Rechar...

Yesterday Aalberts hosted its CMD ‘Thrive 2030' spanning the 2025-2030 strategy cycle building on the interplay between three axes: Refocus, Rebalance, Recharge. Refocus will drive growth through strengthened leadership in attractive markets and brings along disposals. Rebalance should double US exposure and bring equal weight to the three reporting segments (Building, Semicon & Industry). Recharge entails intensified operational excellence, continued innovation & M&A as growth accelerator. An u...

Morning Notes : AALB NA, COLR BB, ZEAL DC

: AALB NA, COLR BB, ZEAL DC

Allfunds Group Plc : Business model facing uphill battle amid passive ...

Allfunds’ active fund distribution model is facing growing pressure from the rise of passive investments and private capital. While the company is diversifying into alternatives and active ETF distribution, these efforts are not game-changers and are unlikely to lead to a materially improved outlook in terms of AuA growth. With structural risks in the core business and lack of strong organic growth, we downgrade the stock to Underperform.

ODDO BHF Small & MIDCAP MORNING NEWS – 12/10/2024

Benelux Morning Notes

Aalberts: Reiterates 2026 targets, but there is more. Belgian telecoms: Digi to finally launch in Belgium tomorrow. Melexis: Small but supportive buyback

Aalberts CMD with updated 2030 targets and adjusted segment reporting

Aalberts just issued a release ahead of today's CMD starting at 9.30am CET. While the previous strategy cycle (CMD Dec-21) ran from 2021-2026, the strategy cycle linked to today's CMD spans until 2030. As expected previous 2026 targets were reconfirmed, whilst fresh 2030 targets include a >€ 4.5bn revenue ambition and an EBITA margin >18%. Accumulate maintained.

ODDO BHF Small & MIDCAP MORNING NEWS – 10/12/2024

Morning Notes : AALB NA, ELI BB, IMMO BB, MELE BB, EKOP BB, MAAT FP

: AALB NA, ELI BB, IMMO BB, MELE BB, EKOP BB, MAAT FP

AALBERTS : CMD does not disappoint : reassuring about 2026 targets, 20...

Casino : Still too early to revisit the stock amid hefty debt, despite...

Casino unveiled a new 2028 strategic plan at a time when financial resources remain strained. Even if the group were to see its plan through (perfect execution scenario, steady underlying market), the debt burden would still be too heavy to justify a rerating. We believe a new restructuring program and/or capital increase would be needed to slash the group's debt and bring it back into line with market financial standards. We are leaving our target price unchanged at € 0.05 and maintaining our U...

Casino : Toujours trop tôt malgré le plan stratégique 2028, le groupe ...

Dans un contexte de contraintes financières, Casino a annoncé un plan stratégique à 2028. Même si le groupe parvenait à le réaliser (exécution parfaite et marché sous-jacent stable), il resterait trop endetté pour un rerating. Nous estimons qu’une nouvelle restructuration et/ou augmentation de capital seront nécessaires pour le remettre dans les standards financiers du marché. OC à 0.05 € et recommandation Sous-performance maintenus.

DEUTZ AG : Continues to do reasonable bolt-on M&A deals to strengthen ...

On the shelves now: Consumer Weekly #51

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at the new record high reached by online shopping during the Cyber Week 2024.

Morning Notes : AALB NA, AED BB, BREB BB, IBAB BB, SEQUA BB, MAAT FP

: AALB NA, AED BB, BREB BB, IBAB BB, SEQUA BB, MAAT FP

Aalberts Upcoming CMD: focus on portfolio optimisation and foremost M&...

Next Tuesday Aalberts will be hosting its first CMD under the reins of the new CEO. In spite of headwinds in most of its important end markets we expect no surprise on current 2026 targets as management has been very vocal about their commitment to the targets set at the previous CMD in Dec-21. We look forward to seeing an update on portfolio optimisation as both disposals and M&A in the ongoing strategy cycle are so far -with 2 more years to go- falling short of communicated ambitions which wer...