ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/02/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/07/2025

Bravida : Q2/H1 earnings preview: Q2 expected to remain under pressure...

Bravida : Previews T2/S1 : le T2 devrait continuer à être sous pressio...

Bravida : A good vehicle to make the most of the upturn in Nordic cons...

We are initiating coverage of Bravida with an Outperform rating, a target price of SEK 112 and a Neutral ESG opinion. A leading player in the Nordic multi-technical installations and services market (Top 3), Bravida has a solid business model with recurring business (65% of revenue in services and renovation activities), good profitability (EBITA margin >6%), excellent FCF generation and a healthy balance sheet (Net Debt/EBITDA:1x). The group should leverage these strengths to capture the pick-u...

Bravida : Un bon véhicule pour profiter de la reprise de la constructi...

Nous initions Bravida à Surperformance avec un OC de 112 SEK et une opinion ESG Neutre. Acteur de premier plan dans le secteur nordique des installations et services multi-techniques (Top 3), Bravida dispose d’un business model solide avec une activité récurrente (65% du CA Services et rénovation), un bon niveau de profitabilité (marge d’EBITA >6%), une excellente génération de FCF et un bilan sain (DN/EBITDA : 1x). Ces atouts devraient lui permettre de capter la reprise de la demande des servic...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 20/06/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/20/2025

Bravida Holding AB: 1 director

A director at Bravida Holding AB maiden bought 3,360 shares at 87.500SEK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...

Nel (Sell, TP: NOK1.50) - In hope they trust

Q1 revenue missed consensus by 29% and our estimate by 38%. Despite industry-wide challenges, Nel remains optimistic on new orders – although it last booked a sizeable order in late-2022. On the positive side, cash of NOK2.1bn provides investors with decent time optionality awaiting a better market (we do not expect a liquidity injection), added to which it has a good technology track record and know-how. We reiterate our SELL and NOK1.5 target price.

Full stop in Alkaline

Energy Morning - 30 April 2025

Nel: poor Q1 results

This morning, Nel has reported Q1 2025 revenue at NOK155m (-63% QoQ, -44% YoY), 37% below cons. at NOK245m. The quarter was impacted by temporary production halts, with a significant slowdown in the alkaline division negatively impacting (-69% YoY) the scale and the revenue mix. EBITDA loss stood a

Q1 weaker, no improvements in sight

Nel (Sell, TP: NOK1.50) - No signs of life on the horizon

With no meaningful orders secured since late 2022, weak backlog coverage for 2025e, production facility shut-ins, an uncertain market outlook, and further uncertainties related to its US expansion plans, challenging times are set to remain. While we are in line with consensus ahead of the Q1 report, our 2025e revenues and EBTIDA are 30% and 52% below consensus, respectively, with weak backlog coverage even on our estimates. Focus ahead should be on maintaining the liquidity runway and any equity...

In a tough spot

Energy Morning - 31 March 2025

Nel: USD6m PEM order

Yesterday evening, Nel announced it had received a USD6m PEM order from Collins Aerospace on the back of its long-lasting and exclusive supply agreement for prolonged underwater submarine operation equipment. Deliveries will take place over several years starting in late 2025. This capitalises on P

Energy Morning - 28 March 2025

Energy Morning - 12 March 2025