ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/13/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/13/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/11/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/11/2025

Inventiva Launches capital increase for gross proceeds of € 108m

Inventiva announced the launch of a capital increase by way of underwritten public offering of ADSs in the US. The company intends to raise € 108m and will use the proceeds to fund the continuation of the phase 3 trial, and prepare for commercialization and an outcomes trial. We view this raise as a positive and reiterate our BUY rating and € 8 TP.

Aegon : Solvency and OCG in line, cash touch less, sales mixed

Benelux Morning Notes

AEGON: 3Q in line, UK weak, all eyes on CMD in December. DEME Group: Going into 2026 with a stable order book. D'Ieteren: North America Beron peer Boyd confirms positive l/l in 3Q25, further improvement in 4Q25. KBC: 3Q above, increase in FY25 guidance across the board, first SRT is sizeable. Ontex: Peer Essity acquires Edgewell's Feminine Care activity. SBM Offshore: Progression in markets and earnings. Zabka: CVC and PG sell 100m shares via ABB

mdxhealth 3Q25 results continue adj. EBITDA profitability, guidance ma...

Yesterday evening mdxhealth reported 3Q25 results. The company had $ 27.4m in revenue up 18% y/y, with a gross margin of 65.2% representing a 4% improvement. OPEX was essentially flat leading to a second quarter of adj. EBITDA profitability of $ 1m. The company reiterated its FY25 revenue guidance and reported that it will fully focus on integrating the ExoDx acquisition into the business in the 4Q25. Therefore, it will postpone Germline and re-evaluate the opportunity in 2026. We reiterate our ...

Zealand Pharma Uneventful 3Q25 results, upcoming CMD in December 2025

Zealand reported 3Q25 results and provides a business update which are in line with expectations. We note that dapiglutide development has been paused but that most important timelines have been reiterated. For the remainder or this year we do not expect big readouts, but look forward to the CMD in December. DKK 1,120 TP and BUY rating reiterated.

Autolus Launch continues, FY25 beat is within reach

Autolus reported 3Q25 sales of $ 21.1m which came in slightly below CSS expectations of $ 21.9m. However, deferred revenue of $ 7.6m was significantly higher than the previous quarter giving us confidence that FY25 expectations are achievable. Additionally, at ASH 2025 Autolus plans to present longer follow-up in SLE and initial data in pediatric ALL, the topline results indicate a competitive profile against Kymriah. Autolus reiterated its plans to start a pivotal study in LN and a phase 1 in A...

Agfa Decline in medical film was even stronger than expected

Agfa's 3Q25 continued decline in medical film was even stronger than expected (€ 257m 3Q25 sales vs € 275m KBCS & CSS). Although the growth in cloud/SaaS in HealthCare IT all the divisions were below our and CSS forecasts as well on top-line as on REBIT-margins. The increase in Digital Printing & Chemicals was not sufficiently offsetting the impact from the decline in medical film and from cloud transition in HealthCare IT. Despite good cost control, REBIT decreased to -4m, mainly due to the d...

Morning Notes : AGN NA, AGFB BB, IVA FP, MDXH BB, MELE BB, SOLB BB, DE...

: AGN NA, AGFB BB, IVA FP, MDXH BB, MELE BB, SOLB BB, DEME BB, AUTL US, ZEAL DC, PHVS US

Pharvaris 3Q25 update shows all is on-track, eyes are on RAPIDe-3 data...

Pharvaris reported 3Q25 results showing no major surprises and reaffirming previously communicated timelines. The next key milestone is topline results from the phase 3 trial of deucrictibant (B2R antagonist, oral tablet) for on-demand HAE in 4Q25. We are confident in a positive outcome, and see Ekterly's strong early uptake as a key de-risking factor for the commercial potential of orals in the acute HAE market. The company ended the quarter with a cash position of € 329m (YE24: € 281m), provid...

DEME Although 3Q was weaker y/y another record year is taking shape

As 3Q25 turnover was € 980.9m (-9% y/y also impacted by a strong comparison base), 9M25 turnover surpassed €3bn, still a 3% y/y increase. Although y/y all segments had lower revenues in 3Q (-6% for Dredging & Intra, -12.7% for Offshore Energy, -16.3% for Environmental), DEME indicated that the YtD performance is fuelled by a double-digit YtD growth in the Offshore Energy segment which more than offset softer topline results in other segments compared to strong prior year revenues. Given this 9...

DEME Group : Lifting EBITDA guidance

Melexis Balancing its innovation-led top line and profit growth throug...

Following the update of our model after Melexis' 3Q25 results and Capital Markets Day (CMD), we maintain our positive stance with an Accumulate rating, but revise our target price to €74 (from €78). While visibility into 2026 remains limited, we continue to see structural tailwinds over the medium to long term, driven by rising semiconductor content from the modernization of automotive platforms and the growing adoption of robotics. During its CMD, Melexis outlined a strategy built on four pil...