XVIVO: acquisition of an innovative communication platform to save mor...

XVIVO is expanding its service offering with the acquisition of the FlowHawk software platform from OmniLife, aiming to streamline the complex planning and communication involved in organ transplantation, ensuring that "no one should die waiting for a new organ." The FlowHawk platform has proven it

We cut our Q3 estimates

We are 16% below cons. on Q3e adj. EBITA. Negative short term R/R, but still attractive into 2025e.

HMS Networks (Buy, TP: SEK525.00) - Order recovery pushed out

We believe investors are increasingly seeking an entry point in HMS amid the ongoing cyclical correction in factory automation. In our view, orders have troughed, but recent outlook commentary from automation peers and customers suggests a recovery would be more gradual than pent-up, which could push a re-rating into 2025e. We reiterate our BUY but have cut our target price to SEK525 (530).

Japan MT orders: downtick in August

July: Pulp shipments -4.0% y-o-y

2025 looking intriguing - up to BUY

June: Pulp shipments -4.5% y-o-y

Robotic players: orders are starting to improve

Japan MT orders: downtick in July

Swedish Small and Medium Caps Cases

Swedish Small and Medium Caps Cases

ODDO BHF Small & MIDCAP MORNING NEWS - 23/07/2024

Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2.    - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/23/2024

Oerlikon, leader in attractive niche markets with technology entry barriers, is about to enter the final chapter of its group transition into a Surface Solutions pure play via the planned separation of Polymer Processing Solutions (OPP) in the next 12-36 months. After the strong performance YTD, we are seeing no further significant upside from here for now. We are rating Oerlikon’s shares Neutral with a TP of CHF 5.2.    - ...

ODDO : The summer is looking positive for the European hotel sector

>Western Europe: 7.6% RevPAR growth in June (+7.2% in Q2) - The European hotel sector continues to perform very well; in June, RevPAR growth came to +7.6% y-o-y for western Europe (according to STR figures), vs +7.5% in May and +6.6% in April, driven by both price hikes (+6.8% vs +6.7% in May and +5.3% in April) and slight growth in occupancy rates (at +0.6 points). As such, the cumulative change in RevPAR in the first 6 months of the year was +7.0% (+1.1 points for o...

ODDO : L’été s’annonce positif pour l’hôtellerie européenne

>Europe de l’Ouest : croissance de 7.6% des RevPAR en juin (+7.2% sur le T2) - L’hôtellerie européenne continue de très bien performer ; en juin, la croissance des RevPAR ressort à +7.6% yoy pour l’Europe de l’Ouest (selon les chiffres STR), contre +7.5% en mai, et +6.6% en avril, portée à la fois par des hausses de prix (+6.8% contre +6.7% en mai et +5.3% en avril) et par une légère progression des taux d’occupation (TO à +0.6 pt). Ainsi, la variation cumulée des Rev...

Billerud (Buy, TP: SEK145.00) - Dressed for success

Thanks to market- and company-specific reasons, the Q2 report showed Billerud is moving in the right direction and earnings growth should continue in the coming quarters. Our optimistic earnings scenario is broadly intact, and we still see a solid investment case, particularly as the balance sheet is overcapitalised. We reiterate our BUY and have raised our target price to SEK145 (140) on lower forecast risk. Another solid earnings quarter. Q2 EBITDA of SEK884m was above our forecast, with the ...

Lindab International (Buy, TP: SEK290.00) - Ready for market recovery

Both business areas reported solid margins in Q2 that, combined with somewhat more positive outlook comments, mean we have raised our 2024–2026e adj. EBIT by c2% on average. Structural improvements at Lindab leave it well positioned to increase earnings once the market comes back, we believe. We reiterate our BUY and have raised our target price to SEK290 (270).

En route for mid-cycle

Q2 clean EBITDA +22%

MTG (Buy, TP: SEK120.00) - Earnings growth the key positive

MTG reiterated its 2024 revenue guidance and now expects an adj. EBITDA margin at the upper end of its 26–29% guidance following Q2 results that showed a soft top line but an earnings beat. We have raised our 2024–2025e adj. EBITDA by 3% on higher margin expectations. While awaiting an H2 revenue growth improvement, we like the strong cash flow and reiterate our BUY and SEK120 target price.

Scandic Hotels (Buy, TP: SEK80.00) - Solid demand into Q3 high season

Q2 was solid, benefiting from a solid Nordic hotel market and seeing good demand and bookings ahead of the Q3 high season; however, the in-line report translated into only minor forecast changes. With its strong financials, we see opportunities for growth initiatives and capital allocation. We expect a more eventful H2, with the likely upcoming convertible bond conversion to be offset by share buybacks, and the still-low valuation implying an attractive risk/reward. We reiterate our BUY and have...