Apr: Pulp shipments +2% y-o-y

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/22/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 22/05/2025

Large forest deal at EV/EBITDA 36-60x

ODDO : European hotels: RevPAR up 3.5% in April

ODDO : Hôtellerie européenne : croissance de 3.5% des RevPAR en avril

Mar: Pulp shipments +7% y-o-y

Japan MT orders: sequential normalisation

Scandic Hotels Group AB: 1 director

A director at Scandic Hotels Group AB maiden bought 20,000 shares at 76.940SEK and the significance rating of the trade was 76/100. 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 ...

Robotic players Q1: orders continue to improve

Rockwell Q2: resilient growth

Billerud AB: 1 director

A director at Billerud AB bought 3,700 shares at 100.900SEK and the significance rating of the trade was 53/100. 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 years clearly s...

MTG (Buy, TP: SEK130.00) - Encouraging organic growth trend

MTG’s 2025 organic growth outlook of 3–7% YOY was a key positive in an otherwise difficult market for mobile gaming, in our view. However, the adj. EBITDA margin guidance of 21–24% fell shy of our expectation. We have only finetuned our 2025–2026e sales, but cut adj. EBITDA by 18–7% on the margin outlook, with some upside potential if synergies from the Plarium acquisition should materialise in 2025. We reiterate our BUY, but have lowered our target price to SEK130 (140).

Billerud (Buy, TP: SEK130.00) - Rosy outlook for cash

Although Q1 earnings were slightly shy of our forecast, we believe the results support our investment case. In our view, Billerud has good pricing power, especially in the US, where the market is highly consolidated and the overall earnings outlook for Q2 remains solid thanks to healthy orderbooks. Our 2025–2026e EBITDA is largely unchanged, and we reiterate our BUY and SEK130 target price.

Higher prices help, but stronger SEK does not

XVIVO: 1-year Heart data confirm lasting clinical superiority, CE-mark...

At the ISHLT 2025 meeting, XVIVO presented the final 12-month results from its European NIHP2019 heart transplantation trial, further validating the benefits of its Heart Assist Transport system. The data showed a 38% reduction in severe post-transplant complications (33% for XVIVO vs 47% for cold

Q1 EBITDA in-line

Netel Group Holding (Buy, TP: SEK18.00) - Solid outlook for 2025

Q1 offered further signs of good progress towards reducing volatility and improving performances across its operations, albeit in a seasonally small (start-up) quarter. We still see solid demand fundamentals and Netel further rebuilding its financial capacity in 2025. Lowering its financial targets looks logical to us, despite triggering 12–13% cuts to our 2026–2027e EPS. We still like the stock (2025–2027e FCF yield of 13–23%), and reiterate our BUY, but have cut our target price to SEK18 (22).

XVIVO Perfusion (Buy, TP: SEK520.00) - Stable pulse in a volatile mark...

Q1 sales were SEK219m (up 18% YOY; we forecast 11%, consensus 13%), with an EBITDA margin of 20% (we forecast 23%). After a quarter marked by regulatory progress, the key potential milestone ahead remains CE approval of the heart technology in 2025e, in our view. We reiterate our BUY and SEK520 target price.