ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/14/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 14/05/2025

DEME Group : Solid Q1 sales, 2025 guidance unchanged

Bekaert : Q1 sales in line, 2025 EBITu margin guidance modestly lowere...

Morning Notes : ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MA...

: ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MAAT FP, DEME BB, PHVS US

Benelux Morning Notes

ABN AMRO: Surprise higher cet1 bodes well. Bekaert: In-line 1Q25 revenues, margin guidance more cautious as Specialty misses. Cofinimmo: Counter proposal to Aedifica. DEME Group: Confirms FY25 outlook. D'Ieteren: Solid 2028 targets

Agfa FIRST LOOK: Weak Radiology Solutions and strong HealthCare IT in ...

1Q25 was marked by a weak performance in Radiology Solutions (1Q is traditionally a seasonally weak quarter but now with strong impact of the decline of the medical film markets, particularly in China) and the continued strong performance of Agfa's HealthCare IT division, driven by customer adoption of Agfa's cloud technology. While Agfa's Digital Printing Solutions equipment business faced challenges due to economic uncertainty, and the market for Agfa's Zirfon membranes for green hydrogen prod...

D'Ieteren New 2024-2028 targets in line with expectations, but will th...

This morning D'Ieteren announced its new 2024-2028 ambitions which will be followed by a CMD in London later today. While the mid-single digit adj. EBIT growth target came below our estimate of 7.1%, we believe the outlook is rather prudent as the outlook for the different entities is almost perfectly in line with our expectations. No other major news was announced. While the 1Q25 sales update came in slightly below our estimates , we want to highlight that this was partially due to fewer tradi...

Wedbush Morning Call - May 14 2025 7:00AM

Shurgard : Q1 2025: A positive start to the year

Cofinimmo From a lose - win to a win-win

Last week the board of Cofinimmo did not recommend the voluntary exchange offer of Aedifica at a 1.16x ratio. Now, Cofinimmo believes a 1.21x exchange ratio would be a better balance for its shareholders. Aedifica did not yet agree to the new terms. We (KBC) believe it made sense for Aedifica to at least wait for their AGM yesterday to comment. According to De Tijd (BE newspaper), there was an indication that Aedifica would not increase its bid as it continues to believe the initial offer is fai...

Bekaert FIRST LOOK: 1Q sales -3%, slightly lowering FY uEBIT margin gu...

Bekaert saw 1Q sales decline by 3% which was in line with consensus and 1% better than our forecast. Bekaert reiterated FY25 guidance calling for flat sales while it slightly lowered uEBIT margin guidance from ‘at least flat' to ‘stable', with our and consensus forecasts at respectively +0.3pp and +0.1pp. The gradually improving portfolio profile, very compelling valuation (EV/EBITDA25e of 3.9x) and ongoing support from the €200m share buyback program prompt us to maintain our BUY rating and € 5...

Shurgard 1Q25 Results, organic growth continues in all regions

Shurgard 1Q25 EPRA net came slightly ahead of our estimates as rental income performed better. The net EPRA amounted to 35.7m vs. 35.1m expected, and the property result beat with 111.6m vs. 108.4m exp.. Also Net Property result beat our expectation by 2%. The 1Q25 same store operating revenue growth of 6.2% beat our expectation by 0.8%. France showed 5.5% lfl growth after years of low single digits. The overall occupancy declined only 0.6%. This a strong performance and indicates the LnS integr...

Pharvaris 1Q25 shows continued pipeline progress, upcoming R&D call in...

Pharvaris reported 1Q25 results with a cash position of € 236m (YE24: € 281m), which provides a cash runway into 3Q26. Pipeline-wise, the company continues to progress with its phase 3 trials in both HAE on-demand and prophylaxis, and confirms the previously communicated timelines, with the next key milestone being topline results from the phase 3 trial of deucrictibant in on-demand HAE in 1Q26. We note that an FDA waiver for thorough QT study requirements provides further validation of deucrict...

ABN Amro FIRST LOOK: 1Q25 a mixed bag, but low impairments compensate

Loan volume growth largely compensates for lower than expected NIM. Fee Income is strong, but more than offset by weaker Other Income due to negative revaluations and weaker Treasury result. OPEX is slightly weaker as well, with a higher FTE increase than expected. Impairments remains incredibly low, resulting in a solid net result beat. At this moment we see limited room for increasing our estimates, changing our rating from Buy to Hold following the strong rally since December. A CMD will be h...

Continued Execution On Display in 1Q25 Update

DEME FIRST LOOK: Solid start with strong performance in Offshore Energ...

We reiterate our positive stance on DEME (Buy, €175 TP) as we saw a solid start of the year with 1Q25 turnover up 10% y/y to €993m (KBCSe €980m). End-1Q25 orderbook remains at a healthy level at €7.6bn, compared to €7.5bn (end-1Q24) and €8.2bn (end-FY24). This orderbook is excluding the orderbook of recently acquired Havfram, a Norwegian offshore wind contractor, supporting DEME's ambition to expand its footprint in the offshore wind energy market and bolster its competitive edge in turbine and ...