reports
- Andreas Riemann
- Oliver Metzger
ODDO : Feedback Day 2
ODDO BHF and Commerzbank are jointly hosting the 16th edition of the Corporate Conference on 3 and 4 of September 2025 in Frankfurt am Main. This year, we are welcoming 85 German small, mid and large cap companies. Here are the first messages compiled by our analysts from day 2. We would highlight, notably, a positive tone from Bilfinger, Deutz, GEA, Indus, Jungheinrich, KION Group, Nordex, Stabilus, Thyssenkrupp, TUI and Vonovia Neutral tone from Continental, Dermapharm, DHL Group, E.ON, Frapor...
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
LXS LANXESS AG
GXI GERRESHEIMER AG
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
HEN3 HENKEL AG & CO. KGAA PREF
DEZ DEUTZ AG
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
KGX KION GROUP AG
HBH HORNBACH HOLDING AG & CO. KGAA
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SFQ SAF-HOLLAND SE
STM STABILUS SE
TUI TUI AG
- Andreas Riemann
- Oliver Metzger
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FRA FRAPORT AG
TEMN TEMENOS AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
STF STEF
LXS LANXESS AG
GXI GERRESHEIMER AG
BLC BASTIDE LE CONFORT MEDICAL SA
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
HEN3 HENKEL AG & CO. KGAA PREF
DEZ DEUTZ AG
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
GREEN GREENYARD NV
KGX KION GROUP AG
TWEKA TKH GROUP N.V. CERT
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
JEN JENOPTIK AG
EAT AMREST HOLDINGS SE
KBX KNORR-BREMSE AG
SFQ SAF-HOLLAND SE
STM STABILUS SE
TUI TUI AG
- Andreas Riemann
- Oliver Metzger
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
LXS LANXESS AG
GXI GERRESHEIMER AG
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
HEN3 HENKEL AG & CO. KGAA PREF
DEZ DEUTZ AG
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
KGX KION GROUP AG
HBH HORNBACH HOLDING AG & CO. KGAA
JUN3 JUNGHEINRICH AG PREF
BIM BIOMERIEUX SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SFQ SAF-HOLLAND SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
STM STABILUS SE
TUI TUI AG
- Andreas Riemann
- Oliver Metzger
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
LXS LANXESS AG
GXI GERRESHEIMER AG
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
HEN3 HENKEL AG & CO. KGAA PREF
DEZ DEUTZ AG
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
KGX KION GROUP AG
HBH HORNBACH HOLDING AG & CO. KGAA
JUN3 JUNGHEINRICH AG PREF
BIM BIOMERIEUX SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SFQ SAF-HOLLAND SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
STM STABILUS SE
TUI TUI AG
- Andreas Riemann
- Oliver Metzger
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FRA FRAPORT AG
TEMN TEMENOS AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
STF STEF
LXS LANXESS AG
GXI GERRESHEIMER AG
BLC BASTIDE LE CONFORT MEDICAL SA
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
HEN3 HENKEL AG & CO. KGAA PREF
DEZ DEUTZ AG
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
GREEN GREENYARD NV
KGX KION GROUP AG
TWEKA TKH GROUP N.V. CERT
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
JEN JENOPTIK AG
EAT AMREST HOLDINGS SE
KBX KNORR-BREMSE AG
SFQ SAF-HOLLAND SE
STM STABILUS SE
TUI TUI AG
- Thomas J. Schiessle
Entscheidung ist gefallen: Schulden reduzieren - Moulded Glas-Verkauf ...
Das durch Zukauf der Bormioli Pharma erweiterte Behälterglas-Geschäft (Moulded Glas) soll verkauft werden (proforma 24er Rev/EBITDA: ca. € 735 Mio./ ca. € 145 Mio.), was u.E. sehr sinnvoll ist. Den möglichen Verkaufserlös schätzen wir auf € 650 - 850 Mio. der zur Reduktion der hohen Schulden (€ 2,0 Mrd.) eingesetzt werden dürfte. Zukauf der Bormioli Pharma ergänzt das Kerngeschäft, aber bringt auch komplementäre Moulded Glas-Aktivitäten, das langsamer wachsen und konjunktursensibel sind, mit. ...
- Daniel Großjohann
Decision has been made: Reduce debt - Moulded glass sale planned
The container glass business (Moulded Glass) expanded through the acquisition of Bormioli Pharma is to be sold (pro forma 24er Rev/EBITDA: approx. € 735 million / approx. € 145 million), which we consider very sensible. We estimate the possible sale proceeds at € 650 - 850 million, which should be used to reduce the high debts (€ 2.0 billion). The acquisition of Bormioli Pharma complements the core business, but also brings in complementary Moulded Glass activities that grow more slowly and are ...
- Thomas J. Schiessle
H2/25 revenue impulse only at the end - 25 guidance to be adjusted- in...
Overall, the planned revenue and the operating result of the 4th guidance FY 25 are still about 15% behind the average analyst estimate. On July 10, 25, the revenue corridor was made broader and more conservative (organic revenue growth: 0-2% YoY; previously: organic revenue growth: 1-2% YoY). This resulted even in a slight decline in the 25 plan-adjusted EPS.
- Thomas J. Schiessle
H2/25 Umsatzimpuls erst zum Schluss – 25er Guidance wird – Topline - z...
In Summe steht der Plan-Umsatz und das operative Ergebnis der 4. Guidance FY 25 noch ca. 15 % hinter der mittleren Analystenschätzung zurück. Am 10.07.25 wurde der Umsatzkorridor breiter und konservativer gestaltet (org. Umsatzplus:0-2 % YoY; zuvor: org. Umsatzplus:1-2 % YoY). Mit der Folge eines leichten Rückgangs beim 25er Plan-adj. EPS.
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
- Charlotte Vaisse
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
- Oliver Metzger
- Oliver Metzger
- Thomas Zlowodzki
- Oliver Metzger
- Thomas Zlowodzki
- Thomas J. Schiessle
Q2/25 unerwartet schwach – 25er Guidance wird zum 3.Mal abgesenkt - Üb...
Die 25er Guidance wurde kassiert, denn das Wachstum ab Q2 setze nicht ein. Nach vorgelegten KPIs war das Umsatzplus im Q2/25 originär nur leicht, was die adj. EBITDA-Marge auf 19% ausweitete (Details am 10.07.25). Das absehbare und erreichbare Wachstum im H2/25 macht eine Korrektur der 25er-Guidance nötig (org. Umsatzplus:1-2 % YoY, adj. EBITDA-Marge: ca. +20 %). Die Dividende soll auf € 0,04 (statt € 1,25) abgesenkt, das Investitionsprogramm eingekürzt werden. Gründe sind: Verschiebungen im Ges...
- Thomas J. Schiessle
Q2/25 unexpectedly weak - 25 guidance lowered for the 3rd time - takeo...
The 25 guidance was cancelled, as growth from Q2 did not materialise. According to KPIs presented, sales growth in Q2/25 was originally only slight, which widened the adj. EBITDA margin to 19% (details on 10.07.25). The foreseeable and achievable growth in H2/25 makes a correction of the 25 guidance necessary (org. sales growth: 1-2% YoY, adj. EBITDA margin: approx. +20%). The dividend is to be reduced to € 0.04 (instead of € 1.25) and the investment programme cut back. The reasons are: Shifts i...
- Christophe-Raphaël Ganet
- Jeremy Garnier
- Olfa Taamallah
- Yan Derocles
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
- Christophe-Raphaël Ganet
- Jeremy Garnier
- Olfa Taamallah
- Yan Derocles
IFX INFINEON TECHNOLOGIES AG
FP TOTAL SE
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
HO THALES SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
FGA FIGEAC AERO SA
MERY MERCIALYS SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
OMV OMV AG
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
AIR AIRBUS SE
ICAD ICADE SA
P2F PETROFAC LIMITED
REP REPSOL SA
BA. BAE SYSTEMS PLC
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOI SOITEC SA
SUN SULZER AG
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
SMHN SUESS MICROTEC AG
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
CSM CORBION NV
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
VACN VAT GROUP AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
LDO LEONARDO SPA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
XFAB X-FAB SILICON FOUNDRIES SE
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
PWG PRODWAYS GROUP SA
STM STMICROELECTRONICS NV
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALKAL KALRAY SA
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
AEDAS AEDAS HOMES SA
TOM2 TOMTOM NV
HAG HENSOLDT AG
VK VALLOUREC SA
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
AM DASSAULT AVIATION
WAGA WAGA ENERGY SA
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SPM SAIPEM S.P.A.
SHUR SHURGARD SELF STORAGE LIMITED
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
TEN TENARIS S.A.
EXENS EXOSENS
VIRI VIRIDIEN
AMS AMS-OSRAM AG
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