ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/14/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 14/10/2025

Randstad : Cautiously optimistic on Q3

Benelux Morning Notes

Ahold Delhaize: 3Q25 preview - USD headwind to take centre stage. Basic-Fit: 3Q25 results preview, new consensus, we expect strong membership ingrowth. Fagron: 3Q25 growth hiccup in N America, strong organic performance in EMEA, Latam. Lotus Bakeries: UK VAT conflict for Näkd negatively impacts 2024 profitability. Ontex: 3Q25 preview: consensus implies a second profit warning for FY25F. Randstad: Preview 3Q25F results due 22 October; consensus released. Staffing: French revenue impro...

Morning Notes : EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

: EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...

In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...

Morning Notes : AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

: AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

Recticel/1H25 results: Insulation Boards still a drag/BUY

Benelux Morning Notes

Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB

Benelux Morning Notes

Belgian telcos: Football rights negotiations between DAZN and Proximus resume. Eurocommercial Properties: CMD Feedback. EVS: Adds another small acquisition to its new ‘media robotics' segment. Kinepolis: Paramount Skydance reportedly to bid for Warner Bros. Discovery. Wolters Kluwer: Two CEOs, one strong AI story

Morning Notes : OCW BB, EVS BB, IMMO BB, XIOR BB, ECMPA NA

: OCW BB, EVS BB, IMMO BB, XIOR BB, ECMPA NA

Benelux Morning Notes

AEGON: US Life Brighthouse sale to PE a (slow) trend. Athora: Peer of ASR, NN, 1H25 results. Strong OCG growth, lower Solvency. EVS: Peer Evertz 1Q26 results

Benelux Morning Notes

Staffing: French recovery in July on easier comps, August comps tougher

Benelux Morning Notes

Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...

Dynamic Top Pick List Update September: Adding AB InBev and Exor

In this September update we added 2 stocks to the KBC Securities Dynamic Top Pick List : We added AB InBev after the share price weakened post-2Q results. ABI's 2Q volumes fell 1.9% organically, below expectations, mainly due to a 9% drop in Brazil where a price hike led to temporary market share loss. However, strong revenue per hl growth (+4.9%) drove a 6.5% organic EBITDA increase, with 1H growth at +7.2%, near the top of FY guidance (+4–8%). AB InBev, the world's largest brewer, generates ...

EVS/Temporary growing pains, attractive US deal/BUY

We cut our EPS 2025F-2027F by 10%-7%, and our TP to €44 from €46 following the weak 1H25, the Telemetrics deal and a notch lower WACC. We reiterate our BUY as we think the slower EPS growth reflects the temporary impact of a new US import model and the transition to larger projects, requiring better planning. EVS is accelerating its US offensive and the credible management team is confident on 2H25. We see these issues as short term growth pains. We like the industrial and financial rationale o...

Recticel Conference call feedback & model update

Recticel has posted solid double digit top line growth in 1H25 with a flattish adj EBITDA margin. The € 27.7m adj EBITDA figure was c. 8% below our forecast and 7% below consensus. The fresh FY25 adjusted EBITDA guidance calls for c. 10% growth which was below our and consensus forecasts (of c. +24%). Positive is that building permit levels are starting to pick up in some geographies. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing a...

Benelux Morning Notes

Ackermans & van Haaren: A strong 1H25. Avantium: Nearly there. Eurocommercial Properties: Good results, positive effects of remerchandising. Recticel: Weak 1H25 calls for a 12% downgrade to consensus at Adj. EBITDA level. Sif Group: 2025 and 2026 guidance cuts. Staffing: Belgium - July Temp volume weaker at -3.5% YoY despite easier comps

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

Recticel FIRST LOOK: 1H adj.EBITDA +10%, FY EBITDA growth guidance of ...

Recticel has posted solid double digit top line growth in 1H25 with a flattish adj EBITDA margin. The € 27.7m adj EBITDA figure was c. 8% below our forecast and 7% below consensus. The fresh FY25 adjusted EBITDA guidance calls for c. 10% growth which is below our and consensus forecasts (of c. +24%). Positive is that building permit levels are starting to pick up in some geographies. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing ac...