Adyen: New Platforms partnership in APAC / Dutch Pension Reform (Wtp): 1/3 transitioned (c.25 funds), 2027 challenging / IBA: Sale of a P1 system to MacKay Memorial Hospital in New Taipei City, Taiwan / KPN: 4Q25 preview / Offshore Wind: North Sea offshore wind pact to develop 300GW by 2050 / Vår Energi: RRR 2P 185% offsets slight pressure on expected production volumes 4Q
We believe that Allfunds has been sold below the valuation warranted by its platform peers but, in the likely absence of a competing bid, we reduce our 12-month target price from €12.86 to the bid value of €8.80 given that we expect Deutsche Boerse's bid will succeed. Correspondingly, our recommendation is changed from Buy to HOLD.
Today we resume our coverage on SIF with a Neutral recommendation, and a TP of € 7.1. If SIF in the coming 12 months is able to deliver on its 2026 guidance, and refill its 2027 & 2028 order backlog with new large contracts, the stock has large upside potential. If they do not deliver, the stock has further downside potential.
Aedifica and Cofinimmo: Belgian Competition Authority approves the deal / AEGON: Sale of UK picking up early momentum / Allfunds Group PLC: Of Bourse they agreed / Ontex: Peer Essity 4Q25 results / Telecoms: Digital Networks Act take-aways / WDP: Catena to raise c.€255m via an ABB with WDP participating pro-rata for c.€26m
In the context of the ODDO BHF Forum, we had the opportunity to get an update on management's short- and medium-term ambitions. The next few months are set to be transformative for Medincell, with 1/ the ramp-up in sales of Uzedy, 2/ the launch of Olanzapine LAI, considered by its partner Teva to be a blockbuster, and 3/ the entry into clinical trials of its first drug candidate from its partnership with Abbvie. These commercial, regulatory and clinical milestones will likely support the share p...
Dans le cadre du Forum ODDO BHF, nous avons eu l’occasion de revenir sur les ambitions à court et moyen termes du management. Aussi, les prochains mois de Medincell devraient être transformants avec 1/ la montée en puissance des ventes d’Uzedy, 2/ le lancement d’Olanzapine LAI considéré par son partenaire Teva comme un blockbuster et 3/ l’entrée en clinique de son 1er candidat médicament venant de son partenariat avec Abbvie. Ces milestones commerciaux, réglementaires et cliniques devraient perm...
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