ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/02/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/09/2026

Morning Notes : DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

: DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

Umicore : Preview 2025: EBITDA target to be achieved, cautiously optim...

Vermilion Compass: Weekly Equity Strategy

Monitoring for a Pullback We maintain our near-term bullish outlook on the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we went to neutral. We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold. We continue to see deterioration in market dynamics, and while we expect a period of consolidation/pullback, the afo...

Colruyt/FY guidance reiterated despite weaker 1H25-26/BUY

We reiterate our BUY rating on Colruyt but lower our target price from €44 to €38 following Colruyt's 1H25/26F results, which came in below expectations at the operating profit level. While we note management's confident tone during its conference call, we reduce our EBIT forecast by 3.6% for FY25/26F, implying that we now sit roughly 2% below company-guidance. We expect Sunday openings as of January 2026, as well as a strong price position in Belgium to benefit top-line growth over the next eig...

Umicore/Metals prices melt-up drives earnings upgrade/HOLD

We raise our 2025F-26F estimates for Umicore on the back of higher precious and platinum group metals prices, with our estimates for the battery materials business broadly unchanged. We raise our target price from €10 to €19 per share, driven by higher estimates and peer multiples, yet maintain our HOLD recommendation. Umicore shares have rallied +85% over the last year, largely driven by the melt-up in metals prices, although its earnings power in 2026F is likely moderated by elevated hedging l...

Umicore S.A.: 1 director

A director at Umicore S.A. bought 1,000 shares at 18.460EUR and the significance rating of the trade was 52/100. 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...

Morning Notes : ARGX BB, GBLB BB, MDXH BB, ONTEX BB, UCB BB, AUTL US, ...

: ARGX BB, GBLB BB, MDXH BB, ONTEX BB, UCB BB, AUTL US, PHVS US

mdxhealth FIRST LOOK: FY25 highlights show revenue in line with guidan...

Mdxhealth provides insights into key FY25 parameters, with preliminary revenue landing at $ 109m (VA CSS: $ 108.5m) and YE cash at $ 29m (VA CSS: $ 34.5m). Revenue guidance for FY26 is set at a narrow yet ambitious range of $ 137-140m, implying a 26-28% y/y increase. Additionally, mdxhealth managed to amend the Exact Sciences payouts to be more back-end loaded bringing some ease to the cash position. We believe that mdxhealth is well-positioned for growth in 2026 now that the commercial engine i...

Morning Notes : ASRNL NA, BAR BB, CMBT BB

: ASRNL NA, BAR BB, CMBT BB

CMB.Tech Intelligent asset disposal showcasing skill to time the cycle

CMBT struck the iron while it was hot and in line with its fleet rejuvenation strategy has been offloading 6 older VLCCs and two Capesizes. We estimate the aggregate disposal value at $500m. We expect the block sale to have occurred at firm prices absent discount -perhaps even exceeding our and Clarksons fair market values- considering the booming VLCC rates witnessed in 4Q25. Market rates in this segment were well above $100.000/day at numerous times past months. Half of the capital gain of $26...