Bravida : A good vehicle to make the most of the upturn in Nordic cons...

We are initiating coverage of Bravida with an Outperform rating, a target price of SEK 112 and a Neutral ESG opinion. A leading player in the Nordic multi-technical installations and services market (Top 3), Bravida has a solid business model with recurring business (65% of revenue in services and renovation activities), good profitability (EBITA margin >6%), excellent FCF generation and a healthy balance sheet (Net Debt/EBITDA:1x). The group should leverage these strengths to capture the pick-u...

Credit Morning 06/20/2025

Orano: Niger has announced its decision to nationalise Somaïr|Eutelsat plans to raise € 1.35b of fresh equity with the support of the French State|

Bravida : Un bon véhicule pour profiter de la reprise de la constructi...

Nous initions Bravida à Surperformance avec un OC de 112 SEK et une opinion ESG Neutre. Acteur de premier plan dans le secteur nordique des installations et services multi-techniques (Top 3), Bravida dispose d’un business model solide avec une activité récurrente (65% du CA Services et rénovation), un bon niveau de profitabilité (marge d’EBITA >6%), une excellente génération de FCF et un bilan sain (DN/EBITDA : 1x). Ces atouts devraient lui permettre de capter la reprise de la demande des servic...

Morning Crédit 20/06/2025

Orano : le Niger a annoncé sa décision de nationaliser la société Somaïr|Eutelsat annonce un projet d’augmentation capital de 1,35 md EUR avec le soutien de l’Etat français|

Eutelsat French bail out agreed, but guidance falls short

Yesterday Eutelsat announced their long-awaited equity raise (€1.35bn, mainly from the French shareholders) and issued new guidance for FY26 (disappointing) and FY29 (dubious). In this Quick Take, we discuss the new shareholder structure, new guidance, and new LEO revenue disclosure.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 20/06/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/20/2025

SSAB : Manageable setback on decarbonisation trajectory

Eutelsat Group : Understanding the big bang

Eutelsat Group : Comprendre le big bang

SSAB : Revers gérable sur la trajectoire de décarbonation

Eutelsat (Sell, €1.0, -60%) French army provides some reinforcement

The French army yesterday announced a framework agreement with Eutelsat, including the procurement of OneWeb capacity. In this Quick Take we discuss how much revenue this contact could generate, and implications for the longer-term viability of Eutelsat’s LEO ambitions.

Credit Morning 06/19/2025

Eutelsat: € 1bn framework agreement with the French Armed forces ministry|Worldline: several candidates in the running to acquire the MeTS division, including OVHcloud (Les Echos)|

Morning Crédit 19/06/2025

Eutelsat : accord cadre de 1 md EUR avec le Ministère français des Armées|Worldline : plusieurs candidats au rachat de la division MeTS dont OVHcloud (Les Echos)|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/19/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 19/06/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/19/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/06/2025

Eutelsat Group : An ideal contract for launching an operation. Upgrade...

ODDO : Weekly: geopolitical tensions and China pessimism weigh, SSAB Q...