CFE/An early-stage margin-over-volume winner?/BUY (previously Hold)

CFE released a solid set of FY25 results, partly helped by the earlier announced settlement on the problematic ZIN project. With this beefed up 2H25 operating performance, we consider CFE's 2026 outlook a major positive. CFE expects 2026 net profit to approach the 2025 level. We raise our FY26F EPS by 32% following company guidance and change our rating from Hold to BUY as the underlying operating performance is clearly improving. CFE adapted a margin-over-volume strategy a couple of years ago a...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/25/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 25/02/2026

Benelux Morning Notes

Ageas: Upgrading net op. result FY26 target to >€1.5bn from €1.35bn in FY25 as M&A starts contributing / CFE: Strong 2H, flips to net cash and outlook better / Deceuninck: FY25 results in line with expectations, Türkiye a tad better / GBL: Exits Umicore fully / Vopak: Five-year SBB programme announced / Wolters Kluwer: 2025 roughly in line, good 2026 outlook

CFE : Beating 2025 consensus by 30%, and 2026 consensus outlook by > 1...

CFE FY25: In line results, solid debt reduction, margin strength in Co...

Over FY25, revenues equalled €1042m (-12% YoY) but EBIT up sharply at €44.9m (+40.3% YoY). The net result stood at €33.5m (LY: €24m). As such, the posted net result exceeds guidance calling for 2025 net profit close to the 2024 level. The company proposed a gross dividend of €0.50ps (€0.4PS LY). The consolidated order book stood at €1633m (vs. €1646m LY and €1650m per 9m25). Thanks to strong OCF of €64m, net debt turned into a net cash position of €43.8M (€41.7m net debt LY) . For 2026, CFE expe...

Tikehau Capital: 1 director

A director at Tikehau Capital bought 15,745 shares at 17.261EUR 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 clear...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/24/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 24/02/2026

Benelux Morning Notes

CFE: Preview: underlying 2026 margin to improve / DEME: Preview: strong 2025, eyes on 2026 outlook / JDE Peet's: Acquisition by KDP expected to close in 2Q26 / Solvay: 2025 ends with strong FCF; 2026F und. EBITDA guidance slightly below, supported by one-off / UCB: Peer Moonlake investor day / Vastned: Beat on bottom line with operational metrics accelerating, but outlook remains weak

Almirall SA : Q4 EBITDA in line. DD EBITDA growth FY 2026 guidance ali...

ALMIRALL: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’25 (ANÁLISIS BANCO S...

De la conference call de Rdos. 4T’25 destacamos:  Guidance’26e: De su guidance’26e de crecimiento en ventas entre el +9% y el +12%

ALMIRALL: 4Q'25 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS...

4Q'25 vs. 4Q'24 Results Sales: € 287.4 M (+11.4% vs. +10.7% BS(e) and +10.3% consensus); EBITDA: € 52.2 M (+3.6% vs. +4.0% BS(e) and +4.8% consensus); EBIT: € 14.3 M (-4.7% vs. +2.7% BS(e) and +14.0% consensus); Net Profit: € 7.1 M (+3450.0% vs. +3447.5% BS(e) and +3650.0% consensus); FY2025 vs. FY2024 Results Sales: € 1.108 Bn (+12.4% vs. +12.3% BS(e) and +12.1% consensus); EBITDA: € 232.9 M (+20.9% vs. +21.0% BS(e) and +21.2% consensus); EBIT: € 81.7 M (+52.7% vs. +54.8% BS(e) and +57.9% conse...

ALMIRALL: RDOS. 4T’25 Y CAMBIO DE P.O. BAJO REVISIÓN (ANÁLISIS BANCO S...

Rdos. 4T'25 vs 4T'24: Ventas: 287,4 M euros (+11,4% vs +10,7% BS(e) y +10,3% consenso); EBITDA: 52,2 M euros (+3,6% vs +4,0% BS(e) y +4,8% consenso); EBIT: 14,3 M euros (-4,7% vs +2,7% BS(e) y +14,0% consenso); BDI: 7,1 M euros (+3450,0% vs +3447,5% BS(e) y +3650,0% consenso); Rdos. 2025 vs 2024: Ventas: 1.108 M euros (+12,4% vs +12,3% BS(e) y +12,1% consenso); EBITDA: 232,9 M euros (+20,9% vs +21,0% BS(e) y +21,2% consenso); EBIT: 81,7 M euros (+52,7% vs +54,8% BS(e) y +57,9% consenso); BDI: 46...

INFORME DIARIO 23 FEBRERO + RDOS. ESPAÑA Y EUROPA. IDEAS DESTACADAS Y ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, INDRA SISTEMAS, SECTOR ELÉCTRICO Y ENERGÍA. EUROPA: VINCI. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Tensión geopolítica en Irán en aumento Las bolsas europeas frenaron en la semana su avance, afectados en cierta medida, por el ...

IBERIAN DAILY 23 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ALMIRALL, ELECTRICITY SECTOR, INDRA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Geopolitical tension rising in Iran European stock markets halted their advance over the week, affected to some extent by the geopolitical noise regarding Iran and the US army’s preparation for a possible military incursi...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/19/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/02/2026

Tikehau Capital : AM business ahead due to better opex, but large miss...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/18/2026