ODDO BHF Small & MIDCAP MORNING NEWS – 01/09/2025

Cosmo Pharmaceuticals : 2024 sales in line with expectations

ODDO BHF Small & MIDCAP MORNING NEWS – 09/01/2025

Cosmo Pharmaceuticals : Une topline 2024 en ligne avec les attentes

ODDO BHF Small & MIDCAP MORNING NEWS - 24/07/2024

The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/24/2024

The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...

Cosmo Pharmaceuticals : First milestone payment received from Medtroni...

>First milestone payment from Medtronic received in February - Cosmo made a good start to the first half of the year for which the base of comparison was demanding. H1 revenues came to € 136m (vs € 43.7m last year) boosted by the $ 100m payment received from Medtronic in February. Growth was also driven by the revenues generated by Lialda and Cortiment as well as the two most recent launches Winlevi and GI Genius. However, comments on the royalties received from GI Ge...

Cosmo Pharmaceuticals : Un premier milestone de Medtronic reçu. Guidan...

>Un premier milestone de Medtronic payé en février - Cosmo a bien débuté cette première partie d’année alors que la base de comparaison était élevée. Les revenus du S1 ressortent à 136 M€ (vs 43.7 M€ l’année dernière) bénéficiant des 100 M$ reçus par Medtronic en février dernier. Cette croissance s’explique également par les revenus générés par Lialda et par Cortiment ainsi que ses deux derniers lancements Winlevi et GI Genius. Cependant des commentaires sur les redev...

ODDO BHF Small & MIDCAP MORNING NEWS - 06/03/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2024

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Cosmo Pharmaceuticals : 3% adjustment to 2024 EBIT expectations antici...

>Update to 2023 accounts, upward adjustment for 2024e - Cosmo issued an update of its full-year results reported end-March. We particularly note a restatement for 2023 revenues which are now € 92.8m, vs € 96.7m. The difference stems from the reclassification of an asset booked in the P&L for close to € 4m. Also, with the new agreement with Medtronic, there is an adjustment of close to € 5.9m on costs for 2023. In contrast, this downward adjustment to the 2023 accounts...

Cosmo Pharmaceuticals : Un ajustement de 3% des attentes d’EBIT 2024 à...

>Mise à jour des comptes 2023, ajustement à la hausse de 2024e - Cosmo publiait vendredi une mise à jour de ses résultats annuels publiés fin mars dernier. Nous relevons principalement un retraitement au niveau des revenues 2023 qui passent de 96.7 M€ à 92.8 M€. Cette différence vient d’un reclassement d’actif non enregistré dans le P&L pour un montant proche de 4 M€. De plus, le nouvel accord avec Medtronic conduit à un ajustement de près de 5.9 M€ de coûts en 2023. ...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2024

Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2024

Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...

Cosmo Pharmaceuticals : Change of management

>Giovanni Di Napoli to be group CEO - Cosmo Pharmaceuticals this morning announced the appointment of Giovanni Di Napoli as CEO, to replace Alessandro Della Chà. The appointment takes effect at the AGM scheduled for 24 May. This appointment follows the Capital Market Day in March which set out the next stages for the company and its ambitions. Mr Di Napoli is very familiar with the GI Genius platform, coming from Medtronic where he occupied several management pos...

Cosmo Pharmaceuticals : Changement de management

>Mr Di Napoli devient CEO du groupe - Cosmo Pharmaceuticals annonce ce matin la nomination de Giovanni Di Napoli au poste de CEO, en remplacement d’Alessandro Della Chà. Cette nomination sera effective lors de l’AGM prévu le 24 mai prochain. Cette nomination fait suite à son Capital Market Day réalisé en mars dernier exposant les prochaines étapes de la société et ses ambitions. Mr Di Napoli connait bien la plateforme GI Genius car vient de Medtronic où il a occ...

ODDO BHF Small & MIDCAP MORNING NEWS - 03/21/2024

GTT boasts a secure growth profile with enhanced visibility on the back of high-quality backlog. With over € 1.8bn in secured revenues, we are anticipating an EBITDA CAGR of 22% over 2023-26. Growth drivers were confirmed (LNG fuel, hydrogen, digital services) and the news flow should remain favourable (future orders). The valuation remains modest (13x EBITDA vs 13.4x for historical ratio) in light of the anticipating growth (0.6x 2023-26 CAGR). Our target price stands at € 170 exclu...

ODDO BHF Small & MIDCAP MORNING NEWS - 21/03/2024

GTT présente un profil de croissance sécurisé avec une visibilité renforcée à l’appui d’un backlog de qualité. Fort d’un CA sécurisé de plus de 1.8 Md€, nous tablons sur un TMVA 2023/26 de l’EBITDA de +22%. Les relais de croissance sont confirmés (GNL Carburant, Hydrogène, Services digitaux) et le newsflow devrait demeurer bien orienté (futures commandes). La valorisation reste modeste (13x l’EBITDA vs 13.4x pour les références historiques) au regard de la croissance attendue (0.6x TM...

Cosmo Pharmaceuticals : Partnership strategy reaffirmed

>Winlevi/Breezula will be the growth driver in the short term - To coincide with the publication of its annual results, Cosmo organised a CMD to highlight its ambitions, particularly for Winlevi, GI Genius and the next stages in its pipeline. Indeed, the company has strong ambitions, notably its 2025 guidance. After receiving $100m from Medtronic in February, management hopes to receive a further $100m from its partner by the end of the year, which will ensure that i...

Cosmo Pharmaceuticals : Une stratégie de partenariats réaffirmée

>Winlevi / Breezula seront le moteur de croissance à CT - En marge de la publication de ses résultats annuels, Cosmo organisait son CMD qui avait pour but de remettre en exergue ses ambitions notamment pour Winlevi, GI Genius et les prochaines étapes de son pipeline. En effet, la société a des ambitions fortes à savoir sa guidance 2025 notamment. Après avoir reçu 100 M$ en février de Medtronic, le management espère recevoir d’ici la fin d’année 100 M$ additionnel de ...