Oncopeptides (Buy, TP: SEK2.00) - Softer-than-expected earnings

Although Q4 earnings were weaker than we expected, operating expenses were higher (partly due to borderline one-off costs; R&D-related for an EMA facility inspection). We have lowered our sales forecasts for Pepaxti in Europe. However, we believe 2025 will be important for the company, as sales should start to ramp up in Italy and Spain. We reiterate our BUY, but have reduced our target price to SEK2.0 (2.5).

Q4 report: weak upward trend

Oncopeptides (Buy, TP: SEK2.50) - Germany leads Q3 sales miss

Q3 sales were roughly half the level we expected – admittedly from a small base, but still a concern for us, since the miss was led by Germany, with much slower growth than recently. However, operating expenses were also less than we forecast, leaving an operating loss of SEK61m, a fraction better than our cSEK-63m. End-Q3 cash was SEK250m, which the company said would see it to positive cash flow in 2026e. We reiterate our BUY but have cut our target price to SEK2.5 (4.5) on increased uncertain...

Q3 report: weak Germany weighs on sales

Oncopeptides (Buy, TP: SEK4.50) - Sales set to be in focus

Q2 Pepaxti sales missed our estimate (SEK8.2m versus SEK10m); however, strong cash flow included a one-off (although this will be reversed in Q3), and reported end-quarter cash was higher than we forecast (adj. cash was cSEK278m, lower than we forecast). The company said adj. cash should be sufficient to take it to positive cash flow (which it still expects late-2026). We reiterate our BUY, but have cut our target price to SEK4.50 (5.50) on the back of our estimate changes.

Q2 report: Slowly gaining market access

ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024

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Viridien : Vers un momemtum moins soutenu du côté de SMO

>Opinion Surperformance et OC ajusté à 80 € - Post publication et contact société, nous ajustons en baisse nos attentes d’EBITDA 2024/26 de 6% en moyenne. L’activité SMO devrait continuer de pénaliser la formation des résultats du groupe d’où l’annonce de mesures d’ajustements structurelles par le groupe dans cette branche (réduction des capacités sur Houston, fermeture de Singapour et annonce d’une réduction de 150 postes en France). Nous réitérons notre recommandati...

Viridien : Towards less favourable momentum in SMO

>Outperform recommendation and target price adjusted to € 80 - Post-publication and company contact, we have adjusted down our EBITDA forecast for 2024-2026 by 6% on average. The SMO activity continued to penalise the formation of group’s results hence the announcement of structural adjustment measures at this activity (reduction of capacity in Houston, closure of Singapore and announcement of 150 jobs losses in France). We reiterate our Outperform recommendation and...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/31/2024

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Credit Morning 07/31/2024

Teleperformance: H1 2 4 not impressive, not disappointingGrifols: good results in Q2 2024, revision of financial statements following a limited review by Deloitte>...

ODDO BHF Small & MIDCAP MORNING NEWS - 31/07/2024

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Morning Crédit 31/07/2024

Teleperformance : résultats au S1 2024 pas impressionnants mais pas décevants non plusGrifols : bons résultats au T2 2024, révisions des comptes suite à la revue limitée des comptes par Deloitte>...

Viridien : Upturn in market fundamentals is confirmed

>Outperform rating and target price unchanged at € 0.9 - Following the results publication and the conference call, we reiterate our Outperform recommendation on the stock. After several years of a clear underperformance performances, the stock’s current valuation is strongly depressed. We believe in a re-rating of the stock as market fundamentals show signs of improvement (with the return of the IOCs: International Oil Companies). The roadmap communicated by the gro...

Viridien : Le redressement des fondamentaux du marché se confirme

>Recommandation Surperformance et OC inchangé à 0.9 € - Post publication et conférence call, nous réitérons notre recommandation Surperformance. Après plusieurs années de nette sous-performance boursière, la valorisation actuelle du titre est fortement déprimée. Nous croyons à un rerating du titre alors que les fondamentaux du marché montrent des signaux d’amélioration (avec le retour des IOC : Compagnies Pétrolières Internationales). La feuille de route communiquée ...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/04/2024

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