reports
- Andreas Riemann
- Charlotte Vaisse
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 07/12/2023 Date Performance sin...
Although we retain our Neutral rating and DCF based PT of € 1.15 per share, which is based on the current and future Accoya operations, there are scenarios in which additional value can be created, although a strategic partner for Tricoya UK is required. For now, we assume that the company will continue to defer making a go/no go decision about the Tricoya project and will focus on optimising Accoya operations in the Netherlands and completing the Accoya USA project without further de...
- Andreas Riemann
- Charlotte Vaisse
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 12/07/2023 Date Performance dep...
Although we retain our Neutral rating and DCF based PT of € 1.15 per share, which is based on the current and future Accoya operations, there are scenarios in which additional value can be created, although a strategic partner for Tricoya UK is required. For now, we assume that the company will continue to defer making a go/no go decision about the Tricoya project and will focus on optimising Accoya operations in the Netherlands and completing the Accoya USA project without further de...
- Damien Choplain
- Oussema Denguir
Theranexus : € 3.1m fund raise
>Financial visibility extended to Q4 2024e - Theranexus carried out a capital increase of around € 3.1m via the issue of 2.4 million new shares at a 25.8% discount to the closing price on 10 July 2023 for an actual price of € 1.28/share on a non-diluted basis. As part of this transaction, US foundation BBDF (Beyond Batten Disease Foundation) acquired an 11.6% stake in the capital. BBDF and four other investors whose names were not disclosed represent around 71.2% of t...
- Damien Choplain
- Oussema Denguir
Theranexus : Levée de fonds de 3.1 M€
>Visibilité financière étendue jusqu’au T4 2024e - Theranexus a réalisé une augmentation de capital de c. 3.1 M€ au travers de l’émission de 2.4 M d’actions au prix de 1.28 €, soit une décote de 25.8% par rapport au cours de clôture du 10 juillet 2023. Dans le cadre de cette opération, la fondation américaine BBDF (Beyond Batten Disease Foundation) est entrée au capital à hauteur de 11.6%. BBDF et 4 autres investisseurs dont les noms ne sont pas communiqués représente...
- Team Pharma
ODDO : Un secteur en besoin de financement
La performance boursière du secteur lors de ce début 2023 a été de nouveau extrêmement hétérogène. Que ce soit en Europe ou aux Etats-Unis, le contexte macroéconomique et les difficultés de financement de certains acteurs ont conduit à privilégier les plus grosses capitalisations de la Biotech. Un rebond des opérations M&A se matérialise enfin ce qui devrait revigorer un secteur apathique. Les éléments moteurs ou freinant restent de vigueur à savoir, la clinique et la visibilité ...
EVT EVOTEC SE
TNG TRANSGENE SA
A1XAEB QUANTUM GENOMICS
ABVX ABIVAX SA
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
ALCLS CELLECTIS SA
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
ADOC ADOCIA SA
POXEL POXEL SA
COPN COSMO PHARMACEUTICALS NV
ALVAL VALBIOTIS SA
ALTHX THERANEXUS SA
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AELIS AELIS FARMA SA
BAI BENEVOLENTAI
PA8K PAION AG
- Team Pharma
ODDO : A sector in need of financing
Sector share performances at the start of 2023 were again extremely mixed. In both Europe and the US, the macroeconomic context and the financing difficulties faced by certain players led investors to prefer the largest biotech capitalisations. M&A deals are picking up at last, which should revive a lacklustre sector. The drivers and obstacles still apply, namely clinical results and financial visibility. For the sake of greater contrast in our target prices, we applied a beta of...
EVT EVOTEC SE
TNG TRANSGENE SA
A1XAEB QUANTUM GENOMICS
ABVX ABIVAX SA
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
ALCLS CELLECTIS SA
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
ADOC ADOCIA SA
POXEL POXEL SA
COPN COSMO PHARMACEUTICALS NV
ALVAL VALBIOTIS SA
ALTHX THERANEXUS SA
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AELIS AELIS FARMA SA
BAI BENEVOLENTAI
PA8K PAION AG
- Mohamed Kaabouni
- Mohamed Kaabouni
- Nicolas Royot
- Arnaud Despre
- Maxence Dhoury
- Mohamed Kaabouni
- Nicolas Royot
La Matinale - 07-06-2023
LA VALEUR DU JOUR : SII : Rentabilité record – Acheter (1), obj. 64.1€ Cours: 51.0€ au 06/06/23 CLARANOVA : Projet de cession des activités non stratégiques d’Avanquest – Acheter (1), obj. 5.18€ Cours: 1.86€ au 05/06/23 FOCUS : Un point d’entrée dans le cycle 2022-25 – Acheter (1) vs Renforcer (2), obj. 53.0€ Cours: 41.5€ au 05/06/23 GTT : 4 nouvelles commandes – Acheter (1), obj. 122.0€ Cours: 96.0€ au 05/06/23 KALRAY : Coolidge-2 est finalisé – Acheter (1), obj. 35.9€ Cours: 26.0€ au 06/0...
- Arnaud Despre
- Nicolas Royot
La Matinale - 09-05-2023
LA VALEUR DU JOUR : MCPHY : Vente d’un électrolyseur de 4 MW en Autriche – Conserver (3), obj. 12.6€ .................Cours: 11.3€ au 08/05/23 THERANEXUS : Feu vert FDA pour le lancement de la phase III sur Batten-1 – Acheter (1), obj. 6.90€ ......Cours: 1.39€ au 08/05/23 ET AUSSI : BOLLORE, GTT, AUPLATA MINING GROUP…
- Olfa Taamallah
- Yan Derocles
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
FAGR FAGRON SA
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
ERA ERAMET SA
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
SLIGR SLIGRO FOOD GROUP N.V.
LDO LEONARDO SPA
DUE DURR AG
ALTHX THERANEXUS SA
OBEL ORANGE BELGIUM SA
FQT FREQUENTIS AG WIENER
HAG HENSOLDT AG
FAST FASTNED
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
- Olfa Taamallah
- Yan Derocles
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
FAGR FAGRON SA
FII LISI SA
SAF SAFRAN S.A.
AIR AIRBUS SE
ERA ERAMET SA
LAT LATECOERE SA
BA. BAE SYSTEMS PLC
OHB OHB AG
SLIGR SLIGRO FOOD GROUP N.V.
LDO LEONARDO SPA
DUE DURR AG
ALTHX THERANEXUS SA
OBEL ORANGE BELGIUM SA
FQT FREQUENTIS AG WIENER
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
- Damien Choplain
- Oussema Denguir
Theranexus : FY 2022 results contained no surprises, confirmation of d...
>Financial visibility out to end-Q1 2024 at least - Theranexus reported an operating loss of € 6.3m in 2022 vs € 9.5m in 2021. The difference is attributable to an increase in operating income to € 1.2m in 2022 compared with € 0m in 2021. This is mainly due to grants for the Neurolead research platform. The group maintained a tight rein on operating costs: € 7.5m in 2022 vs € 9.5m in 2021. Theranexus had a net cash position of € 7.3m at 31 March 2023 (vs € 9m at ...
- Maxence Dhoury
- Mohamed Kaabouni
- Damien Choplain
- Oussema Denguir
Theranexus : Résultats FY sans surprise, confirmation du développement...
>Visibilité financière jusqu’à fin T1 2024 au moins - La société publie une perte opérationnelle de 6.3 M€ en 2022 vs 9.5 M€ en 2021. La différence s’explique par des produits d’exploitation en progression à 1.2 M€ en 2022 vs 0 M€ l’année dernière. Ceux-ci proviennent principalement de subventions dans le cadre de la plateforme de recherche Neurolead. Les charges d’exploitation sont bien maitrisées : 7.5 M€ en 2022 vs 9.5 M€ l’année dernière. Theranexus disposait...
- Life Sciences & Chemicals Team
ODDO : Defensive growth sectors
We are publishing our first slideshow on our Life Sciences & Chemicals macropole. Our expertise integrates many sub-sectors which have been schematically separated into pharma, medtech, biotech, healthcare services and chemicals. The objective here is to review on a quarterly basis the key points of our respective sectors, by publishing both the financial and market metrics as well as the stocks that we recommend. - >Pharma’s defensive role validated thanks to a reassuring...
SOON SONOVA HOLDING AG
DSM KONINKLIJKE DSM N.V.
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
1COV COVESTRO AG
BOI BOIRON SA
IPN IPSEN SA
WCH WACKER CHEMIE AG
ROG ROCHE HOLDING LTD
MDG1 MEDIGENE AG
NOVN NOVARTIS AG
QIA QIAGEN NV
PA8 PAION AG
SBS STRATEC SE
TNG TRANSGENE SA
BIO BB BIOTECH AG
KORI KORIAN SA
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
RHK RHON-KLINIKUM AG
LXS LANXESS AG
GXI GERRESHEIMER AG
ABVX ABIVAX SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
ALCLS CELLECTIS SA
MRK MERCK KGAA
NOVO B NOVO NORDISK A/S CLASS B
ALCAR CARMAT SA
SDF K+S AG
GRF GRIFOLS S.A. CLASS A
GN GN STORE NORD A/S
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
SOLB SOLVAY SA
BAYN BAYER AG
UCB UCB S.A.
ORP ORPEA SA
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
FAE FAES FARMA S.A.
KWS KWS SAAT SE & CO KGAA
SZU SUEDZUCKER AG
GNFT GENFIT SA
EVK EVONIK INDUSTRIES AG
DIM SARTORIUS STEDIM BIOTECH SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
ALM ALMIRALL SA
GRF.P GRIFOLS S.A. PREF CLASS B
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
ALVAL VALBIOTIS SA
VIFN VIFOR PHARMA AG
BIM BIOMERIEUX SA
ALTHX THERANEXUS SA
2HRA H&R GMBH & CO KGAA
DMP DERMAPHARM HOLDING SE
SHL SIEMENS HEALTHINEERS AG
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
ZEL PHARMA MAR SA
FPE3 FUCHS PETROLUB SE
SYAB SYNLAB AG
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
GSK GSK PLC
BAI BENEVOLENTAI
- Life Sciences & Chemicals Team
ODDO : Defensive growth sectors
We are publishing our first slideshow on our Life Sciences & Chemicals macropole. Our expertise integrates many sub-sectors which have been schematically separated into pharma, medtech, biotech, healthcare services and chemicals. The objective here is to review on a quarterly basis the key points of our respective sectors, by publishing both the financial and market metrics as well as the stocks that we recommend. - >Pharma’s defensive role validated thanks to a reassuring...
SOON SONOVA HOLDING AG
DSM KONINKLIJKE DSM N.V.
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
1COV COVESTRO AG
BOI BOIRON SA
IPN IPSEN SA
WCH WACKER CHEMIE AG
ROG ROCHE HOLDING LTD
MDG1 MEDIGENE AG
NOVN NOVARTIS AG
QIA QIAGEN NV
PA8 PAION AG
SBS STRATEC SE
TNG TRANSGENE SA
BIO BB BIOTECH AG
KORI KORIAN SA
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
RHK RHON-KLINIKUM AG
LXS LANXESS AG
GXI GERRESHEIMER AG
ABVX ABIVAX SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
ALCLS CELLECTIS SA
MRK MERCK KGAA
NOVO B NOVO NORDISK A/S CLASS B
ALCAR CARMAT SA
SDF K+S AG
GRF GRIFOLS S.A. CLASS A
GN GN STORE NORD A/S
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
SOLB SOLVAY SA
BAYN BAYER AG
UCB UCB S.A.
ORP ORPEA SA
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
FAE FAES FARMA S.A.
KWS KWS SAAT SE & CO KGAA
SZU SUEDZUCKER AG
GNFT GENFIT SA
EVK EVONIK INDUSTRIES AG
DIM SARTORIUS STEDIM BIOTECH SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
ALM ALMIRALL SA
GRF.P GRIFOLS S.A. PREF CLASS B
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
ALVAL VALBIOTIS SA
VIFN VIFOR PHARMA AG
BIM BIOMERIEUX SA
ALTHX THERANEXUS SA
2HRA H&R GMBH & CO KGAA
DMP DERMAPHARM HOLDING SE
SHL SIEMENS HEALTHINEERS AG
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
ZEL PHARMA MAR SA
FPE3 FUCHS PETROLUB SE
SYAB SYNLAB AG
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
GSK GSK PLC
BAI BENEVOLENTAI
- Oliver Metzger
SN. SMITH & NEPHEW PLC
OSE OSE IMMUNOTHERAPEUTICS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
QIA QIAGEN NV
PA8 PAION AG
TNG TRANSGENE SA
AFX CARL ZEISS MEDITEC AG
A1XAEB QUANTUM GENOMICS
RHK RHON-KLINIKUM AG
ABVX ABIVAX SA
FAGR FAGRON SA
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
MKEA MAUNA KEA TECHNOLOGIES SA CLASS O
ALCLS CELLECTIS SA
ALCAR CARMAT SA
ICAD ICADE SA
FIE FIELMANN AG
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
DIM SARTORIUS STEDIM BIOTECH SA
ADOC ADOCIA SA
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
COPN COSMO PHARMACEUTICALS NV
ALVAL VALBIOTIS SA
ALTHX THERANEXUS SA
DMP DERMAPHARM HOLDING SE
MEDCL MEDINCELL SA
AEIN ALLGEIER HOLDING AG
DSC1 DUTCH STAR C SHAR
MAJ MAJOREL GRP SA(LUXEMBOURG)
SYAB SYNLAB AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
BAI BENEVOLENTAI
- Oliver Metzger
SN. SMITH & NEPHEW PLC
OSE OSE IMMUNOTHERAPEUTICS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
QIA QIAGEN NV
PA8 PAION AG
TNG TRANSGENE SA
AFX CARL ZEISS MEDITEC AG
A1XAEB QUANTUM GENOMICS
RHK RHON-KLINIKUM AG
ABVX ABIVAX SA
FAGR FAGRON SA
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
MKEA MAUNA KEA TECHNOLOGIES SA CLASS O
ALCLS CELLECTIS SA
ALCAR CARMAT SA
ICAD ICADE SA
FIE FIELMANN AG
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
DIM SARTORIUS STEDIM BIOTECH SA
ADOC ADOCIA SA
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
COPN COSMO PHARMACEUTICALS NV
ALVAL VALBIOTIS SA
ALTHX THERANEXUS SA
DMP DERMAPHARM HOLDING SE
MEDCL MEDINCELL SA
AEIN ALLGEIER HOLDING AG
DSC1 DUTCH STAR C SHAR
MAJ MAJOREL GRP SA(LUXEMBOURG)
SYAB SYNLAB AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
BAI BENEVOLENTAI
- Antonio Rodriguez Vicens
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2023
La notion d’Energy Security, apparue avec le conflit entre la Russie et l’Ukraine, vient renforcer celle de supercycle, plusieurs fois évoquée. La reprise des investissements n’est plus hypothétique et devrait se poursuivre au moins sur les 5 prochaines années, non seulement dans le GNL mais aussi en offshore. Nous relevons nos attentes de Capex 2022/26 de 10%, qui devraient dépasser le précédent point haut de 2014 à cet horizon. Dans ce contexte, nous privilégions Technip Energies, T...
SN. SMITH & NEPHEW PLC
FRA FRAPORT AG
WCH WACKER CHEMIE AG
OSE OSE IMMUNOTHERAPEUTICS SA
QIA QIAGEN NV
PA8 PAION AG
HNR1 HANNOVER RUECK SE
TNG TRANSGENE SA
AFX CARL ZEISS MEDITEC AG
A1XAEB QUANTUM GENOMICS
RHK RHON-KLINIKUM AG
ABVX ABIVAX SA
FAGR FAGRON SA
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
MKEA MAUNA KEA TECHNOLOGIES SA CLASS O
ALCLS CELLECTIS SA
ALCAR CARMAT SA
FIE FIELMANN AG
GNFT GENFIT SA
SIGHT GENSIGHT BIOLOGICS SA
DIM SARTORIUS STEDIM BIOTECH SA
ADOC ADOCIA SA
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
COPN COSMO PHARMACEUTICALS NV
ALVAL VALBIOTIS SA
ALTHX THERANEXUS SA
MEDCL MEDINCELL SA
PHNX PHOENIX GROUP HOLDINGS PLC
SYAB SYNLAB AG
AZE AZELIS GROUP NV
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
BAI BENEVOLENTAI
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
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