After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
Yesterday, the German government (via KfW) secured a 25.1% "blocking minority" in TenneT's German operations. The €3.3bn deal ends years of negotiations between Germany and the Netherlands. The deal is struck at the same equity value following the capital contribution (46%) from ABP, GIC and Norges Bank in 09/25 at a total equity value of 13.3bn. TenneT NL will hold the remaining 28.9%. We understand from the Handelsblatt that KfW will invest an additional €1.7bn before 2035. TenneT GE will no...
We upgrade our recommendation to Accumulate and raise our price target to €135.0 from €110.0 on multiple expansion over the next 6 to 12 months. We leave our EPS estimates for FY26-27 unchanged, but increase our price target to 22x FY27 EPS. Our previous target was based on 20x FY26 EPS, but we roll forward on a 10% higher multiple as the sentiment towards grid operators benefits from the “wall of money” into datacenters, while grid connection is the bottleneck. It can take years before the ROE ...
The market environment now appears more favourable for small caps (solid growth prospects, consistent valuations) and the rebound seen in this asset class in 2025 could continue into 2026. After a stellar performance of 32.2% (+16.3 points vs MSCI Europe Smallcaps) from our ODDO BHF European Nextcap list in 2025, we are revising our H1 2026 Nextcap top pick list, which now includes: Comet, Corbion, Equasens, Jacquet Metals, Jost-Werke, PVA Tepla, Rosenbauer, Steyr Motors, Thermador Groupe and Wa...
L’environnement de marché semble à présent plus porteur pour les small caps (perspectives de croissance solides, valorisations cohérentes) et 2026 pourrait prolonger le rebond observé en 2025 sur cette classe d’actifs. Après une belle performance de 32.2% (+16.3 pt vs MSCI Europe Small Cap) en 2025 de notre liste ODDO BHF European Nextcap, nous revoyons notre liste de convictions Nextcap S1 2026 qui comprend désormais : Comet, Corbion, Equasens, Jacquet Metals, Jost-Werke, PVA Tepla, Rosenbauer,...
La stabilisation des taux d’intérêt et de l’inflation devrait créer un climat plus favorable à l’investissement et permettre aux sociétés immobilières de poursuivre la mise en œuvre de leur feuille de route tout en faisant preuve de prudence. Dans ce contexte, le commerce et la logistique nous semblent les mieux positionnés et nous privilégions CTP, Merlin Properties, Shurgard, URW, VGP comme les plus à même d’exécuter leur stratégie de croissance. Nous relevons notre opinion à Surperformance su...
With stabilising interest rates and inflation creating a more favourable climate for investment, the stocks in our coverage universe should be able to continue to implement their roadmaps, while remaining cautious. On this basis, we think retail and logistics are the best positioned, and see CTP, Merlin Properties, Shurgard, URW and VGP as the best placed to execute their growth strategies. We are upgrading WDP, Safestore and Instone, to Outperform, downgrading Big Yellow, Colonial-SFL, INEA, L...
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