Zealand Pharma FIRST LOOK: Roche petrelintide partnership conference c...

Zealand hosted a conference call to discuss the co-development and co-commercialisation partnership with Roche for petrelintide announced this morning. Our key learning was that the 50/50 profit share remains in place even if Zealand decides to be less than 50% involved in the commercial roll out, which further points to the attractiveness of the terms the company has been able to secure. We summarise the key takeaways from the conference call.

Credit Morning 03/12/2025

Avolta: strong set of full-year earnings, medium-term targets confirmed|Fnac Darty: S&P revised the outlook to stable on BB+ rating|Wendel announced the forward sale of Bureau Veritas shares representing 6.7% of the capital.|Branicks FY 24 results: Vacancy deteriorated further (7.4%), aims EUR 600-800m in asset sales|GCP FY 24 results: Solid year and overall in good shape|Viridien: pricing of the bond offering|

Morning Crédit 12/03/2025

Avolta : solides résultats annuels, objectifs moyen terme confirmés|Fnac Darty : S&P a relevé la perspective à stable sur la note BB+|Wendel a annoncé la Vente à Terme d’actions Bureau Veritas représentant 6,7 % du capital|Branicks FY 24 results: Vacancy deteriorated further (7.4%), aims EUR 600-800m in asset sales|GCP FY 24 results: Solid year and overall in good shape|Viridien: pricing of the bond offering|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/12/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/03/2025

Basic-Fit Strategy shift: giving up growth for FCF

Basic-Fit reports FY24 results below our expectations. The underlying EBITDA less rent came in at EUR 312.9m vs EUR 319.7m KBCSe. The difference comes from higher employee expenses driven by more 24/7 openings in France in 2H24. On a net results basis the expectations were not met due to 10% higher financing costs. Both the expansion and maintenance capex per club are higher than initially guided. The higher maintenance capex impacted the FCF per share at EUR 2.36 vs EUR 2.60-2.95 guided (EUR 2....

Benelux Morning Notes

Ageas: Final stages in race for bidders on ESURE (UK). Agfa-Gevaert: A strong end to the year, driven by Healthcare. Basic-Fit: FY24 broadly in line; outlook FY25 below due to more aggressive 24/7 roll-out. GBL: Preview of upcoming FY24 results. Staffing: Manpower Employment Outlook Survey 2Q25; positive but stable trend vs 1Q25

Immobel Likely at the trough, but still reliant on bank financing

We revisit our model on Immobel after the FY24 results and the dividend cut. The dividend cut was necessary given the short term debt maturities. We expect 2025 to be a recovery year from the trough in FY24 margins, with slightly lower asset sales versus FY24. A cash recovery from the EUR 18.0m building permit from the Proximus towers could be a short term trigger for the stock. We think it is likely but nothing is confirmed. In FY25, Immobel needs to pay back a EUR 50.0m bond which is covered ...

Morning Notes : ADYEN NA, AGFB BB, BFIT NA, IMMO BB, TINC BB, ALFEN NA...

: ADYEN NA, AGFB BB, BFIT NA, IMMO BB, TINC BB, ALFEN NA, ZEAL DC

Agfa FIRST LOOK : Capitalizing on strategies designed for growth engin...

In FY24, Agfa continued to capitalize on the successful strategies they designed for their growth engines. Agfa's HealthCare IT, Digital Printing Solutions and Green Hydrogen Solutions divisions all achieved record-high EBITDA figures in 4Q24 (4Q REBITDA of 30m and 20m FY24 REBIT, resulting in above expectations FY24 results (€ 70m REBITDA vs € 76m in FY23 and € 27m REBIT vs € 31m in FY23). We maintain our Accumulate rating and € 1.4 Target Price as Agfa expects that the growth engines will con...

TINC FY24 – Capital Raise Will Allow Portfolio To Double

During FY24, TINC's NAV came in at €506.4m (or €13.93ps), up 2.4% YoY. Portfolio result clocked in at €50.7m (or 10.84%) while net profit came in at €42.5m (or €1.17ps). TINC's investment portfolio now has 31 participations with a cumulative FV of €512.1m (vs. KBCSe €521.1m), up 9.3% YoY. During FY24, TINC committed €141.3m across 4 new and 3 existing participations. TINC will distribute a gross dividend of €0.58ps – €0.18ps distributed and €0.4ps capital reduction. TINC announced that it is pre...

Zealand Pharma Ambitious agreement with Roche sets petrelintide up to ...

Zealand has secured an ambitious global collaboration and license agreement with Roche to co-develop and co-commercialise petrelintide (amylin analog) as a foundational therapy for weight management with 50/50 commercialisation rights in the US and Europe and $1.65b upfront. This deal validates the potential of amylin as the next hot target in obesity management, and with Roche onboard, we believe petrelintide is on the right path to capture a good chunk of this growing market (we est. petrelint...

Basic-Fit N.V. : Results 2024 and guidance 2025 unlikely to please inv...

Alfen: Michelle Lesh steps down as CCO

This morning, Alfen announced that Michelle Lesh, who has served as Alfen's CCO since 2021, has decided to step down from her role, effective 31st March 2025. Over the past four years, Michelle was instrumental in leading Alfen’s commercial and business development efforts across all three of its b

Adyen Digital volumes worry & investment pains largely behind us

The 2H24 results provided additional comfort on the North American digital volumes, underlining the total cost of ownership benefit of the Adyen platform and demonstrating the more limited bottom line impact of large volatile merchants like Cash App and eBay. We believe the positive sentiment is warranted, despite being eroded now by the recent Trump Tariffs sell-off. Finetuning our model, including an increase of the financial income on the large cash position, leads to a new TP of €1.750; reit...