ODDO BHF and Commerzbank jointly hosted the Swiss Equities Conference in Interlaken, Switzerland, from 10 to 12 June 2025. The event was attended by 64 companies (out of which 59 are listed, and with BASF one non-Swiss company). Some 125 investors met mostly (85%) C-level management in 440 meetings (one-on-one, one-to-few) and plenary sessions, resulting in some 1,100 interactions. Based on our positive assessments for Q2 & H2 2025 as well as beyond, we would like to highlight Accelleron (poten...
As we approach summer and reflect upon the already very busy and volatile first half of the year, we review our Credit Markets Outlook for 2025 and offer an update on our views, positioning and forecasts for the remainder of the year. We include our Picks and Pans on the Utilities, TMT, Real Estate and Bank sectors.
1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as o...
A director at Geberit AG sold 400 shares at 620.000CHF and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showin...
During 1Q25, NAV increased 0.5% to €15.6b or €172.4ps or (vs. €15.5b €171.6ps at FY24-end). The slight uptick was driven by a €100m increase in the market value of listed assets. Best performer was Technip Energies (~5.7% of NAV) which reported a 12% net profit increase YoY for 1Q25. Vopak (~15% of NAV) was the worst performer after reporting no revenue increase YoY and supply chain disruptions from Trump's tariffs. Total listed portfolio stood at €4.5b (vs. €4.4b at FY24-end). Revenues from the...
Geberit has outperformed the underlying European construction market every year bar three since it became a listed company in 1999. One of the main reasons for this is its strong innovation power. Given the (successful) launch of various blockbuster products in the recent past and in 2025, we have raised our 2025/2026 EPS estimates by +2%/+4%. Moreover, improving sentiment in its leading market, Germany, and the potential for lower interest rates has prompted us to adopt a bull case valuation ap...
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