ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/22/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 22/10/2025

Akzo Nobel Feedback 3Q results conference call

Below are the highlights of the 3Q25 results conference call. 3Q adjusted EBITDA dropped by 2% y/y and was in line with consensus whilst being 2% below our forecast. Akzo adjusted FY25 adj EBITDA guidance from ‘above €1.48bn' to ‘around €1.48bn' which seems in line with our and consensus forecasts. FY performance is still to be supported by € 170m targeted gross savings. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and €65 TP.

Benelux Morning Notes

AkzoNobel: 3Q25 in-line, FY guidance trimmed, €300m provision for Ichthys court case. Gimv: ImCheck Therapeutics checked out. Heineken: 3Q25 trading update; outlook FY25 slightly lowered. KPN: Ziggo 2Gbits internet roll out for c.7m homes by end 2025, full Netherlands by 2026. Randstad: 3Q25 result beats 5%; outlook 4Q25 also beats; strong OPEX performance

AkzoNobel : Q3 25 results. No material changes (except for the € 300m ...

Morning Notes : AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

: AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

Akzo Nobel FIRST LOOK: 3Q adj. EBITDA -2%, FY EBITDA guidance slightly...

3Q adjusted EBITDA dropped by 2% y/y and was in line with consensus whilst being 2% below our forecast. Akzo adjusted FY25 adj EBITDA guidance from ‘above € 1.48bn' to ‘around € 1.48bn' which seems in line with our and consensus forecasts. FY performance is still to be supported by € 170m targeted gross savings. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 65 TP.

Autolus Doses first patient in phase 1 trial of Aucatzyl in progressiv...

Yesterday, before US market opens, Autolus announced that the first patient has been dosed in the phase 1 (BOBCAT, NCT07139743) trial of Aucatzyl (obe-cel, CD19 CAR-T) in patients with progressive multiple sclerosis (PMS). This comes in line with the company's previously guided timeline to initiate the trial by YE25. While relapsing MS has multiple treatment options, there remains a need to address the progressive form of the disease, which is characterised by CNS-compartmentalised inflammation....

Morning Notes : AGFB BB, EXM BB, FLOB BB, GLPG NA, GIMB BB, AUTL US

: AGFB BB, EXM BB, FLOB BB, GLPG NA, GIMB BB, AUTL US

Retail Estates/Model update/BUY

We update our model with added cautiousness on the top line but leave our bottom line and NTA projections almost unchanged. Our FY26-28F earnings CAGR is at c.2%. Despite some problematic tenants (Leen Bakker, Casa and Carpetright, accounting for c.2.5% of rents), Retail Estates has a history of being capable of quick/efficient reletting and good tenant mix improvement on the back of this. We confirm our positive stance on the company, which currently trades at a 21.3% NTA discount to its FY26F ...

EVS Broadcast Equipment SA: 1 director

A director at EVS Broadcast Equipment SA sold 2,750 shares at 35.920EUR and the significance rating of the trade was 58/100. 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 yea...

AkzoNobel/3Q25 preview and model update/HOLD

Ahead of AkzoNobel's 3Q25 results, we update our model and trim our 2025F-27F Adj. EBITDA estimates by c.2.5% to reflect slightly softer volume development in 2H25, and mark-to-market of FX. We reiterate our HOLD and €65 per share target price.

Morning Notes : EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

: EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...

In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...

Real Estate Report, Company Profiles

Over the past month, the EPRA BELUX index has underperformed (total return) the EPRA Developed Europe index by 3.2%, the STOXX50 by 5.4%, and the BEL20 by 3.6%. This underperformance relative to the EPRA Developed Europe Index can be attributed to the stronger performance of UK real estate compared to eurodenominated stocks, as UK equities led the recovery following a selloff in August. Additionally, the BELUX region had already posted strong year-to-date performance, which limited further upsid...

Morning Notes : AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

: AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

Life Sciences Conference 25 Sep 2025

KBC Securities will host its annual life sciences conference on 25 September in Brussels. The event will include 14 exciting companies, both public and private, from the BeNeLux ecosystem and beyond. In this conference note, we provide an overview of the attending companies, as well as an outlook on KBC Securities' life sciences broader coverage.

Morning Notes : ASM NA, HEIA NA, RET BB, UCB BB, XIOR BB

: ASM NA, HEIA NA, RET BB, UCB BB, XIOR BB