Finnair : Starting the coverage of the new 2030 bond with a Buy recomm...

Finnair just issued a new € 300m bond priced at MS +195bps, implying a yield of c.4.38%. This is tighter than IPTs of MS+220bps, and price talks of MS+200bps. Proceeds will be used for general corporate purposes, which we believe will target the financing of part of its capex needs linked to the renewal of its old short-haul fleet. With the bond being priced above our FV estimates of 4.25%, we are starting coverage of the new bond with a Buy recommendation. Elsewhere, the company also held a CM...

Finnair : Starting the coverage of the new 2030 bond with a Buy recomm...

Finnair just issued a new € 300m bond priced at MS +195bps, implying a yield of c.4.38%. This is tighter than IPTs of MS+220bps, and price talks of MS+200bps. Proceeds will be used for general corporate purposes, which we believe will target the financing of part of its capex needs linked to the renewal of its old short-haul fleet. With the bond being priced above our FV estimates of 4.25%, we are starting coverage of the new bond with a Buy recommendation. Elsewhere, the company also held a CM...

DO & CO : First Class catering with potential for higher share price a...

We initiate coverage with an Outperform rating and a TP of € 240. DO & CO is a fast-growing premium catering group (20% sales CAGR since FY 2019-20) that should continue its revenue growth path to € 3.0bn (8.8% CAGR) and EBIT margin expansion from 8.0% in FY 2024-25 to 9.0% by FY 2027-28e based on its focus on freshly cooked, high-quality catering as well as procurement and automation-related cost savings. This should translate into a 12% EPS CAGR out to FY 2027-28e. The group’s shares currently...

BNP Paribas : The group raises its CET1 target to 13% by the end of 20...

ZABKA GROUP : (Quick shopping) mission possible

We initiate coverage of Zabka Group (Zabka), a dynamically growing leader (adj. net profit CAGR 2025-2028e of 27%) in convenience shopping in Poland, with an Outperform rating and a target price of PLN 30. The group is engaging time constrained customers with a differentiated proposition while benefitting from secular trends and a supportive macro backdrop. At our target price, Zabka would trade above closest peer Dino, while operating a business model that is less exposed to grocery market pric...

BNP Paribas : Le groupe relève son objectif de CET1 à 13% d’ici fin 20...

Glanbia : Ambitious but achievable medium-term targets

Glanbia : Des objectifs moyen terme ambitieux mais à la portée

Interparfums : Feedback CMD: vers un exercice 2026 de consolidation. O...

Interparfums : CMD feedback: headed for consolidation in 2026. TP lowe...

ODDO : Swiss watch exports October: moderate positive growth outside t...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/20/2025

ODDO : Swiss watch exports October: moderate positive growth outside t...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/20/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 20/11/2025

Credit Morning 11/20/2025

IGH & IQ: Outlook revised to negative by S&P|Elior: return to profit in 2024/25 and net debt/EBITDA leverage reduced to 3.3x|BNP lifts CET1 ratio target to 13% by 2027, up from 12.5%|

Morning Crédit 20/11/2025

IGH & IQ: Outlook revised to negative by S&P|Elior : retour au bénéfice en 2024/25 et levier DN/EBITDA ramené à 3.3x|BNP révise en hausse de son objectif de ratio CET1, fixé à 13% vs 12.5% à horizon 2027|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 20/11/2025

ODDO : ABI statistics (October 2025): reassuring trend continues

Valneva : Un CA T3 en dessous des attentes