Inficon : High-quality player and favourable cycle, but limited upside...

As a leader in measurement solutions for critical environments, Inficon boasts a solid position in semiconductors (~50% of sales) and industrial niches (auto, AC, aerospace, solar). The recovery in the Wafer Fab Equipment (WFE) market and favourable cycles outside semis should support growth of +8/10% in 2026/27e and a recovery in the EBIT margin. However, the valuation (20x EBITDA), in line with the 5-year average and peers, correctly reflects Inficon’s growth profile, similar to that of WFE in...

Inficon : Acteur de qualité et cycle favorable, mais levier limité pou...

Leader des solutions de mesure pour environnements critiques, Inficon bénéficie d’une position solide sur les semiconducteurs (~50% du CA) et des niches industrielles (auto, AC, aérospatial, solaire). La reprise du WFE (Wafer Fab Equipment) et des cycles favorables hors semi devraient soutenir une croissance de 8/10% en 2026/27e et un redressement de la MOP. La valorisation (20x l’EBITDA), en ligne avec sa moyenne historique et ses comparables, reflète cependant correctement son profil de croiss...

Credit Morning 12/31/2025

SoftBank Group finalizes an additional investment of $ 22.5bn in OpenAI|

Morning Crédit 31/12/2025

SoftBank Group finalise un investissement additionnel de 22,5 mds USD dans OpenAI|

Téléperformance : Evolution of coverage

Following the departure of one analyst, we terminate the coverage with recommendation of the following issuers: Advanz Pharma, CBR Fashion Group, Ceconomy, Cheplapharm, Eurofins, Grenke, Grünenthal, IHO/Schaeffler, Ontex, Profine, Progroup, Stada, Teleperformance, Wepa and ZF Friedrichshafen. We intend to gradually resume coverage of some of these companies. Previous credit opinions and market recommendations are listed in the table on page 2.

Teleperformance : Evolution of coverage

Following the departure of one analyst, we terminate the coverage with recommendation of the following issuers: Advanz Pharma, CBR Fashion Group, Ceconomy, Cheplapharm, Eurofins, Grenke, Grünenthal, IHO/Schaeffler, Ontex, Profine, Progroup, Stada, Teleperformance, Wepa and ZF Friedrichshafen. We intend to gradually resume coverage of some of these companies. Previous credit opinions and market recommendations are listed in the table on page 2.

Morning Crédit 30/12/2025

Takko Q3 26 results: Adj. EBITDA improvement on the back of lower cost of materials|

Credit Morning 12/30/2025

Takko Q3 26 results: Adj. EBITDA improvement on the back of lower cost of materials|

Credit Morning 12/29/2025

SoftBank Group is reportedly in advance talks to acquire DigitalBridge (Bloomberg)|

Morning Crédit 29/12/2025

SoftBank Group serait en discussions avancées pour acquérir DigitalBridge (Bloomberg)|

Credit Morning 12/24/2025

ZF sells ADAS assets for EUR 1.5bn|

Morning Crédit 24/12/2025

ZF sells ADAS assets for EUR 1.5bn|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/23/2025

Credit Morning 12/23/2025

Vehicle registrations in Europe rise for the fifth consecutive month|Voluntary redundancy plan affecting around 5,500 employees at an estimated cost of EUR 2.5bn|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 23/12/2025

DEME Group : US offshore wind again halted, now for national security ...

Morning Crédit 23/12/2025

Les immatriculations de véhicules en Europe progressent pour le 5eme mois consécutif|Plan de départs volontaires concernant environ 5500 employés pour un coût estimé à 2,5 mds EUR|

Vogo : Final result of the takeover bid: ABEO now holds 90.84% of the ...

Vogo : Résultat final de l’OPA : ABEO détient désormais 90.84% du capi...

Triodos bank : Material loan loss, no final dividend, TP reduced and N...