Ubisoft : Reassuring H1 release

Ubisoft : Une publication S1 rassurante

Oddo’s 2 Weeks Ahead_Friday 21 November 2025

Credit Morning 11/21/2025

Tereos : -66% EBITDA in H1 25/26 and expected leverage slippage to 6x in March 2026|Ubisoft: net bookings above expectations in Q2 2025/26. The group breached covenants of certain debt, some of which will be repaid using proceeds from the closing of the JV with Tencent|Orange/Iliad/Bouygues are reportedly mulling a wider offer for SFR (Financial Times)|

Morning Crédit 21/11/2025

Tereos : Résultats S1 25/26 : -66% d’EBITDA au S1 25/26 et dérapage attendu du levier à 6x en mars 2026|Ubisoft (UBIFP, non noté) : net bookings supérieurs aux attentes au T2 2025/26, la guidance annuelle est confirmée. Le groupe a brisé les covenants de certaines dettes qui seront remboursées grâce aux produits de la finalisation de la JV avec Tencent.|Orange/Iliad/Bouygues envisageraient une offre élargie sur SFR (Financial Times)|

Oddo’s 2 Weeks Ahead_Vendredi 21 Novembre 2025

AdVini : Un acteur de qualité sur le long terme

Acteur du vin depuis 150 ans, AdVini navigue dans un marché mondial marqué par la baisse des surfaces viticoles et des volumes produits face à une consommation de vins plus qualitatifs (moindres volumes). Dans ce contexte, le groupe continue d’adapter son modèle (qualité au bon prix, mix-produits orienté vers le on-trade, diversification géographique) et à gagner des parts de marché grâce à ses marques et son déploiement à l’international. Notre valorisation (DCF et comparables) de 16 € par titr...

AdVini : A quality wine producer over the long term

Active in the wine industry over the past 150 years, AdVini operates in a global market plagued by a decline in vineyard areas and production outputs amid a consumer shift towards higher quality wines (meaning smaller volumes). In this environment, the group continues to adapt its model (quality at the right price, product mix geared towards the on-trade market, geographical diversification) and gain market share thanks to its brands and global expansion. Our valuation (DCF and peer comparison),...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/21/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 21/11/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/21/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 21/11/2025

PFISTERER Holding SE : Conversion of order book should support higher ...

Bekaert : A weak Q3 + an uncertain Q4 result in lowered 2025 EBITu mar...

Genfit : Financial visibility beyond 2028

ElringKlinger AG : Feedback from CMD: Halfway through the portfolio tr...

Ackermans & Van Haaren : Private Bank is continuing its impressive gro...

Soitec : ‘Temporary’ paradigm shift produces a very negative stock mar...

Altri : Q3 results in line with estimates, Asian marginal cost of prod...

Citizen K. (continued)

There is every reason to believe that US household spending was strong until the end of the summer (the Atlanta Fed estimates an annualised growth rate of +3.4% in Q3). However, consumer confidence is weakening and the labour market is cooling. To resolve this paradox, it has been suggested that spending at the top end of the income scale was so strong that it offset weakness elsewhere. We readily admit that the top decile is more sensitive to strong stock market gains than to modest wage slowdo...