Fastned: FY24 results

Fastned published its FY24 annual report this morning. The top line and gross margin had already been communicated, with revenue reaching EUR86.7m (vs cons. at 86m) and 79% gross margin (vs 74% FY23), Fastned reported a positive but lower-than-expected EBITDA at EUR7.4m (-50% vs cons. of EUR14.8m,

Daily Healthcare - March 27th, 2025

Mister Spex: Reassuring FY24 numbers; priority for FY25 is margin impr...

Mister Spex reported this morning in-line FY sales of EUR217m (-3% YoY) reflecting the Group's decision to close all its nine International stores. On the positive side, FY aEBITDA of -EUR5.8m was less negative than anticipated by the market (-EUR7.1m). For FY25, i.e. "discount detox" and the negat

H&M: Soft Q1 sales momentum despite margin sacrifices

Arguably, with +2% FX-n in Q1 2025 H&M achieved two consecutive quarters of positive organic growth for the first time since Q4 2019-Q1 2020 (stripping out the atypical period of post Covid-related lockdowns until H1 2022), but it was fuelled by painful price reinvestments and marketing efforts

Lhyfe: FY24 results; growth expected in FY25

This morning, Lhyfe has announced FY24 results and provided indications for FY25 revenue guidance. On top of FY24 revenue which had already been communicated at EUR5.1m (vs cons. at EUR5m), Lhyfe has reported a lower-than-expected EBIT loss at -EUR29m (ahead of cons. at -EUR35.2m), supported by gro

Aelis: Full data analysis of AEF117 shows effects in a subpopulation

Following preliminary results on its phase 2b trial evaluating AEF117 in CUD, which as a reminder failed to show statistically significant effects across the binary endpoints, which measured the absolute reduction in cannabis consumption, Aelis published the final analysis of the data set and provi

ONWARD Medical: First ARC‑IM Lumbar Lead implanted

This morning, ONWARD announced the first implantation of the proprietary ARC-IM Lumbar Lead designed for the lumbar region, which aims to effectively deliver ARC Therapy to potentially enable motor functions linked to the lower limbs, including standing, stepping and overall mobility. The implantat

Satcom update: Competitive pressure shows no sign of easing

We update our satcom outlook following The Next Launch Window industry brief. We remain concerned about incumbent operators, as we see no evidence of sustainable strategic positioning against Starlink—and soon Kuiper—as competitive threats intensify. European demand for sovereign capabilities could

Avantium: CFO resignation

This morning, Avantium announced a series of senior management changes. As such, Boudewijn van Schaïk will step down as CFO (effective from May 2025), with Bert Cornelese taking over as interim CFO from 1 April 2025 until the appointment of a permanent CFO. In parallel, Bram Hoffer, previously serv

Dassault Systèmes: reacceleration underway

Half a year ago, we upgraded Dassault from Neutral to Buy, arguing that the market was overly pessimistic and short-term focused. We argued that this created a great opportunity to get on board a high-quality company with a great risk/reward profile at an attractive valuation. With the stock price

Medacta: Exceptional FY2024 to fuel sustainable growth, adj. EBITDA hi...

Medacta reported preliminary unaudited FY 2024 revenue in early February; hence, the EUR590.6m figure was not a surprise. Nonetheless, we may highlight again that all four business lines delivered above the market growth with double-digit cc gains with a broad base geographical contribution. Gross

Tomra Systems: Regulatory tailwinds, strategic discipline - Upgrade to...

Given Tomra’s stronger fundamentals, regulatory momentum, and disciplined execution, we have updated our estimates to reflect strengthened growth outlook. This leads us to upgrade our rating from NEUTRAL to BUY. Our updated DCF model (9.0% WACC, 2% LTG), points to a PT of NOK200 (vs. old-PT at NOK1

On the shelves now: Consumer Weekly #63

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how sub-sectors within our Consumer coverage have fared since the beginni

Afyren end of coverage

From 25th March 2025, we will no longer include Afyren in our coverage

Abivax: FY'24 reiterated next key inflection points for 2025

Abivax reported today FY'2024 results which mainly focused on balance sheet items and next inflection points for its UC phase 3 trial. Patient recruitment for the phase 3 UC trial is likely on track, with full enrolment reiterated to Q2 2025 with topline results from the 8-week induction trials exp

Satellites & Space: The next launch window

In our latest Industry Brief, we examine impending transformations in the launch and satcom industries. We believe the most significant paradigm shift since Falcon 9’s debut 15 years ago is brewing in launch technology. The brute force of super-heavy-lift launchers—Starship and New Glenn—could rede

Valneva: To supply Ixchiq doses against CHIK outbreak in La Reunion

Valneva announced that it will provide 40k doses of its vaccine Ixchiq, which we estimate will generate c. EUR5m in sales, to France's Island of La Reunion in response the to the chikungunya outbreak currently ongoing on the island which has recorded 8,600 cases since early 2025 and almost 3,000 ne

HelloFresh: CMD prioritises fixing the basics over short-term growth

With a CMD focused on cost-cutting and reshuffling the meal-kit offer, we understand that 2025-26 will be about resetting the basics while growth may only be on the agenda in 2027. But the absence of any sales target for meal-kit or ready-to-eat disappointed, keeping the shares stuck around 5.5x EV

Nemetschek: Upside remains limited

Following the release of the 2024 annual report, we update our model and investment case on Nemetschek. For the year 2025, we expect the top-line to grow by 17.7% at constant currency, mainly driven by the BUILD segment through the GoCanvas acquisition, the resilient US environment and completed su

Jeronimo Martins: Polish recovery may take a bit longer

Post-FY 2024, we have cut our FY 2025 estimates to reflect a lengthier LfL and profitability recovery in Poland and maintained our EUR21 PT. However, we do not see any fundamental red flag that would put our recent Buy investment case at risk. We continue to foresee a gradual path to renewed LfL gr