Deliveroo: PT aligned with DoorDash offer

Following the confirmation of a 180p/share cash bid by DoorDash (first analysed here), we have downgraded our rating from Buy to Neutral and aligned our PT with the offer at 180p.We will recommend that shareholders vote in favour of the upcoming court-sanctioned scheme of arrangement under the UK C

Jeronimo Martins: rerating not over yet with better margin prospects

Following a strong Q1, we see several positive signs around a price war easing in Poland and have increased our Polish EBITDA and our PT from EUR21 to EUR25. In line with our January 2025 upgrade to Buy, we continue to see a rerating path to >20x P/E, which is the normalised level in no Polish c

Software: Q1 2025 in review

Following the release of Q1 figures for our software coverage, we provide a quick update on the main takeaways, along with our opinion on the best course of action and hierarchy among them. As expected, the main focus of attention was the current macro environment. Unsurprisingly, the companies tha

Mister Spex: headed in the right direction

The call yesterday provided an opportunity for newly-appointed CEO Tobias Krauss to reiterate the main strategic measures of SpexFocus, which aims to stabilise and strengthen the group's operational performance this year and eventually lead to scalable and profitable growth from 2026 onwards. Reass

Ceconomy: CFO appointed as interim CEO

With CEO Karsten Wildberger stepping down to become a federal minister in Germany, Ceconomy has appointed CFO Kai-Ulrich Deissner as interim CEO. In our view, this is the best option to ensure completion of a well-thought FY 2025/26 strategic plan (still not fully priced-in by the consensus and sha

Ahold Delhaize: Europe to make up for US margin erosion this year

Post a strong Q1 print, we have cut our FY25 EBIT and EPS by 2% and 3% respectively, to reflect the reversing USD while a faster European profitability recovery should offset likely US margin erosion fuelled by a dilutive sales mix. PT lifted to EUR39 however, with a lower beta and untouched safe-h

Cheffelo: strong Q1, reassuring FY indications

Following another strong Q1, the commercial and profitability recovery is set to be faster-than-expected with >8% growth and >5% EBIT margin. FY 2025-27 EBIT estimates increased by c.9% and PT from SEK61 to SEK63. Buy reiterated with th business model set to thrive alongside HelloFresh in the

Mister Spex: reassuring Q1 numbers

Mister Spex has posted reassuring Q1 numbers this morning, with sales performance in line and stronger-than-expected margin delivery, including a 440bp-expansion in the GM. Albeit negative, FCF was close to B/E point, -EUR1.5m, thanks to positive operating CF and lower capex, leading to a NCP pre-I

Vicore Pharma: KOL & Mgmt Takeaways, buloxibutid's IPF positioning upd...

Yesterday, we attended a lunch organized by Vicore’s management with Dr. Francesco Bonella, an IPF specialist based in Germany who has advised companies such as Boehringer Ingelheim, Roche, Galapagos, and BMS in the development of compounds for rare lung diseases. Dr. Bonella is also an investigato

Medincell: Uzedy TRx shows strong demand, mdc-TJK NDA filing expected ...

Yesterday Teva presented its Q1'25 results, with Uzedy sales for the quarter coming in at USD39m (+160% YoY). While beating Teva's css (USD32.5m, +20%), sales appeared relatively flattish compared Q4 (USD43m), which could be attributed to calendar effects and stock adjustments. We remain optimistic

Safilo: rays of light in Q1 despite dark tariff clouds

Yesterday evening, Safilo delivered strong Q1 results despite tariff uncertainty, while the quarter was the final one marked by the phase-out of Jimmy Choo (-3pp sales headwind). With +1% FX-n, North America posted its first positive performance since Q4 2023. GM and aEBITDA margin both expanded by

Zaptec: a good pace in Q1

This morning, Zaptec reported Q1 2025 results confirming a reacceleration in 2025 compared to 2024 as the EV market sequentially improves (flattish QoQ, +23% YoY in Zaptec's key and emerging markets). Q1 revenue came in at NOK347m (+6% QoQ vs. NOK327m in Q4 2024, +15% YoY vs. NOK300m in Q1 2024), +

Tomra Systems: slow start to 2025

Tomra Systems has reported Q1 2025 results this morning. Q1 2025 group revenue came in at EUR306m (+5% YoY vs. EUR291m in Q1 2024) with revenues of EUR185m in Collection (-2% YoY vs. EUR189m in Q1 2024), EUR70m in Food (a strong +17% YoY vs. EUR60m in Q1 2024 and EUR46m in Recycling (flat YoY vs. E

Legrand: robust Q1 beat on datacentre strength, FY guidance intact

Legrand delivered a positive surprise versus consensus, posting robust organic growth of 7.6%, 270bps above the css of 4.9%, and adj. EBIT margin of 20.7%, up 20bps yoy and 30bps ahead of expectations. Most of the performance was driven by 20.2% growth in the US (38% of group sales) and in particul

Hugo Boss: macro uncertainty fuels volatility despite reassuring Q1

As shown by yesterday's positive market reaction, investors welcomed the positive sales development in March against a tough trading environment and continued opex discipline. Note that Hugo Boss is one of the groups the most exposed to EMEA at 63% of total sales, which implies a relatively modest

Valneva: Reports good set of Q1 results

Valneva reported a strong set of Q1 results, with product revenues coming in at EUR 48.6m (vs css 39.1m, +24%), adj EBITDA at EUR (0.6m) (vs css EUR(14.8m)), and a cash position at EUR153m (excl. USD14.2m from the ATM program). Revenues performance were primarily driven by Ixiaro (EUR27.5m), while

Zalando: persistent deflationary concerns overshadow good Q1 and curre...

Post a good set of Q1 results with reassuring current trading comments, we have left our estimates unchanged with a EUR39 PT. Persistent risks concerning deflationary pressures in the European fashion sector in H2 continue to weigh on Zalando's ST rerating despite an appealing MT equity story based

Kempower: new CEO appointed

This morning, Kempower announced it has appointed Bhasker Kaushal as its new President and CEO as of 2nd June 2025. This follows Tomi Ristimäki's decision to step down. A transition period with Tomi Ristimäki supporting Bhasker Kaushal will last until December 2025.

Daily Healthcare - May 6th, 2025

Hugo Boss: reassuring Q1 numbers and FY25 outlook reiterated

Hugo Boss has reported reassuring Q1 2025 results this morning: the FX-n sales decline of 2% was less negative than expected (CSSe: -4%) while the EBIT contraction was also less pronounced than initially feared (-12% to EUR61m vs. CSSe EUR50m) as another GM miss was offset by tight opex discipline.