reports
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: financing package update
Yesterday, Avantium announced it had reached a conditional agreement with ABN AMRO, ASN, ING, Invest-NL and Rabobank to extend and amend its senior debt facility agreement, representing up to EUR125.1m as of December 2024. As such, (i) the remaining EUR14.1m debt commitment would be cancelled in ex
- Damien Choplain
- Oscar Haffen Lamm
Valneva : Strong H1 - Key Lyme vaccine catalyst ahead in Q4
Valneva delivered a solid H1 and reaffirmed its 2025 guidance. The company’s cash position, standing at €161m, is sufficient to fund operations through 2027e, providing solid financial visibility. Looking ahead, the next key catalyst is the Phase III data readout for VLA15, Valneva’s Lyme disease v
- Clément Genelot
Deliveroo: strengthening growth/margin profile ahead of DoorDash deal
Post-another strong print and FY guidance upgrade, fuelled by a recovery in order growth and market share gains, we see more credibility in Deliveroo's MT targets and have increased our EBITDA and FCF estimates by 8% and 11%. PT unchanged at 180p to stick to the DoorDash offer, which we view as fai
- Damien Choplain
- Oscar Haffen Lamm
Valneva : FDA lifts age restriction on IXCHIQ
Valneva announced yesterday that the FDA has lifted its recommended pause on the use of IXCHIQ in individuals aged 60+, following updated safety data. This follows a similar decision by the EMA in July, which lifted temporary restrictions after a safety review. Despite regulatory clearance from bot
- Clément Genelot
Ahold Delhaize: navigating investments and FX headwinds well
Post-Q2, we have left our FY25-27 estimates broadly unchanged with a EUR38 PT. Ahold Delhaize continues to demonstrate its ability to balance growth investments and margin preservation while the USD headwind is already reflected in EPS expectations and the P/E multiple de-rating. At 12.7x P/E, valu
- Damien Choplain
- Oscar Haffen Lamm
Faron: Stronger remission data in 1L HR-MDS ahead of FDA EOP2 meeting
Faron disclosed updated efficacy data from its phase 1/2 BEXMAB study in the frontline HR-MDS, with a complete remission (CR) rate increased to 43% (9/21 patients), up from 28% in the prior data cut presented at ASCO, based on the IWG2006 criteria. We view this update as a positive as i) it suggest
- Clément Genelot
Jeronimo Martins: H2 outlook pointing to slower recovery in Polish vol...
Following an ok-ish Q2 print (below css/slightly ahead of SFe on Biedronka LfL) and a cautious outlook for Biedronka LfL over H2, we foresee a slower recovery in Polish volumes. Buy reiterated with a €25 PT vs. €26 previously as we continue to see a rerating path from c.17x to >20x 12m fwd P/E,
- Antoine Lebourgeois
Eutelsat: Q4 delivers, LEO momentum builds
Eutelsat delivered Q4 results above consensus with revenues 5% above expectations, mainly thanks to a positive surprise in government services (up 41% organically yoy). H2 EBITDA also came in ahead of expectations (+4%), although margins ended up 180bps below consensus. The company disclosed EUR187
- Damien Choplain
- Maria Vara
- Oscar Haffen Lamm
- Maria Vara
Median Technologies: EUR23.5m capital raise extends runway into Q4 202...
Median Technologies successfully secured a capital raise via ABSA of EUR23.5m in total gross proceeds, priced at EUR1.66 (at ~18% discount to 20-day VWAP). The offering was oversubscribed, surpassing the initial EUR22m target, with 64% backed by existing shareholders, 2% by a public offering in Fra
- Clément Genelot
Ceconomy: walking down the aisle with JD.com and a €4.6 offer
JD.com has presented its €4.6 cash bid with an acceptance period opening in Aug/Sep and delisting around Jun 2026. Support from strong anchor shareholders and a deal structured to avoid political scrutiny makes us more confident in the likelihood of it materialising. PT consequently aligned with th
- Aurelien Deside
Planisware: wait-and-see environment triggers profit warning
Planisware has published a mostly unfavourable set of results, with Q2 revenues growing by just 8.1% at cc, 2.8% below the company-compiled consensus, due to the ongoing extension in decision cycles caused by general macro uncertainties. With limited visibility on any potential turnaround for H2, t
- Cédric Rossi
BIC: gradual recovery to continue in H2
The H1 2025 beat was driven by a reassuring sequential improvement in Q2, which bodes well for more favourable sales and profit trajectories in H2 2025. While H1 was clearly marked by disruption in sell-in trends, a stabilising tariff landscape may support the gradual resumption of wholesale orders
- Antoine Lebourgeois
Legrand: solid Q2 and guidance upgrade, even if the news was mostly pr...
Legrand has reported strong Q2 2025 adj. EBITDA (70bps vs css) and raised its FY25 adj. EBIT margin guidance to 20.5-21.0% (vs stable prev. implying ~20.5%). While robust results were largely anticipated following the pre-release of H1 revenue earlier in July and the revenue guidance upgrade (in a
- Antoine Lebourgeois
SES: modest beat, stable guidance
SES has reported solid Q2 2025 results: a modest revenue beat (c.1% vs css) and adj. EBITDA margin +130bps vs css. As expected, Networks achieved double-digit growth (+12.5% organic in Q2), propelled by new mPOWER capacity in Gov (+21.1%) and Mobility, narrowly offsetting a double-digit decline in
- Cédric Rossi
BIC: 1H 2025 results exceed expectations, FY25 outlook confirmed
Yesterday evening, BIC reported stronger-than-expected 1H 2025 results. 2Q sales exceeded expectations by 2%, while 1H aEBIT came in 6% above a cautious consensus estimate (EUR147m vs. CSSe EUR139m). The sequential improvement from a very challenging 1Q was broad-based across all divisions and geog
- Clément Genelot
Casino: H2 2026 covenant breach still looming despite strong Q2 result...
Following a good set of Q2 results fuelled by new market tailwinds in France and better execution in productivity, we have lifted our FY25-27 sales, EBITDA and unlevered FCF figures by 2%, 6% and 23% respectively with our PT moving upwards to €0.42. Nevertheless, the risk of a covenant breach remai
- Oscar Haffen Lamm
Medincell: Uzedy outperformed in Q2; Olanzapine LAI still on track for...
Yesterday Teva reported Q2 2025 results, highlighted by a re-acceleration in Uzedy sales to USD54m (+24% vs css), with Teva raising the product's sales guidance to USD190-200m for FY25 from USD160m. TRx data continues to support the product's growth (3x TRx YoY), with Teva reporting >80% NBRx fr
- Damien Choplain
- Oscar Haffen Lamm
- Maria Vara
XVIVO: Heart launch derailed by 6-12 months, PT adjusted to SEK408
Yesterday, post-market, XVIVO confirmed a delay in CE mark clearance for its heart perfusion solution and supplement, citing an extended consultation process with EU regulatory bodies. While the Heart Assist Transport device and perfusion set have been cleared, the remaining component, its propriet
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.