reports
- Stifel Europe Limited Research
Discontinuing Coverage Ahead of Stifel Integration
On June 2, 2025, Stifel Financial Corporation acquired Bryan, Garnier & Co Limited and Bryan Garnier Securities, which have been rebranded to Stifel Europe Limited and Stifel Europe Securities, respectively. Today, August 22, 2025, both entities are being integrated into the Stifel research pla
- Stifel Europe Limited Research
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: H1 2025 results, mid-term outlook lowered
Alfen published H1 2025 figures yesterday. Revenue came in at EUR211.5m (-13.9% YoY vs. EUR245.7m in H1 2024) mainly with challenging dynamics in EV charging and Energy Storage, while benefiting from favourable base effects in Smart Grids, which was impacted by moistening issues in Q2 2024. This wa
- Damien Choplain
- Oscar Haffen Lamm
Egetis Q2: initial Germany launch, key catalysts still ahead
Egetis has reported Q2 results, marking the first commercial sales of Emcitate in Germany following its 1st May launch, and a cash position of SEK203m, providing an est. runway into Q1 2026. While exact German sales figures remain undisclosed, SEK14.5m in total revenues (vs SEK13.9m in Q2 2024) inc
- Oscar Haffen Lamm
Cinclus Pharma: Q2 driven by BD progress, Phase 3 trial nearing initia...
Cinclus’ Q2 update focused on balance sheet items and a recap of corporate achievements. The company reported a cash position of SEK589m and operating expenses of SEK80.9m, up from the prior quarter - consistent with expectations given the Phase 3 trial ramp-up. With support from the Zentiva partne
- Oscar Haffen Lamm
Egetis: Submits pre-NDA meeting, positive recruitment update
Egetis posted a positive US development update on Emcitate with 15 evaluable patients in the US ReTRIACt phase 3 study (vs 12 at previous update) and has submitted a pre-NDA meeting (Type B) request to the FDA, with plans to initiate the submission of the NDA for tiratricol (Emcitate) this year. As
- Damien Choplain
- Oscar Haffen Lamm
Faron: Positive FDA feedback sends BEX into a registrational phase 2/3...
Faron is advancing bexmarilimab (BEX) into a registrational phase 2/3 trial in HR-MDS following a positive EOP2 meeting with the FDA. We view the feedback of broadly positive, as the trial design remains largely unchanged, with a single study expected to support approvals in both frontline and rela
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Fastned: H1 results, GM recovery, roll-out acceleration expected in H2
This morning, Fastned published its H1 2025 key metrics and number of operating stations. H1 sales came in at EUR54.3m (+44% YoY), implying revenue of EUR26.3m in Q2 2025 (-9% vs cons. at EUR28.9m) and pointing to an annual run-rate of at least EUR108m (vs cons. at EUR130.8m for FY25 and STFe EUR13
- 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
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