The Marex Equity Research desk is managed by Julien Onillon and Romain Dobral, equity research analysts with extensive experience analysing EU-listed companies across multiple sectors. The team applies a disciplined research methodology grounded in fundamental analysis, proprietary modelling, and continuous market monitoring, enabling institutional investors to benefit from robust data-driven insights.

The team focuses on covering three distinct categories of companies:

• Magnificent French: A core selection of ten French SMID companies with the potential to double in value over five years, aligned with long-term investment philosophies.
• European Opportunities: Listed European SMID companies offering attractive medium-term potential, characterised by positive momentum, rerating stories and/or strong positive newsflow in markets that are often under-researched.
• Sponsored Research: Paid equity research for micro- and small-cap companies seeking to enhance their market visibility and improve the communication of their equity story to a broader investor base.

The team research suite includes:

• Initiations of coverage with detailed valuation reviews, scenario analysis, industry benchmarking, and differentiated views.
• Earnings previews and reviews providing assessment of quarterly performance versus expectations, revisions, and key catalysts.
• Valuation updates based on DCF, trading multiples, peer-group analysis, and sector-specific methodologies.
• Company newsflow analysis, including strategic developments, M&A, capital allocation decisions, operational inflection points, and regulatory impacts.
• Industry and thematic reports examining structural trends, competitive positioning, market growth drivers, and technological shifts affecting SMID-cap companies.

Our approach combines:

• Bottom-up financial modelling, integrating detailed revenue build-ups, margin decomposition, cash flow forecasting, and balance sheet analysis.
• Cross-sector expertise, enabling rigorous comparison of companies operating in niche or fragmented industries.
• Continuous engagement with management teams, investors, and industry participants to assess strategic direction, execution risks, and medium-term catalysts.
• Independent perspective, reflecting Marex’s commitment to non-sponsored research that prioritises analytical integrity and investor relevance, even when dealing with sponsored equity research.
• Corporate access, with regular roadshows and events organised with our coverage universe to provide investors with access to companies’ top management.

Through consistent publication and ongoing updates, the Marex Equity Research desk provides institutional clients with timely, actionable insights, supporting informed decision-making in SMID markets where information asymmetry remains elevated. Our analyses enable investors to rapidly assess company-specific dynamics, identify potential mispricing, and optimise portfolio construction across the European SMID landscape.

Disclaimer

This publication is produced by Marex SA, a company incorporated in France and registered in the Paris Trade and Companies Register under the number 352.177.141, whose registered office is at 42 rue Washington, 75008 Paris, France. Marex SA is authorized by the “Autorité de Contrôle Prudentiel et de Résolution” (ACPR) and regulated by the ACPR and the “Autorité des Marchés Financiers” (AMF). Marex SA is a company of the Marex Group comprising Marex Financial, Spectron Services Limited and all entities controlled, directly or indirectly, by Marex Group plc (Individually and collectively “MAREX”).

This publication constitutes “Investment Research” as defined in Directive 2014/65/EU of the European Parliament and the Council and Commission Delegated Directive (EU) 2017/565 ("MiFID II"). Nothing in this report constitutes (i) an offer of services, (ii) an offer to purchase or sell investments or any other product or (iii) investment, tax or legal advice.

This publication has been prepared for the general information of Marex SA’s institutional clients (eligible counterparty or professional client), is not directed at retail customers and does not take into account particular investment objectives, risk appetites, financial situations or needs. Recipients should make their own trading decisions based upon their own financial objectives and financial resources.

This publication is a summary and does not purport to contain all available information on the subjects covered. The information contained in this publication was obtained from various publicly available sources believed to be reliable but has not been independently verified by MAREX. MAREX does not warrant the completeness, accuracy, or fitness for any purpose of such information and does not accept any liability with respect to the accuracy, completeness, or fitness for any purpose of such information. MAREX is not responsible for and accepts no liability whatsoever for any direct, indirect or consequential loss or damage arising out the use of or reliance on all or any of the data or information in this report.

Please carefully read the disclaimers and important information at the end of this publication: (i) Origin of the publication / report, (ii) Regulation Analyst Certification, (iii) Sponsored research, (iv) Registration of non-US Analysts, (v) Research Analyst Compensation, (vi) Valuation methodology & Risks, (vii) History of changes in recommendations and price targets over the last 12 months, (viii) Conflicts of interest, (ix) Disclosure checklist - Potential conflicts of interest, (ix) Explanation of Equity Research Ratings, (x) Distribution of Marex’ equity recommendations, (xi) Regulators, (xii) Other Disclosures, (xiii) MIFID 2 Warning, (xiv) Validity of the publication or report, (xv) Distribution to Non-US Investors, (xvi) Distribution to US Investors, (xvii) Distribution to UK Investors, (xviii) Copyright.