Ordina N.V.

Ordina offers Consulting, IT and Application Outsourcing services. Co. is organized in the IT Services and Business Process Outsourcing segments. The IT Services segment performs activities relating to business consulting, system development and integration, and application management and maintenance. Within the Business Process Outsourcing segment, Co. assumes full responsibility for backoffices (i.e. business processes and IT) of clients operating in the banking and insurance sectors. It was decided, in the second half of 2008, not to continue the BPO activities under Co.'s umbrella on a permanent basis.
  • TickerORDI
  • ISINNL0000440584
  • ExchangeEuronext Amsterdam
  • SectorSoftware & Computer Services
  • CountryNetherlands
ING
Marc Zwartsenburg, CEFA

Ordina/Strategic focus pays off; Covid-19 impact limited/BUY

We reiterate our BUY rating but trim our TP to €2.50 to reflect a more cautious scenario for 2020-21F due to an assumed Covid-19 knock-over effect on the economic activity in the Benelux with a consequent impact on IT budgets potentially and a lowered target multiple. This latter reflects a higher risk profile as the impact is still highly uncertain given that IT seems key in this crisis to facilitate working from home and perhaps drive a structural change in the way companies operate post crisis. We believe Ordina will be far more resilient than seen in the 2009-2010 crisis as the balance she...

ING
ING Helpdesk

Benelux Morning Notes

Core Laboratories: 1Q not as bad as feared but challenges remain. Groupe Bruxelles Lambert: Fish or cut bait. Orange Belgium: EBITDal, cable adds reasonable, mobile weak, dividend trimmed Ordina: 1Q20 review - strong quality, nice beat Sligro: Better than feared 1Q, but only a slow and gradual recovery expected in 2H TKH: Covid-19/1Q20 trading update Unilever: Conviction pays dividends

ING
Albert Ploegh, CEFA ...
  • David Vagman, CFA
  • Hans D’Haese
  • Marc Hesselink, CFA
  • Marc Zwartsenburg, CEFA
  • Maxime Stranart
  • Quirijn Mulder
  • Reginald Watson, CFA
  • Stijn Demeester
  • Tijs Hollestelle

Benelux thematic equity research/Covid-19 scenario analysis

The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attractive risk-reward; (2) high earnings risk but already heavily sold off; (3) to have downside risk and/o...

ING
Marc Zwartsenburg, CEFA

Ordina/More focus, better margins/BUY

We reiterate our BUY rating but raise our target price from €2.20 to €2.90 which reflects our increased estimates. We believe Ordina is making good progress on its strategic targets for 2022 while we see further progress in terms of margin focus, niche positioning and strengthening fundamentals. In 2019, Ordina made progress on all fronts and, for 2020F, we anticipate further margin expansion and further progress in FCF which could enable further shareholder-friendly measures.

ING
ING Helpdesk

Benelux Morning Notes

AEGON: Capital generation sound, but slight miss on SII and earnings. Ageas: Setting a new high bar for DPS €2.70 (INGF). AkzoNobel: Outlines ambitions for 2021-23F. Arcadis: good results on the back of 4Q19 organic revenue growth. Barco: Better than expected update on Entertainment. DSM: When the going gets tough… Euronext: low to mid-single digit negative earnings revisions. Fagron: FY2019 in line, Wichita below sales and SKU targets. KBC: Delivering on capital return promise. Kinepolis: New cinema openings possible in Belgium from August 2021. NN Group: Solid message on ca...

ING
Marc Zwartsenburg, CEFA

Ordina/Strategic focus pays off; Covid-19 impact limited/BUY

We reiterate our BUY rating but trim our TP to €2.50 to reflect a more cautious scenario for 2020-21F due to an assumed Covid-19 knock-over effect on the economic activity in the Benelux with a consequent impact on IT budgets potentially and a lowered target multiple. This latter reflects a higher risk profile as the impact is still highly uncertain given that IT seems key in this crisis to facilitate working from home and perhaps drive a structural change in the way companies operate post crisis. We believe Ordina will be far more resilient than seen in the 2009-2010 crisis as the balance she...

ING
ING Helpdesk

Benelux Morning Notes

Core Laboratories: 1Q not as bad as feared but challenges remain. Groupe Bruxelles Lambert: Fish or cut bait. Orange Belgium: EBITDal, cable adds reasonable, mobile weak, dividend trimmed Ordina: 1Q20 review - strong quality, nice beat Sligro: Better than feared 1Q, but only a slow and gradual recovery expected in 2H TKH: Covid-19/1Q20 trading update Unilever: Conviction pays dividends

ING
Albert Ploegh, CEFA ...
  • David Vagman, CFA
  • Hans D’Haese
  • Marc Hesselink, CFA
  • Marc Zwartsenburg, CEFA
  • Maxime Stranart
  • Quirijn Mulder
  • Reginald Watson, CFA
  • Stijn Demeester
  • Tijs Hollestelle

Benelux thematic equity research/Covid-19 scenario analysis

The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attractive risk-reward; (2) high earnings risk but already heavily sold off; (3) to have downside risk and/o...

ING
Marc Zwartsenburg, CEFA

Ordina/More focus, better margins/BUY

We reiterate our BUY rating but raise our target price from €2.20 to €2.90 which reflects our increased estimates. We believe Ordina is making good progress on its strategic targets for 2022 while we see further progress in terms of margin focus, niche positioning and strengthening fundamentals. In 2019, Ordina made progress on all fronts and, for 2020F, we anticipate further margin expansion and further progress in FCF which could enable further shareholder-friendly measures.

ING
ING Helpdesk

Benelux Morning Notes

AEGON: Capital generation sound, but slight miss on SII and earnings. Ageas: Setting a new high bar for DPS €2.70 (INGF). AkzoNobel: Outlines ambitions for 2021-23F. Arcadis: good results on the back of 4Q19 organic revenue growth. Barco: Better than expected update on Entertainment. DSM: When the going gets tough… Euronext: low to mid-single digit negative earnings revisions. Fagron: FY2019 in line, Wichita below sales and SKU targets. KBC: Delivering on capital return promise. Kinepolis: New cinema openings possible in Belgium from August 2021. NN Group: Solid message on ca...

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