Tessenderlo Group NV

Tessenderlo Group is engaged in providing solutions for food, agriculture, water management and use and re-use of natural resources. Co. has three operating segments: Agro, which is engaged in the production and marketing of crop nutrients (liquid crop fertilizers and Sulfate of Potash) and crop protection products; Bio-Valorization, which combines Co.'s activities in animal by-product processing, comprised of Akiolis (rendering, production and sales of proteins and fats) and PB Gelatins (production and sales of gelatins); and Industrial Solutions, with activities including the production and sales of plastic pipes systems and water treatment chemicals.
  • TickerTESB
  • ISINBE0003555639
  • ExchangeEuronext Brussels
  • SectorChemicals
  • CountryBelgium
ING
Stijn Demeester

Tessenderlo/Every molecule delivers/BUY

2020F is unfolding as another outstanding year for Tessenderlo, as its activities are relatively unharmed by the pandemic and efforts to steer its Bio-Valorization product portfolio towards the high end of the market are paying off. We maintain our BUY recommendation and TP at €44, offering 26% upside. We believe the group's transformation in a highly cash-generative, industrial holding company is underappreciated, evidenced by a +10% sustainable FCF yield. However, post a +38% run since August and +9% YTD, we believe short-term triggers are currently depleted and we remove Tessenderlo from ou...

Tessenderlo Group: 1 director bought

A director at Tessenderlo Group bought 325,000 shares at 31.000EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

By reducing its risk exposure, TESSENDERLO GROUP improves to Slightly Positive

TESSENDERLO GROUP (BE), a company active in Speciality Chemicals, reduces its risk exposure and improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) of the title, which now shows 3 out of 4 stars; conversely, its market risk is now considered lower and can be described as defensive. Despite the loss of a star, theScreener upgrades the general evaluation of the title to Slightly Positive. As of the analysis date September 1, 2020, the closing price was EUR 31.70 and its potential was estimated ...

ING
ING Helpdesk

Benelux Morning Notes

Ageas: Obtaining 25% stake in Taiping Re (c.€340m). CFE: Preview - limited direct covid-19 hit in 1H20. EVS: Much better 1H20 on sales, order intake. Royal Philips: Acquisition of Intact Vascular. Staffing sector: Hays 2019/20 update - strong cash, stable trends, dividend cancelled. Tessenderlo: Strong 1H20, c.14% upside to FY REBITDA consensus

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: AGS BB, BALTA BB, DIE BB, EVS BB, GREEN BB, IBAB BB, PIC BB, SMAR BB, TESB BB

Ageas: Stake in Taiping Re, no Share Buyback this year Balta: Preview 2Q: adj. EBITDA expected to drop 63% D'Ieteren: 1H Preview EVS: Good cost control and a strong total order book Greenyard: Double digit sales growth in 1Q IBA: Unlocking the Chinese market + cash infusion Picanol: 1H adj EBITDA +13%, FY guidance upped Smartphoto group: Double digit 1H sales growth, EBITDA + 6.5% y/y Tessenderlo: 1H adjusted EBITDA +25.6%, guidance upped

Tessenderlo Group: 1 director bought

A director at Tessenderlo Group bought 325,000 shares at 31.000EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

ING
Stijn Demeester

Tessenderlo/Every molecule delivers/BUY

2020F is unfolding as another outstanding year for Tessenderlo, as its activities are relatively unharmed by the pandemic and efforts to steer its Bio-Valorization product portfolio towards the high end of the market are paying off. We maintain our BUY recommendation and TP at €44, offering 26% upside. We believe the group's transformation in a highly cash-generative, industrial holding company is underappreciated, evidenced by a +10% sustainable FCF yield. However, post a +38% run since August and +9% YTD, we believe short-term triggers are currently depleted and we remove Tessenderlo from ou...

ING
ING Helpdesk

Benelux Morning Notes

Ageas: Obtaining 25% stake in Taiping Re (c.€340m). CFE: Preview - limited direct covid-19 hit in 1H20. EVS: Much better 1H20 on sales, order intake. Royal Philips: Acquisition of Intact Vascular. Staffing sector: Hays 2019/20 update - strong cash, stable trends, dividend cancelled. Tessenderlo: Strong 1H20, c.14% upside to FY REBITDA consensus

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: AGS BB, BALTA BB, DIE BB, EVS BB, GREEN BB, IBAB BB, PIC BB, SMAR BB, TESB BB

Ageas: Stake in Taiping Re, no Share Buyback this year Balta: Preview 2Q: adj. EBITDA expected to drop 63% D'Ieteren: 1H Preview EVS: Good cost control and a strong total order book Greenyard: Double digit sales growth in 1Q IBA: Unlocking the Chinese market + cash infusion Picanol: 1H adj EBITDA +13%, FY guidance upped Smartphoto group: Double digit 1H sales growth, EBITDA + 6.5% y/y Tessenderlo: 1H adjusted EBITDA +25.6%, guidance upped

Alan Vandenberghe ...
  • Guy Sips
  • Joachim Vansanten
  • Wido Jongman
  • Wim Hoste

Morning Note: AGFB BB, GVNV NA, MONT BB, PIC BB, TESB BB, WDP BB

Agfa: 2Q20 preview: Le Agfa nouveau va arriver GrandVision: Court dismisses all EL claims Montea: From Accumulate to Hold following SP evolution Picanol: Preview 1H: adjusted EBITDA -8% Tessenderlo: Preview 1H: expect resilient performance WDP: From Buy to Hold following recent SP evolution Various: DTPL : WDP out

ING
ING Helpdesk

Benelux Morning Notes

Basic-Fit: No opening dates yet; Mid June / early July (under conditions) our best guess. Boskalis: Satisfactory trading update. D'Ieteren: North America peer Boyd reports better Q1, Q2 sales down 40% so far. Euronext: 11% beat on EBITDA in a high volatility quarter. EVS: April order intake down 10%, €6-10m EBITDA synergies from Axon acquisition. KBC: NII & impairment outlook outweigh positive message on costs. KPN: T-Mobile NL 1Q20. SBM Offshore: Yes, we can keep our EBITDA guidance. Sif Group: FY EBITDA guidance roughly 42% below consensus. Tessenderlo: Confirms guidance ...

By reducing its risk exposure, TESSENDERLO GROUP improves to Slightly Positive

TESSENDERLO GROUP (BE), a company active in Speciality Chemicals, reduces its risk exposure and improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) of the title, which now shows 3 out of 4 stars; conversely, its market risk is now considered lower and can be described as defensive. Despite the loss of a star, theScreener upgrades the general evaluation of the title to Slightly Positive. As of the analysis date September 1, 2020, the closing price was EUR 31.70 and its potential was estimated ...

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