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Q1 NAV at EUR 178.1 p/s up 11.2% YTD, mainly thanks to an impressive rally of Bureau Veritas YTD. NAV in line with our estimate (DPe EUR 178.5).Impressive growth at Stahl and Bureau Veritas with ACAMS, CPI and Tarkett being less convincing.Following partial sale of Bureau Veritas, pro-forma LTV is low which provides room for additional investments in the asset management business.We are not yet convinced of the asset management venture and neither of the new dividend policy. We remain neutral fo...
• In its qualitative Q1-24 trading update Umicore indicated that so far market dynamics are in line with its expectations. It confirms its FY24 EBITDA guidance range of EUR 900-950m.• We stick to our view that the doubts on battery materials are unlikely to be removed soon and that 2024 will be another transition year.• We stick to Hold and TP of EUR 23 based on our SOTP with an overall target EV/EBITDA of around 8x.
• Q1-24 was somewhat below expectations, primarily on top line growth (-10% vs our -7%) due to weakness in European professional.• Nevertheless, Signify reiterates FY24 guidance as it sees improving top line momentum and more cost savings in the course of the year. • Valuation appears undemanding, but visibility remains low amidst ongoing tough trading conditions. Hold maintained, with TP of EUR 30.
Q1-24 NAV came in at EUR 7.44 p/s but already pre-announced.Loss of EUR -1.4m in Q1, despite a strong performance of the listed portfolio, implies that QfG still needs to recover about EUR 7.7m or ~+5.5% before it can pay out a dividend.We estimate today's NAV to be EUR 7.44 p/s, implying an elevated discount of 38.5%. Unfortunately, QfG's discount is highly dependent on whether it can pay out a dividend. At the moment, this does not yet seem to be in the cards and hence we expect it t...
• In Q1, Proximus' commercial momentum continued driven by its Domestic business where both sales & EBITDA growth exceeded expectations. International was again weak on sales but strong on margins• Costs are more under control and capex is gradually coming down as guided, altering its FCF profile• We stick to our BUY rating and EUR 11.0 TP, DCF-based
