NIBC Holding NV is a Netherlands-based merchant bank with a focus on the mid-cap segment in Western Europe. NIBC offers corporate finance, risk management and investment management solutions to corporate and financial institutions, institutional investors, financial sponsors and family offices. The Bank's activities are centered on two main pillars. The Merchant Banking business offers advisory, financing and co-financing services to businesses in the technology, manufacturing and food, agricultural and retail sectors in the Benelux and Germany. The Specialised Finance pillar offers asset and project financing services to a range of business sectors, including the shipping, oil & gas services, infrastructure & renewables and commercial real estate sectors. The Company also provides Treasury services. As of December 31, 2010, the Bank owned direct and indirect subsidiaries in the Netherlands, the United States, Germany and Singapore, including NIBC Bank NV.
In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.
ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.
The coronavirus continues to dominate the news headlines and in terms of number of infections has already exceeded the SARS number from 2003. What the impact will be on equity prices is uncertain and very much dependent on how rapidly the virus can be controlled and contained. Meantime, the measures being taken to control the spread are hitting world trade. Although the SARS outbreak saw only a temporary and limited impact, we feel with: (1) China now much more dominant in world trade; (2) faster and broader news distribution and consequent impact of counter-measures; (3) increased global trav...
Core Laboratories: Under pressure, as guided earlier. DWS: Strong finish to the year. Euronav: FY20 start is stronger than expected. IBA: Varian reports 0% gross margin in PT in Q1. NIBC: €0.75 DPS (9% yield) setting a new floor? Royal Dutch Shell: Lower share buyback indications materializing Unilever: Reading the tea leaves
A strong commitment for capital return through (1) a recurring annual share buyback programme of =€250m (c.2% yield) and progressive DPS growth (INGF: 7% CAGR), (2) in the absence of (bolt-on) M&A more capital to be returned (INGF: capacity of €250-275m, or >2% yield headroom). We see a risk that NN Group will lower its operating result growth ambition from 5-7% on average in the medium term to 3-5% (INGF: c.3% CAGR) at the CMD in June. A very solid total yield of >8% which is well supported by capital generation and free cash flow generation more than compensates for this. BUY rating maintain...
Guidance for 2020 is overall positive and supportive to ALD's investment case. (1) 5-7% organic fleet growth is a positive statement given the current macro outlook. (2) We expect further highly synergetic bolt-on M&A activity adding +1-2% per annum to fleet growth. (3) The gap between fleet growth and gross operating income should close further. (4) Positive operating leverage from further productivity and scale benefits. BUY rating and TP of €16.5 maintained.
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