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.
Kendrion released better-than-expected 4Q19 results. Although revenue was somewhat below our forecasts, the adjusted EBITA was higher than expected as the company once more displayed strong cost containment. Management stated that market conditions remained weak in both Automotive and Industry, but that demand levels were stabilising somewhat. The 29% YoY growth achieved in China is a clear positive signal to us as this is not so much related to market conditions in China, which are poor, but the fact Kendrion is winning market share and new projects are ramping up. Kendrion expects further gr...
We update our estimates following the 4Q results. We reiterate our BUY and raise our target price from €28 to €29 on higher cost savings and lower capex. Orange Belgium is a rare growth story in telecom, supported by regulatory changes, share gains in cable, with +3% sales CAGR 2025F,+5% EBITDA, +8% Op. FCF, trading at 7.7% FCFev yield 2020F, and key catalysts in 2020: the Proximus JV decision due on 16 March, the final wholesale cable prices in 2Q and the launch of a broadband-only offer, expected in 2H.
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...
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.