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Hilde Van Boxstael ... (+5)
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
Wim Hoste
- Wim Hoste
AB InBev King of beers but growth rates coming down
ABI's organic volume growth has been negative in 2023 and 2024E. Whilst part of the poor volume performance stems from the US Bud Light woes, we wonder what the role of price elasticity and structural changes in consumer habits might be and decided to lower our structural volume growth forecast until the end of the decade to only 1%. Taking into account persistent negative FX headwinds, we forecast a 3.5% adjusted EBITDA CAGR until 2030, or +4% on an organic basis (at the low end of the mid term...
Guy Sips
- Guy Sips
Guy Sips
- Guy Sips
Melexis We want to be ahead of the re-rating of automotive semiconduct...
Due to the ongoing inventory correction, automotive and industrial chip companies like Melexis are currently under-shipping relative to their end-demand levels. This has led to temporarily depressed sales and gross margins. However, we expect their earnings to rebound into 2H25E and FY26. We anticipate that the stock market will look beyond the current weakness and begin pricing in the higher FY26E earnings levels over the next 4 quarters. Melexis is currently experiencing most of its weakness f...
Guy Sips ... (+4)
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
Alan Vandenberghe ... (+2)
- Alan Vandenberghe
- Thomas Couvreur
RISING INTEREST RATES: FEAR OR PRAISE? Thematic Report
Rising interest rates are becoming a hot topic, triggered by a significant uptick in US 10-year treasury yields through February and March. In this note we revisit this topic from several angles. We dig into the empirical side of what we can reasonably expect from the market as a whole when interest rates start to rise. Secondly we review our coverage, putting forward a number of impacted sectors and stocks.
BFIT
BASIC-FIT NV
SBMO SBM OFFSHORE NV
MTLS MATERIALISE ADS
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AKA AKKA TECHNOLOGIES SE
BAR BARCO NV
PNL POSTNL NV
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
AGFB AGFA-GEVAERT NV
ONTEX ONTEX GROUP N.V.
BREB BREDERODE S.A.
INGA ING GROEP NV
ASML ASML HOLDING NV
1PG 1-PAGE LIMITED
ADYEN ADYEN NV
XFAB X FAB SILICON FOUNDRIES SE
SBMO SBM OFFSHORE NV
MTLS MATERIALISE ADS
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AKA AKKA TECHNOLOGIES SE
BAR BARCO NV
PNL POSTNL NV
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
AGFB AGFA-GEVAERT NV
ONTEX ONTEX GROUP N.V.
BREB BREDERODE S.A.
INGA ING GROEP NV
ASML ASML HOLDING NV
1PG 1-PAGE LIMITED
ADYEN ADYEN NV
XFAB X FAB SILICON FOUNDRIES SE