Report
Alan Vandenberghe ...
  • Joachim Vansanten
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABI BB, BOTHE BB, DSM NA, PNL NA, SLIGR NA, SOLV BB, SOLB BB

AB InBev: 1Q volumes +1.3%, REBITDA +8.2%
Bone Therapeutics: 1Q19 – cash at € 7.1m, phIIa ALLOB mid-June
DSM: 1Q REBITDA +10% underlying, FY guidance upped
PostNL: In line Q1 results / update of parcel business
Sligro: Acquired parent company of De Kweker
Solvac: TP to € 133 following Solvay’s 1Q19 update
Solvay: 1Q REBITDA +2%, FY guidance lowered
Underlyings
AB Effectenbeteiligungen AG

AB Effectenbeteiligungen AG is an Austria-based company that invests in European companies. The Company is engaged in the investment in undervalued small-cap and micro-cap companies, in medium-sized companies with a growth potential, as well as in pre-initial public offering (IPO) companies. In the fiscal year ended on December 31, 2009, AB Effectenbeteiligungen AG's portfolio included Rhoen Kliniken AG, a Germany-based hospital operator, Realtime Technology AG, a Germany-based provider of visualization technologies and services for industrial applications in the automobile, aviation and consumer goods sectors and RIB Software AG, a Germany-based specialist in building construction, plant engineering and infrastructure management software.

Bone Therapeutics SA

Bone Therapeutics is a biotechnology company with an advanced clinical pipeline of cell products for orthopaedic conditions and bone diseases (two Phase II/III and three Phase I/II clinical studies). These areas are characterized by high unmet medical needs due to the lack of efficacious and safe, non-invasive, treatments. Co. has two products in clinical trials, its allogeneic bone cell therapy product, ALLOB®, and its autologous bone cell therapy product, PREOB®. Co. is also conducting preclinical research on next generation products, such as combined cell-matrix products for large bone defects and maxillofacial.

Koninklijke DSM N.V.

Royal DSM is engaged in the creation of products and services in Life Sciences and Materials Sciences. Co.'s products and services are used globally in range of markets and applications in healthcare, pharmaceutical automotive and chemicals sectors. End markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrics and electronics, life protection and housing. The activities of Co. are grouped into four clusters: Nutrition, Pharma, Performance Materials and Polymer Intermediates.

PostNL NV

PostNL is a mail, parcel and e-commerce corporation with operations in the Netherlands, Germany, Italy, Belgium, and the United Kingdom. Co. has been assigned by the Dutch government to carry out the UPD (Universele Postdienst, Dutch for Universal Postal Service). Carrying out the UPD requires, amongst other things, Co. to deliver mail throughout the Netherlands five days a week (Tuesday through Saturday) and to maintain enough mailboxes in the country. ACM is charged with monitoring and enforcing the execution by Co. Co.'s operations are organized along three business segments: Mail in the Netherlands; Parcels; and International. Co. maintains over ten networks across thirteen countries.

Sligro Food Group N.V.

Sligro Food Group NV is a company engaged in the food distribution industry, based in the Netherlands. It divides its business into two segments: Food Retail activities comprise around 130 full-service EMTE supermarkets with 30 operated by independent retailers; Food Service offers nationwide network of cash and carry and delivery service outlets serving large and small-scale hospitality, establishments, leisure facilities, volume users, company and other caterers, forecourt retailers, small and medium-sized enterprises, smaller retail businesses and the institutional market. The Company serves the institutional market trading under the name Van Hoeckel and the other segments of the market as Sligro. The Company's subsidiaries include CaterTechBV and Bejaco NV, including its subsidiaries JAVA BVBA and Freshtrans BVBA, jointly known as JAVA Foodservice.

SOLVAC S.A.

Solvac is a holding company. Through its subsidiary, Solvay, Co. is active in Chemistry. Co. manufactures and sells chemicals and plastics products. Its operations can be divided into two business segments: Chemicals and Plastics. In the Chemicals Sector, Co.'s produts are divided into four clusters which are the Minerals cluster; the Electrochemistry and Fluorinated Products cluster; the Oxygen cluster; and the Organic cluster. In the Plastics sector, Co.'s products can be divided into 2 different clusters which are Specialties and Vinyls. The Specialties cluster comprises Specialty polymers and Inergy Automotive Systems. The Vinyls cluster comprises Vinyls and Pipelife.

Solvay SA

Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Alan Vandenberghe

Joachim Vansanten

Ruben Devos

Sandra Cauwenberghs

Wim Hoste

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