Report
Alexander Makar ...
  • Guy Sips
  • Jan Opdecam
  • Ruben Devos
  • Thomas Couvreur
  • Wim Hoste

KBC Securities Morning Note 1-2-2019 ADYEN NA, DECB BB, KPN NA, MTLS US, SMAR BB, WDP BB

Adyen: A strong company, but don’t overpay!
Deceuninck: Quadruples PVC recycling capacity
KPN: Thoughts on Brookfield’s potential bid
Materialise: The slow revolution continues
Smartphoto group: FY18 sales and EBITDA just below expectations
WDP: A new chapter: 2019-2023 or 6% EPS CAGR to € 8.00
Underlyings
Deceuninck S.A.

Deceuninck is an international designer and manufacturer of PVC systems for windows and doors, cladding & roofline, interior and garden applications. The basic technology used by Co. is extrusion of PVC and patented Twinson composite material. The production process includes compounding, tool manufacturing, extrusion of gaskets and profiles, printing, PVC lamination and the patented Decoroc coating technology. Co. is active in more than 75 countries across Europe, North America and Asia and maintains nine PVC extrusion facilities capable of processing 260,000 tons of compound.

Materialise ADS

Royal KPN NV

Koninklijke KPN is an integrated information and communications technology service provider. Co. provides its consumer customers data broadband services, IPTV services, mobile (voice, data and SMS) and fixed line telephony. Co. provides its business customers broadband services, mobile, fixed line and data services. Co. operates in the following segments: Consumer Mobile, which provides mobile services and products; Consumer Residential, which provides services in and around the house; Business, which provides fixed and mobile telephony services; NetCo, which includes fixed wholesale services; Belgium, which provides mobile telephony; and iBasis, which provides wholesale network services.

Smartphoto Group

Smartphoto Group is a diversified photo and multimedia group. It has two core activities that are structured into two separate divisions, the Retail Group and the Imaging Group. The Retail Group focuses on consumer electronics and on multimedia products on several local markets. Imaging Group provides goods and services that are directly concerned with both analogue and digital photography in the broad sense. These are mainly products and services concerned with the production of photo prints, which implies a specific production process for 'photofinishing'. Several entities in the Imaging Group deal in goods required for taking photos and printing them.

Warehouses De Pauw SCA

Warehouses De Pauw and its subsidiaries are engaged in investment in the Belgian semi-industrial property market. Co. is a closed-end property investment company which specializes in: development of storage and distribution premises; customized projects in line with the user's request; acquiring premises for customers who wish to engage in sale and leaseback transactions.

Provider
KBC Securities
KBC Securities

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Analysts
Alexander Makar

Guy Sips

Jan Opdecam

Ruben Devos

Thomas Couvreur

Wim Hoste

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