Report
Guy Sips ...
  • Michiel Declercq
  • Ruben Devos
  • Thomas Couvreur
  • Thomas Vranken
  • Wido Jongman
  • Wim Hoste

Morning Note: AGFB BB, BALTA BB, BPOST BB, CPINV BB, OPTI BB , DECB BB, GIMB BB, MTLS US, MITRA BB, PROX BB, DTPL

Agfa: Share buyback starting at 1 April and this not a joke
Balta: Final 4Q results in line with earlier disclosure
bpost: 4Q: Ransomware attack & subcontractors spoil the fun
CP Invest: FY20 / 4Q20 results fully in line with expectations
Crescent: Strategic collaboration with Remoticom
Deceuninck: Model revised with forecasts and TP upped
Gimv: A unique way to capture outperformance in PE market
Materialise: FY20 results; Small doors on the ARK?
Mithra: FY20 conf call: Ready for commercial roll-out
Proximus: BIPT approves wholesale rates for FttH access
Various: DTPL : (+) Agfa / (-) bpost
Underlyings
Agfa-Gevaert NV

Agfa-Gevaert develops, produces and distributes various analog and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications. Co.'s operations can be divided into three business segments: Agfa Graphics, which provides integrated prepress products and services to the printing industry; Agfa HealthCare, which provides diagnostic imaging and healthcare IT products for hospitals and care centers around the world; and Agfa Specialty Products, which supplies a variety of film-based products to business- to-business customers outside the graphic and healthcare markets.

Balta Group

Balta Group NV is a Belgium-based company engaged in the home furnishings industry. The Company is a producer of textile floor coverings in Europe. Its products portfolio encompasses: woven and tufted area rugs (balta home), wall-to-wall carpets and residential carpet tiles (balta carpets and ITC), wall-to-wall contract carpet and commercial carpet tiles (arc edition, modulyss and Bentley), and needle felt and technical non-wovens (Captiqs). It has several production sites worldwide in the domestic market, Turkey and the United States. In addition, Balta Group NV delivers customer-focused approach to its business and is engaged in the solar panel projects in the Benelux region in order to supply renewable energy to fuel its production facilities.

Bpost SA

Bpost is engaged in the provision of national and international mail and parcels services comprising the collection, transport, sorting and distribution of addressed and non-addressed mail, printed documents, newspapers and parcels. In addition, through its subsidiaries and business units, Co. sells a range of other products and services, including postal, parcels, banking and financial products, express delivery services, document management and related activities. Co. operates through two business units: the Mail & Retail Solutions and the Parcels & International.

Care Property Invest SA

Care Property Invest NV. Care Property Invest NV, formerly Serviceflats Invest NV, is a Belgium-based real estate investment company that builds and finances housing for pensioners. The Company specializes in premises equipped with technologies ensuring safety and comfort of elderly people. In addition, Care Property Invest designs, builds, supervises the progress of a number of construction works, monitors the budget and finances projects in the long term. Care Property Invest NV cooperates mainly for public health care center in Antwerp -Openbaar Centrum voor Maatschappelijk Welziijn (OCMW), including Berchem. The Company focuses its activities on the Belgian market. It operates through a number of subsidiaries, such as Ter Bleuk NV, Siger SA and Konli BVBA and VSP Wolvertem bvba.

Crescent

Option is a supplier of cellular gateways and a solution provider for the machine-to-machine (M2M) space. Co. has five operating segments: Devices & Solutions, which produces USB devices, routers as well as the end to end service offerings; M2M, which includes Co.'s device, called CloudGate; Embedded & Solutions, which is engaged in the production of embedded devices or module offerings and associated integration and certification services; License, which relates to license deals, closed with third parties; and Other, which includes the connection manager software business and mobile security solutions.

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.

Gimv NV

GIMV is a listed investment company, specializing in private equity and venture capital and active in small and medium buyouts, growth financing and technology investments. Co. is also present with technology investments across Europe and in Israel, Japan and the USA. Co. invests in ICT (Technology), environmentally friendly technology (Cleantech) and Life Sciences.

Materialise ADS

N.V. Mithra Pharmaceuticals S.A.

Mithra Pharmaceuticals SA is a Belgium-based company active in the pharmaceutical industry. The Company is dedicated to provide products and services for the fertility, contraception and menopause of women. It has a number of patent families regarding Estetrol (E4), a natural estrogen produced by the human foetus, which enables the investigation of fertility and contraception products. Mithra is focused on the development of two late-stage E4-based products: Estelle, a 5th generation oral contraceptive, and Donesta, a hormone therapy for Vasomotor Symptoms in menopause. Mithra develops a contraceptive vaginal ring called Myring and Zoreline, a biodegradable subcutaneous implant for hormone dependant cancer.

Proximus SA de droit public

Proximus supplies integrated telecommunications services on the Belgian market. Co.'s activities are divided into four segments: Consumer Business Unit (CBU), which sells voice products and services, internet and television, on fixed and mobile networks, to residential customers; Enterprise Business Unit (EBU), which caters to professional customers; Service Delivery Engine and Wholesale, which centralizes all the network and IT services and costs, provides services to CBU and EBU and sells these services to other telecom and cable operators; and International Carrier Services, which focuses on international carrier activities.

Provider
KBC Securities
KBC Securities

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Analysts
Guy Sips

Michiel Declercq

Ruben Devos

Thomas Couvreur

Thomas Vranken

Wido Jongman

Wim Hoste

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