KBC Securities - Bpost SA (BPOST) bpost Staci acquisition conference call feedback: ready for a new direction

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KBC Securities

Michiel Declercq

bpost Staci acquisition conference call feedback: ready for a new direction

Friday evening, bpost announced that it will acquire the France-based fulfilment and logistics service provider Staci, focussing on B2B, for an EV of € 1.3bn (EV/EBITDA of c.12.0x). The announcement will be followed by a conference call at 10 am today. We reiterate our Buy rating and €6.9 TP.

08/04/2024 1 EN

Underlying

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.

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BE0974268972 Euronext Brussels Belgium

Provider

KBC Securities

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

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Analysts

Michiel Declercq

Other Reports on these Companies

ING Financial Markets

Benelux Morning Notes

Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. Xior Student Housing: Disposals start to accelerate

April 26, 2024 April 26, 2024 1 EN

KBC Securities

Morning Notes : BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB, UMI BB, XFAB FP, XIOR BB, IMCD NA

: BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB, UMI BB, XFAB FP, XIOR BB, IMCD NA

April 26, 2024 April 26, 2024 1 EN

KBC Securities

Morning Notes : AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

: AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

April 23, 2024 April 23, 2024 1 EN

mdxhealth 1Q24 update reveal strong rev growth and refinanced debt facility

mdxhealth's 1Q24 results feature a continued strong uptake in revenues to $ 19.8m (+35% y/y), supported by 16% growth in prostate test volume. The company expects the new germline test to start contributing revenue as of Q2, and on the back of strong growth prospects across the menu raises its FY24 rev guidance to $ 83-85m (prev. $ 79-81m). mdxhealth also refinanced its existing debt through a new $ 100m facility with OrbiMed, replacing the existing Innovatus loan and bringing in $ 20m new cash. We maintain our $ 6 TP and re-iterate our Buy rating.

6h / 15m 6h / 15m 1 EN

Guy Sips ... (+8)

Guy Sips
Hilde Van Boxstael
Jacob Mekhael
Lynn Hautekeete
Michiel Declercq
Thomas Couvreur
Wim Hoste
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Morning Notes : AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

: AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

8h / 19m 8h / 19m 1 EN

Lynn Hautekeete

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Aedifica EPRA result slightly ahead of guidance

Aedifica reports 1Q24 results and beats our EPRA earnings estimates on the back of slightly lower financial charges and mainly lower taxes. The FY24 guidance remains unchanged so the lower taxes are likely due to timing differences. Over FY24-26 we forecast flat earnings growth based on the current communicated pipeline. In 1Q24 Aedifica continued its wait and see modus at a debt ratio close to 40%. Over the past 1.5 month the share price recovered by approximately 17%, beating the ERPRA index. If the recovery continues, it could start growing EPS via new deals above its implied yield. We repe...

8h / 33m 8h / 33m 1 EN

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bpost Staci acquisition conference call feedback: ready for a new direction

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

Benelux Morning Notes

Morning Notes : BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB, UMI BB, XFAB FP, XIOR BB, IMCD NA

Morning Notes : AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

mdxhealth 1Q24 update reveal strong rev growth and refinanced debt facility

Morning Notes : AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

Aedifica EPRA result slightly ahead of guidance

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