KBC Securities - EKOPAK NV (EKOP) Ekopak WaaS flows steady, on track for 2028 objectives

Report

KBC Securities

Kristof Samoy

Ekopak WaaS flows steady, on track for 2028 objectives

We reworked our model following the FY23 results, the AR publication and a NDR with management. FY23 operational CF performance was solid as expected. 2024 capex guidance exceeded our expectations while NWC management was considerably better than forecast. The 2028 targets were reconfirmed and -dixit management- could be outperformed considerably. The GWE acquisition is fast tracking the international expansion of Ekopak, the pioneer in circular decentralised process water.

23/04/2024 1 EN

Underlying

EKOPAK NV

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BE0974380124 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

Kristof Samoy

Other Reports on these Companies

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

KBC Securities

Ekopak FRN – feedback analyst call FY23 results

Ekopak delivered a good operational performance over FY23 in line with expectations and the outlook drawn for 2024 matches our revenue forecasts. Below are key take-aways from the analyst call with CEO and CFO. Our first read of the press release made to much of the statement on strategy finetuning: the company has no intentions to do acquisitions in the short term.

March 25, 2024 March 25, 2024 1 EN

Ontex Conference call feedback

Below are the highlights from the conference call. Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings momentum, solid growth prospects/ambitions in North America and the attractive intrinsic forward valuat...

5h / 34m 5h / 34m 1 EN

Michiel Declercq

Michiel Declercq

bpost 1Q24 Conference call feedback

1Q24 sales decreased 5.3% to € 993m, or 3.2% below CSS expectations driven by soft results in N-A. Although the 1Q24 adj. EBIT of € 62.1m came in below expectations (kbcse: € 71.6m, css: € 69.7m), we want to highlight that the adj. EBIT was impacted by € 7.7m in M&A costs related to the Staci acquisition. Excluding this effect, profitability was in line with expectations driven by solid cost savings in E-logistics. Additionally, bpost mentioned that it does not expect any restructuring costs in Flanders. Although we believe the outcome of the press distribution is better than expected, visibi...

6h / 10m 6h / 10m 1 EN

Hilde Van Boxstael ... (+6)

Hilde Van Boxstael
Jacob Mekhael
Michiel Declercq
Sharad Kumar S.P
Wim Hoste
Wim Lewi

Morning Notes : BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

: BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

9h / 13m 9h / 13m 1 EN

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Ekopak WaaS flows steady, on track for 2028 objectives

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

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

Ekopak FRN – feedback analyst call FY23 results

Ontex Conference call feedback

bpost 1Q24 Conference call feedback

Morning Notes : BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

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