Report
Cedric Duinslaeger ...
  • Guy Sips
  • Jason Kalamboussis
  • Lenny Van Steenhuyse
  • Ruben Devos

KBC Securities Morning Note 1-11-2018 FFARM NA, GBLB BB, IBAB BB, INGA NA, MTLS US, TWEKA NA, VPK NA

ForFarmers: Impacted by rising raw material and energy costs
GBL: Non-eventful Q3, NAV -8% in October
IB : News from the Chinese front
ING: Beat at many levels in 3Q is a relief
Materialise: FY18 will be at higher end of previous guidance
TKH Group: Higher sales, lower profit, guidance unchanged
Vopak: 3Q18 preview, solid FY19 prospects
Underlyings
Forfarmers

ForFarmers NV is an agricultural feed company based in the Netherlands that offers feed solutions for conventional and organic livestock farming. Its product portfolio comprises, among others, products for crop farming and pasture farming, as well as feed for the ruminant, swine, poultry and equine sectors, including compound feed and blends, feed for young animals and specialties, raw materials and co-products to seed and fertilizers. Its core activities are feed production, logistics and the provision of total feed solutions. The Company operates through the segments The Netherlands, Germany/Belgium and the United Kingdom, and operates approximately 40 production facilities in these countries.

Groupe Bruxelles Lambert SA

Groupe Bruxelles Lambert is a holding company. Through its subsidiaries, Co. operates through the following segments: Imerys, which consists of the Imerys group that operates in four business lines of energy solutions and specialties, filtration and performance additives, ceramic materials, and high resistance minerals; and Financial Pillar, which includes, on the one hand, under investment activities, the companies Sienna Capital, Ergon Capital Partners (ECP), ECP II, ECP III, PAI Europe III, Sagard, Sagard II and Sagard III, Kartesia and Merieux Participations I and II and, on the other hand, under consolidated operating activities, the operating subsidiaries of ECP III.

ING Groep N.V.

Materialise ADS

Royal Vopak NV

Royal Vopak is a holding company. Via its subsidiaries, Co. acts as a tank storage provider for the oil and chemical industry. Co. operates a network of terminals located at locations along trade routes. Co. also provides a range of additional services, from loading and unloading a range of transport modalities to heating, cooling, blending and customs formalities. The customers Co. serves range from global to local clients and include national and global producers, governments, distributors and traders of liquid and gaseous bulk products. Co.'s customers are active in the production, trading and marketing of oil products, chemicals, gases, biofuels, edible oils and liquefied natural gas.

TKH Group N.V. Cert

TKH Group creates and supplies Telecom, Building and Industrial Solutions. Telecom Solutions develops, produces and supplies systems ranging from outdoor infrastructure for telecom and CATV networks through to indoor home networking applications. Building Solutions develops, produces and supplies solutions in the field of electro-technology ranging from applications within buildings through to technical systems that - combined with software - provide solutions for the care and security sectors. Industrial Solutions develops, produces and supplies solutions ranging from specialty cable, "plug and play" cable systems through to integrated systems for the production of car and truck tires.

Provider
KBC Securities
KBC Securities

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Analysts
Cedric Duinslaeger

Guy Sips

Jason Kalamboussis

Lenny Van Steenhuyse

Ruben Devos

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