KBC Securities - FUGRO NV (FUR) Fugro 3Q earnings miss triggered by Middle-East and US activities

Report

KBC Securities

Kristof Samoy

Fugro 3Q earnings miss triggered by Middle-East and US activities

Fugro posted a somewhat disappointing set of 3Q24 figures showing overall comparable revenue falling -0.7% to €597m arguably on strong comps but well below our €664m forecast. EBIT landed at €99m below our €103m estimate. No reliable quarterly consensus was available. The order backlog landed at €1686m discounting 16.8% comparable growth. Good revenue growth in Europe (+9.4%) and APAC (+37.6%) was offset by the America's (-20.9%) and Middle-East (-41.8%).

01/11/2024 1 EN

Underlying

FUGRO NV

See profile

NL00150003E1 Euronext Amsterdam Netherlands

Provider

KBC Securities

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

See profile

Analysts

Kristof Samoy

Other Reports on these Companies

ING Financial Markets

Benelux Morning Notes

Fugro: €50m share buyback. IBA: To equip Kazakhstan's first private radiopharmacy complex with Cyclone KIUBE 300. Retail Estates: Caution on tenants and consumers

November 18, 2024 November 18, 2024 1 EN

KBC Securities

Fugro Announcing €50m SBB

Fugro announced it will implement a share buyback programme for an amount of € 50m. The programme will result in a reduction of the company's share capital by cancelling all shares acquired through the repurchase programme, also offsetting dilution from the recently matured convertible bonds. A welcome announcement following the unwarranted sell off in the name. Buy and €28.5 TP reiterated.

November 18, 2024 November 18, 2024 1 EN

KBC Securities

Morning Notes : FUR NA, IBAB BB, RET BB

: FUR NA, IBAB BB, RET BB

November 18, 2024 November 18, 2024 1 EN

Bekaert Feedback conference call

Below is the feedback from the 3Q conference call. Bekaert lowered its FY guidance to an uEBIT range of 340-350m, which at midpoint is c. 9% below our forecast (378m) and 8% below consensus (373m), reflecting weaker end markets. Importantly and taking into account the solid balance sheet (net debt/EBITDA below 1x) and limited recent M&A activity, Bekaert announced to immediately resume share buybacks and launched a € 200m (>10% of current market cap) SBB program, to be executed over the next 24 months. Despite the reduced FY guidance which will prompt a revision of our forecasts, we welcome th...

16h / 37m 16h / 37m 1 EN

Jacob Mekhael

Jacob Mekhael

Inventiva FIRST LOOK: 3Q24 update holds no surprises, NATiV3 timelines reiterated

Inventiva provided a 3Q24 update which holds no surprises, reporting a cash position of € 13.9m. Following the € 94m in gross proceeds from the tranched equity raise (up to € 348m) announced in October 2024 and € 10m milestone from China partner CTTQ, Inventiva has a cash runway until the end of 2Q25 – this can be further extended with subsequent tranches based on certain conditions being met. With the financing overhang lifted, the focus is on recruitment for the phase 3 (NATiV3) trial of lanifibranor in NASH/MASH, where last screening and randomisation continue to be guided for YE24, and 1H...

18h / 39m 18h / 39m 1 EN

Sharad Kumar S.P

Sharad Kumar S.P

Ackermans & van Haaren 3Q FY24: Major Participations Continue To Post Robust Results

The private banking division continued to post robust results with AuM rising 12.1% to a record high of €73.1b while gross inflows stood at €5.1b. These figures do not include AuM upticks from the acquisitions of Box Consultants and Dierickx Leys – these will show up in 4Q FY24 and 1H FY25 respectively. Yesterday, AvH published its updated shareholder arrangement with the Delen family that implied a transfer price of 15x PE + 50.0% of excess equity, implying a value of €4.0b+ (vs. ~€3.0b KBCSe). DEME's sales came in at €1.1b, up 34.8% YoY, driven by strong demand across all contracting segment...

18h / 55m 18h / 55m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Fugro 3Q earnings miss triggered by Middle-East and US activities

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

Benelux Morning Notes

Fugro Announcing €50m SBB

Morning Notes : FUR NA, IBAB BB, RET BB

Bekaert Feedback conference call

Inventiva FIRST LOOK: 3Q24 update holds no surprises, NATiV3 timelines reiterated

Ackermans & van Haaren 3Q FY24: Major Participations Continue To Post Robust Results

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe