KBC Securities - Global Graphics S.A. (GLOG) Hybrid Software Group Weaker 3Q24 than expected; Drupa effect not (yet) visible

Report

KBC Securities

Thomas Couvreur

Hybrid Software Group Weaker 3Q24 than expected; Drupa effect not (yet) visible

Hybrid Software Group's 3Q24 results are weaker than expected both in top & bottom line. Coming from a strong 1H24 combined with an expected order uptick from the Drupa exhibition, flat revenues YoY are a surprise. We maintain our recommendation and TP for now, though do see some additional downside risk to our case.

24/10/2024 1 EN

Underlying

Global Graphics S.A.

Global Graphics is a French-based holding company. Co. provides open documents and print solutions and provides high-performance software components to the commercial and digital print markets and for electronic document software applications. Co. is active in four principal market segments: Graphic arts and commercial print; Office printing; Software applications; and End-user products for electronic document creation and manipulation. Co. operates in four geographical areas: Continental Europe (including France), the U.K., North America (U.S.A. and Canada) and Asia (notably Japan). Co.'s customers include OEMs, system integrators, software developers and resellers.

See profile

GB00BYN5BY03 Euronext Brussels France

Provider

KBC Securities

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

See profile

Analysts

Thomas Couvreur

Other Reports on these Companies

KBC Securities

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Printing Software saw a tough reference period with a large 5-year contract signed in 1Q24. However a 55% revenue decline is significantly worse than we expected. Printing Software revenues are lumpy, so potential for a catch up in the remainder of the year. In the other segments strong Printhead Solutions compensates for slightly weaker Enterprise Software. Management remains positive on 2025, highlighting healthy sales funnels across all segments.

May 1, 2025 May 1, 2025 1 EN

KBC Securities

Hybrid Software Group Goodwill impairments offset profitability improvements for FY24

HYSG reported top-line growth for FY24, but below our expectations. 6.2m of goodwill impairments, mainly on the Labels & Packaging business, results in a net loss for the year. HYSG has made profitability improvements, which will continue into FY25. Although our gross profit expectations going forward seem too ambitious, increased profitability could compensate. HYSG now also has a 3m net cash position that could be leveraged further to generation additional value, beyond the ongoing 1m SBB. We cautiously reiterate our €5 TP and Buy recommendation.

March 20, 2025 March 20, 2025 1 EN

KBC Securities

Hybrid Software Group A €1 million share buyback announced

Hybrid Software Group announced a €1m share buyback as it believes the current share price is not reflecting the intrinsic value of the company. We fully follow this reasoning, given the 33% upside to our target price.

December 11, 2024 December 11, 2024 1 EN

Ascencio 1H25 results: EPRA earnings above estimates but tougher retail market

Ascencio reports 1H25 EPRA earnings above our expectations due to lower than expected financial charges. There is negative rent reversion on renewals which has been a common factor for Ascencio as the ERV -contractual rent gap was 10.6% in 2023. The gap is closing with a negative impact on contractual rents. This has been an argument for our hold recommendation in the past 3 years. The occupancy dropped by 1.1% on signs of a weaker retail market and this even excluding the Casa bankruptcy (3 units) which accounts for 0.7%. Ascencio will also indirectly be hit by the Cora bankruptcy as this ten...

1h / 20m 1h / 20m 1 EN

Jacob Mekhael

Jacob Mekhael

Hyloris Deal with AFT for XTRAZA in selected APAC regions and Canada

Hyloris announced an exclusive licensing agreement with AFT Pharmaceuticals for XTRAZA (tranexamic acid oral rinse) in Canada, Australia, New Zealand, Singapore and Hong Kong. Under the terms of the agreement Hyloris will receive up to 50% of the gross profits generated. This deal with AFT follows a previously announced agreement for the UK with Colonis Pharma. A phase 3 trial for XTRAZA is ongoing in the US and EU, with data expected by YE25, and we note that a deal for XTRAZA in the larger US market remains to be signed. We reiterate our € 5 TP and Hold rating.

1h / 28m 1h / 28m 1 EN

Livio Luyten

Livio Luyten

Ackermans & van Haaren 1Q25: Solid Start of the year, raising target price to €272

AvH delivered a strong 1Q25, driven by robust performance in Marine Engineering & Contracting and Private Banking. DEME's turnover rose 10% YoY to €992.8m. Offshore Energy revenues were up 36% to €531.8m, supported by high fleet utilization. The orderbook remained solid at €7.6b, and the strategic acquisition of Havfram (valued at €900m) is expected to further enhance installation capabilities. Total Private Banking client assets at reached €76.5b, up 11% YoY but down 1.6% MoM due to market turmoil. Despite this, very solid €2.3b in gross inflows and 91% discretionary mandates. AvH invested €...

1h / 32m 1h / 32m 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

Hybrid Software Group Weaker 3Q24 than expected; Drupa effect not (yet) visible

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

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Hybrid Software Group Goodwill impairments offset profitability improvements for FY24

Hybrid Software Group A €1 million share buyback announced

Ascencio 1H25 results: EPRA earnings above estimates but tougher retail market

Hyloris Deal with AFT for XTRAZA in selected APAC regions and Canada

Ackermans & van Haaren 1Q25: Solid Start of the year, raising target price to €272

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