KBC Securities - Intertrust NV (INTER) INTERTRUST : Profiting from complexity (initiating coverage)

Report

KBC Securities

Thomas Couvreur

INTERTRUST : Profiting from complexity (initiating coverage)

Today we initiate coverage on Intertrust Group. Intertrust is a top player in the Corona resilient Corporate & Trust Services space with plenty of upside coming from M&A triggered operational efficiency gains and post-Covid fiscal & international trade changes. We initiate coverage with a Buy recommendation and â‚¬20 TP, resulting in 31% upside.

03/09/2020 32 EN

Underlying

Intertrust NV

Intertrust NV is a company based in the Netherlands. The Company provides trust and corporate services to corporations, funds, financial institutions and private individuals. Its services include formation and implementation, domiciliation and management, legal administration, accounting and reporting, intellectual property, carbon solutions, escrow, capital markets services, fund services, securitization and structured finance services, treasury management, depositary services and real estate solutions, among others. The Company operates offices in the Americas, Europe, Asia, Australia and the Middle East.

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NL0010937058 Euronext Amsterdam Netherlands

Provider

KBC Securities

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

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Analysts

Thomas Couvreur

Other Reports on these Companies

GlobeNewsWire

Final results of the Offer for Intertrust: CSC will hold 99.40% of the Outstanding Capital

Final results of the Offer for Intertrust: CSC will hold 99.40% of the Outstanding Capital This is a joint press release by Intertrust N.V. ("Intertrust" or the "Company") and CSC (Netherlands) Holdings B.V. ("CSC" or the "Offeror") pursuant to the provisions of Article 4, paragraph 3, and Article 17, paragraph 4, of the Dutch Decree on public offers Wft (Besluit openbare biedingen Wft, the "Decree") in connection with the recommended public offer (the "Offer") by the Offeror for all the issued and outstanding ordinary shares in the capital of Intertrust. This announcement does not constitu...

November 14, 2022 November 14, 2022 1 EN

GlobeNewsWire

CSC declares Offer for Intertrust unconditional; 94.66% of Shares tendered under the Offer

CSC declares Offer for Intertrust unconditional; 94.66% of Shares tendered under the Offer JOINT PRESS RELEASE This is a joint press release by Intertrust N.V. ("Intertrust" or the "Company") and CSC (Netherlands) Holdings B.V. ("CSC" or the "Offeror") pursuant to the provisions of Article 16, paragraphs 1 and 2, and Article 17, paragraph 1, of the Dutch Decree on public offers Wft (Besluit openbare biedingen Wft, the "Decree") in connection with the recommended public offer (the "Offer") by the Offeror for all the issued and outstanding ordinary shares in the capital of Intertrust. Th...

October 31, 2022 October 31, 2022 1 EN

GlobeNewsWire

Intertrust delivers accelerated revenue growth in Q3

Intertrust delivers accelerated revenue growth in Q3 Amsterdam, the Netherlands – 27 October 2022 – Intertrust N.V. (“Intertrust” or “Company”) [Euronext: INTER], a global leader in providing tech-enabled fund and corporate solutions, today provides a condensed Q3 and 9M 2022 trading update. Q3 2022 underlying revenue growth was 8.2% and Q3 2022 adjusted EBITA margin was 26.4%. Cash flow from operating activities of € 31.5m in the third quarter increased 41.0% compared to last year. Intertrust confirms that the public offer by CSC is progressing as planned now CSC and Intertrust have obtain...

October 27, 2022 October 27, 2022 1 EN

Morning Notes : DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

: DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

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Wim Hoste

Wim Hoste

DSM-Firmenich FIRST LOOK: Sale of ANH to CVC for EV of up to € 2.2bn

Dsm-firmenich announced the divestment of its ANH business to CVC, while it will retain a 20% minority stake for now. The deal value (EV of up to € 2.2bn for 100%; implying a c. 7x EV/normalized adjusted EBITDA multiple) is in line with recent market rumours although below our € 3bn forecast, while also other elements in the deal structure are a bit disappointing (price tag included €0.5bn earn-out, a loan & liquidity facility will be provided). Despite the lower than expected ANH deal metrics, we welcome the ANH as it allows dsm-firmenich to turn the page on the long awaited strategic transfo...

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Guy Sips ... (+3)

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Morning Notes : LOTB BB, MELE BB, XFAB FP

: LOTB BB, MELE BB, XFAB FP

February 6, 2026 February 6, 2026 1 EN

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INTERTRUST : Profiting from complexity (initiating coverage)

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

Final results of the Offer for Intertrust: CSC will hold 99.40% of the Outstanding Capital

CSC declares Offer for Intertrust unconditional; 94.66% of Shares tendered under the Offer

Intertrust delivers accelerated revenue growth in Q3

Morning Notes : DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

DSM-Firmenich FIRST LOOK: Sale of ANH to CVC for EV of up to € 2.2bn

Morning Notes : LOTB BB, MELE BB, XFAB FP

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