Syensqo completes the second tranche of its €300 million Share Buyback Program

Syensqo completes the second tranche of its €300 million Share Buyback Program Syensqo completes the second tranche of its €300 million Share Buyback Program Brussels, Belgium – February 28, 2024 17:45 CET Syensqo SA is pleased to announce the successful completion of the second tranche of its share buyback program (the “program”), on December 4, 2024 and concluded on February 26, 2025. A total of 655,783 shares were purchased, of which 185,000 have already been cancelled on 30 December 2024. Since 13 January, 2025, a total of 470,783 shares were purchased, representing approxi...

Syensqo Feedback conference call

Below are the highlights from the FY24 results conference call. We remind that 4Q underlying EBITDA was up 5% organically, being 1% above consensus and 2% below our forecast. FY25 underlying EBITDA of at least € 1.4bn (roughly flat vs FY24) is at the bottom c 5% below CSS and 6.6% below KBCS forecast. Syensqo will explore a dual listing in the US and aims to divest Oil&Gas and Aroma in an effort to create shareholder value. Despite the weaker than expected FY25 guidance, we still appreciate Syensqo for its solid market positions, strong balance sheet (1.3x leverage) and solid mid to long term ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/27/2025

Fugro Key take-aways FY24 analyst call

This morning Fugro published good 4Q numbers. Adjusted EBIT landed at €315m well above our (€296m) and CSS (€297m) estimates. Resulting margin is at 13.8% (vs. 13% E). Full year revenues were mainly derived from Oil&Gas (37%, +1% y/y) and Renewables (38%, +10% y/y). Margin strength is remarkable especially in the US where FY EBIT margins were flat at 10% even when revenues fell 10%. Company guides for EBIT in the 11-15% mid term range with full year revenue growth being back-end loaded given specific 1H25 US market dynamcis. As management is able to flex the cost base and profitability of the ...

Bekaert Conference call feedback

Below are the highlights from the conference call. FY24 uEBIT dropped 10% to 348m, roughly in line with our and consensus forecasts. Bekaert guides for flat sales and at least flat uEBIT margins in 2025, which seems slightly more conservative than our and consensus forecasts (KBCS +50bps, CSS +20bps). The gradually improving portfolio profile, very compelling valuation (EV/EBITDA25e of 3.4x) and ongoing support from the € 200m share buyback program prompt us to maintain our BUY rating and € 55 target price.

Morning Notes : ACKB BB, BEKB BB, BPOST BB, FUR NA, PROX BB, SOF BB, WHATS BB, SHUR BB, DEME BB, EXO NA

: ACKB BB, BEKB BB, BPOST BB, FUR NA, PROX BB, SOF BB, WHATS BB, SHUR BB, DEME BB, EXO NA