RELX Group PLC : Numbers in line but a new £1.5bn SBB above expectations

Coffee, Croissants & Credit/Italgas, Kinder Morgan, Klepierre, Unibail, Balder, Swisscom, Telecom Italia, Equinix, RELX, Orange

Utilities - Italgas: Solid 2024 results. Kinder Morgan: Revises outlook to positive and potential rating upgrade

Benelux Morning Notes

Ackermans & van Haaren: Acquisition of boutique wealth manager Petram & Co. Alfen: Takes care of costs and debt, guidance misses. Arcadis: Solid backlog growth provides comfort. BAM: A friend of ours, 10% yield. CM.com: 2H24 results – FCF positive, capital restructuring. dsm-firmenich: Cash in, cash back. Flow Traders: Roller Coaster. KBC: Encouraging outlook to 2027, poor dividend. RELX: FY24 results – in line, £1.5bn buyback in 2025. Talabat: A beat at its maiden 4Q24 results. Unilever: I scream, you scream, we all scream for Ice Cream

Kontron : Attractively valued player in structurally growing IoT markets

Kontron is a component and solutions vendor mainly in the industrial IoT (Internet of Things) space. We view the share as a promising investment given: 1/ its leading position in Europe in a structurally growing market, 2/ its clear double-digit EPS growth, 3/ a 50% payout ratio, which likely to be accompanied by share buybacks, and 4/ strong visibility thanks to a backlog offering about one year’s reach. Our peer group-derived target price of € 25 suggests ~26% upside. On this basis, we initiate coverage of Kontron with an Outperform rating.

Le Trump Show et les politiques monétaires

Le spectacle ne fait que commencer et déjà le Trump Show tient toutes ses promesses. Chaque jour apporte son lot d’annonces, contredisant souvent celles de la veille. Effet de surprise : cinq étoiles, cohérence : zéro. Le seul effet tangible, à ce stade, est une envolée de l’incertitude économique. Ce n’est pas normalement ce que désirent les agents économiques pour décider de leurs dépenses, ni les banquiers centraux pour régler leur politique monétaire. La Fed a d’ailleurs conclu que le mieux était de ne rien changer jusqu’à ce que la poussière retombe. Cela peut durer plusieurs trimestres. ...

The Trump Show and monetary policies

The Trump Show has only just begun and is already living up to its billing. Each day brings a new round of announcements, often contradicting those made the day before. Surprise effect: five stars; coherence: zero. The only tangible effect to date has been a surge in economic uncertainty. This is not usually what economic agents want to make their spending decisions, nor central bankers to set their monetary policy. The Fed has concluded that the best solution is to change nothing until the dust settles. This could last for several quarters. In the US, where unemployment is very low and inflat...