Van Lanschot Kempen : CMD implicit profit target higher, capital return more/faster than expected
>Conclusion: CMD profit target higher, capital return more/faster than expected - The VLK cash net profit target after coupons of implicitly > € 143m is mid-single digit higher than our estimates. The capital return policy is somewhat higher than we expected. And the return of excess capital will go faster than expected. We expect share to outperform today. We have an Outperform recommendation on the stock.More ambitious updated financial targets - Th...Van Lanschot is the holding company of F. van Lanschot Bankiers NV in the Netherlands. Co.'s services focus on high net-worth individuals and entrepreneurs. Co. also, through it's subsidiary Kempen & Co., also serves the institutional market and offers investment services. Co.'s services are organized into five business segments: Private Banking, Asset Management, Business Banking, Corporate Finance and Securities and other activities. Other Activities include activities relating to the management of interest rate, market and liquidity risk.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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