Van Lanschot Kempen : Q1 results and net inflow better than expected, PE 9x, EPS and TP increased
>Conclusion: 1Q24 results and net inflow better than expected - The 1Q24 result was somewhat better than expected driven by a higher than expected commission income and a higher net interest income (NII). In Q1 the net inflows in private banking were well better than expected in both the Netherlands and in Belgium. We keep our Outperform recommendation and increase our TP to € 38 (was € 35). Despite that VLK’s total return was higher than the Euro Stoxx bank index and...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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