reports
- Guy Sips
Materialise Medical segment continued to lead the way
We updated our Materialise model after 1Q24 revenues decreased 3% y/y as 1Q23 was an exceptionally strong quarter showing 24% growth. In 1Q24, Materialise's Medical segment continued to lead the way with 8% y/y revenue growth, while revenue declined in its Manufacturing and Software segments amidst less favourable market conditions. While continued investments in sustainable growth and the ongoing conversion to a recurring revenue business model impacted Materialise's operational profitability,...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FIRST LOOK: No surprises in 1Q performance, FY guidance mainta...
Umicore commented that market dynamics in 1Q were in line with its expectations and the company reiterated its FY24 adj EBITDA guidance range of € 900-950m which represents at midpoint a 5% drop y/y. We continue to believe Umicore is well placed to play an important role in the electrification of transportation as we believe that global OEMs are still determined to establish local supply chains in Europe and North America. HLM and solid-state technologies will in our opinion support the position...
- Guy Sips
X Fab Silicon Foundries EV The Specialty foundry for the analog world
We updated our X-Fab model after the 1Q24 results and we lowered our 2Q24 revenue forecast as X-Fab indicated this is expected to come in within a range of $ 200-210m with an EBITDA-margin in the range of 20-23%. Positive on the other hand was that FY24 guidance was reiterated with revenue in a range of $900-970m (KBCSe from $ 948m to $930.0m after this update) and an EBITDA margin in the range of 25-29% (KBCSe from 26.8%, to 26.7%). We lower our Target Price to € 10 (from € 11), in line with ...
- Wim Hoste
Corbion FIRST LOOK: slightly better than expected 1Q EBITDA, FY guidan...
1Q24 results were slightly better than expected with Core adj EBITDA +0.7% organically vs -2% expected. FY24 guidance of at least 15% adj. EBITDA growth for the Core operations was reiterated. PLA sales have turned upwards and a € 20m share buyback and € 0.1 special dividend has been announced following the sale of Emulsifiers. Although the recent track record has been more volatile than expected, the strategic choices made recently (sticking to PLA, a disciplined investment approach on ao Algae...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Heineken Volume & pricing trends underpin resilient character
Heineken reported better than expected 1Q organic total volume trends (+4.3%). Even when stripping out easy comparatives in Nigeria & Vietnam, 1Q results show a combination of both underlying volume growth and further price/mix improvement which is in our opinion a testimony to the resilience of both Heineken and the broader beer category. FY24 guidance calling for a low to high single digit organic operating profit (beia) growth was maintained, but the CFO's comments in the conference call that...
- Guy Sips
X Fab Silicon Foundries EV FIRST LOOK : 2Q24 is to mark the bottom of...
1Q24 below our and CSS forecasts and we and CSS will have to lower our 2Q24 forecast ($ 231.3m and $ 227.9m respectively) as X-Fab indicated this is expected to come in within a range of $ 200-210m with an EBITDA-margin in the range of 20-23% (KBCSe 26.1%, CSS 26.2%). Positive on the other hand is that FY24 guidance was reiterated.
- Guy Sips
Kinepolis Group FIRST LOOK: Weaker 1Q24 film offering resulted in -9.6...
Despite the weaker 1Q24 film offering and the lower visitor numbers associated with this (7.3m in 1Q24 -perfect in line with our estimates- versus 8.1m in 1Q23), we applauded that Kinepolis indicated they generated strong results per visitor and 1Q24 FCF was even stronger than in 1Q23. Kinepolis highlighted that this ‘Sales/visitor' remained high, thanks to strong demand for premium products, but was occasionally impacted by the product mix in 1Q. We maintain our € 53 Target Price and Buy.
- Guy Sips
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Hoste
Heineken FIRST LOOK: Solid 1Q volume growth, FY guidance reiterated
Heineken reported better than expected organic volume and revenue growth in 1Q (c. 2pp above CSS) and reiterated its FY24 guidance calling for a low to high single digit organic operating profit (beia) growth, with our and consensus forecasts at respectively +5% and +7%. We expect inflation for brewers like Heineken to gradually ease going forward whilst we believe the beer category has historically demonstrated solid pricing discipline. Together with further savings potential, we expect Heineke...
- Guy Sips
Melexis FIRST LOOK: Nice set of 1Q24 results, guidance reiterated
Despite the turmoil in the automotive semiconductor market recently, Melexis highlighted that the inventory corrections in some product lines throughout the past few quarters are now gone. Melexis mentioned even an “ever-increasing demand for automotive semiconductors addressing electrification and the increasing need for comfort and safety applications”. We reiterate our Accumulate rating and maintain our € 110 TP as Melexis highlighted that the cost optimization measures taken in 4Q23 will ens...
- Wim Hoste
- Guy Sips
Barco Kicking the can down the road
We updated our model after 1Q24 orders and sales declined more than we and CSS expected compared to a strong 1Q23, reflecting destocking by Barco's customers, mainly in Meeting Experience and Healthcare, and weaker demand in Entertainment markets. We have incorporated into our model that Barco expects FY24 topline to be in line with FY23, with y/y growth resuming in 2H24 (recall that previously it was "with a gradual y/y increase from 2Q"). For FY25, Barco expects top-line growth on a full-year ...
- Wim Hoste
Akzo Nobel
Below are the highlights from the conference call. We remind that 1Q adj. EBITDA jumped by 19% to 363m, which was about 4% better than our and consensus forecasts. Unsurprisingly, Akzo reiterated its FY24 guidance of €1.5-1.65bn adj. EBITDA, which represents c.10% growth at midpoint. Mid term guidance of at least 16% adjusted EBITDA margin was also reiterated and represents a 260bps increase from 2023A with our and consensus a bit below (at respectively 15.5% and 15.7%). We acknowledge the impro...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Guy Sips
Barco FIRST LOOK: 1Q24 orders and sales below our and CSS forecasts
As well 1Q24 orders (€ 220.1m vs 236.5m CSS) as 1Q24 sales (€ 195.9m vs € 213.3m CSS) were below our and CSS forecasts. Although 2Q24 will not show growth, Barco still confirms the FY24 guidance, assuming markets do not further deteriorate. 1Q24 was marked by an anticipated inventory destocking by Barco's customers in Meeting Experience and Healthcare. Barco expects this to be largely completed by mid-year. In Entertainment, demand was hampered by the aftermath of the strikes in the North-Americ...
- Wim Hoste
Akzo Nobel FIRST LOOK: 1Q adj EBITDA +19% or a 4% beat, FY guidance ma...
1Q adj. EBITDA jumped by 19% to 363m, which was about 4% better than our and consensus forecasts. Unsurprisingly, Akzo reiterated its FY24 guidance of € 1.5-1.65bn adj. EBITDA, which represents c.10% growth at midpoint. Mid term guidance of at least 16% adjusted EBITDA margin was also reiterated and represents a 260bps increase from 2023A with our and consensus a bit below (at respectively 15.5% and 15.7%). We acknowledge the improvement in earnings momentum and management optimism on further pr...
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
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