reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- 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
- 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...
- 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 ...
- 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...
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Guy Sips
DEME Model update as we see some ‘Wind of Change'
For DEME, we have recently seen some positive momentum as many US offshore wind project developers should be able to qualify for higher subsidies thanks to a recent rule change by the US Treasury Department in the Inflation Reduction Act. We have also seen some positive news flow specific to DEME: DEME's offshore installation vessel 'Orion' successfully completed the installation of nearly 15MW of turbine foundations in Scotland and the 'Green Jade' completed its first deployment in Taiwan. We h...
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Guy Sips
Agfa Undergoing a life changing transformation journey
Model update after FY23 as Agfa is undergoing a life-changing transformation to become a future-proof, profitable company with a mission. Agfa aims a) to improve patients' lives by contributing to the quality of diagnosis; b) participate in the development of green hydrogen to help decarbonise the world; c) develop innovative digital printing solutions that reduce the environmental footprint.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2024: Adding TINC
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Guy Sips
Kinepolis Group Even after a difficult 1Q, we remain optimistic for mo...
Although US box office enjoyed its best March in five years -despite concerns about the lingering impact of the Hollywood strikes- 1Q US box office revenue was down 6.9% y/y. The drop in sales was "well anticipated" following slate movements due to the recent Hollywood strikes. Recent data shows also that in France it was even more outspoken with visitors in 1Q24 down 10% y/y. This was despite the strong results from a handful of films -- "Dune: Part Two," "Kung Fu Panda 4," and "Bob Marley: One...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Sharad Kumar S.P
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
Miko Significantly strengthening its market position in the BeNeLux
Miko announced that, despite a difficult year, it closed FY23 with a record EBITDA of over €30m (10.4% FY23 EBITDA-margin compared to € 26.1m (9.8%) in FY22. Private label in retail remains a struggle, but Miko continues to see its out-of-home market grow, not only in euros, but also in volume in a market that is “a victim of out-of-home”. Meanwhile, Miko is significantly strengthening its market position in the BeNeLux by acquiring the out-of-home business of Beyers at the end of 2022, and of C...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Vranken
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