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...
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.
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.
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...
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...
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 ...
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...
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...
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...
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...
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.
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...
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