reports
- 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...
- Hilde Van Boxstael
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Michiel Declercq
Just Eat Takeaway 1Q24 Conference call feedback
1Q24 GTV decreased by 2% at constant fx to € 6547m (kbcse: € 6519m, css: € 6559m), but was up 3% at constant fx when excluding for N-A, or in line with the +2% to +6% FY24 guidance. Although order volumes of 214.2m came in slightly below expectations (kbcse: 215.1m, css: 216.7m), this was offset by a strong ATV growth 4.5% to € 30.6 per order (kbcse: € 30.3, css: € 30.2m), especially in N-E, the UK & IRE. We are pleased that performance in JET's core geographies continued to improve in 1Q24, eve...
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- 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...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- 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.
- Michiel Declercq
bpost Staci acquisition conference call feedback: ready for a new dire...
Friday evening, bpost announced that it will acquire the France-based fulfilment and logistics service provider Staci, focussing on B2B, for an EV of € 1.3bn (EV/EBITDA of c.12.0x). The announcement will be followed by a conference call at 10 am today. We reiterate our Buy rating and €6.9 TP.
- Hilde Van Boxstael
- Michiel Declercq
- Wim Lewi
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