DEME, the world’s leading offshore wind installation company and top 3 in the global dredging market, delivered a better than expected H1. Its share price, however, corrected by 15-20% as DEME’s outlook was weaker than expected. In this report, we explain there are three good reasons why DEME management is holding its cards at its chest: (1) US elections; (2) Gaza conflict, and (3) the still uncertain usage of its € 1.0-1.5bn war chest. Expecting DEME to not only use the war chest for...
DEME, the world’s leading offshore wind installation company and top 3 in the global dredging market, delivered a better than expected H1. Its share price, however, corrected by 15-20% as DEME’s outlook was weaker than expected. In this report, we explain there are three good reasons why DEME management is holding its cards at its chest: (1) US elections; (2) Gaza conflict, and (3) the still uncertain usage of its € 1.0-1.5bn war chest. Expecting DEME to not only use the war chest for...
>Recent corporate developments boosting our conviction on the name - To reach a healthy financial position and achieve FCF break-even by 2025, we believe Unifiedpost must: 1) grow its higher-margin core digital services business at a low double-digit rate, 2) maintain tight cost control, and 3) pay off the expensive Francisco Partners debt in full. Following the recent divestment of non-core businesses, we think this is achievable and have become more bullish on the s...
Publication of a transparency notification Press release: Regulated Information Publication of a transparency notification(Article 14, first paragraph, of the Law of 2 May 2007 on the disclosure of major holdings) La Hulpe (Belgium), September 17 2024, 7.00 a.m. CET – Regulated Information – Unifiedpost Group SA (Euronext: UPG) (Unifiedpost or the Company) has received a transparency notification from NN Group N.V. dated 13 September 2024. This transparency notification indicates that as a result of the acquisition of shares on 12 September 2024 NN Group N.V. now (through subsidiaries...
Jefacture.com receives its official registration number for mandatory invoicing Unifiedpost has obtained its official registration number for Jefacture.com with the PDP (Partner Dematerialization Platform) in France. Jefacture.com is an e-invoicing platform developed by Unifiedpost for ECMA, which enables French chartered accountants to transition their clients ahead of mandatory e-invoicing legislation in 2026. Unifiedpost partnered via a joint venture (set up in 2022) with the Expert-Comptable Media Association (ECMA), the French organisation responsible for providing digital t...
>The 1H24 results. 9.1% growth in recurring digital service revenues. - Given all the changes in scope (divestments) its difficult to truly compare the continuing business with historical numbers. However according the company the continuing businesses grew nicely. Digital services revenue growth of 10,9% y/y of which 9.1% for the Recurring and 32% for the non-recurring businesses. Excluding all divestments (21 Grams, FitekIN and ONEA), digital services revenue growt...
Unifiedpost continues its strategic focus on growing core digital services alongside portfolio rationalisation REGULATED INFORMATION Unifiedpost continues its strategic focus on growing core digital services alongside portfolio rationalisation La Hulpe, Belgium – August 27, 2024, 7:00 a.m. CET – [REGULATED INFORMATION] Unifiedpost Group SA (Euronext: UPG) (Unifiedpost), a leading provider of integrated business communications solutions, presents its results for H1 2024. Digital Services revenue reported solid growth of 12,8% y/y, excluding the divestments of 21 Grams, FitekIN and O...
Unifiedpost Group announces the sale of the Wholesale Identity Access business in the Netherlands – an opportunity for value crystallisation alongside an enhanced focus on core digital services INSIDE INFORMATION La Hulpe, Belgium – August 26, 2024, Midnight– [INSIDE INFORMATION] Unifiedpost Group (Euronext Brussels: UPG) (Unifiedpost), a leading provider of integrated business communication solutions, announces the signing of a binding term sheet (Term Sheet) with Your.World B.V. (Your.World) for the sale of its Wholesale Identity Access business in the Netherlands (the Transaction). ...
Unifiedpost Group Half Year 2024 Financial Results Webcast Invitation La Hulpe, Belgium — 13 August 2024, 7:00 am. CET — Unifiedpost Group SA (Euronext Brussels: UPG) (“Unifiedpost, Group”), a leading provider of integrated business communications, will host a webcast on Tuesday, 27 August 2024, at 11:00 am CET for analysts and investors to discuss its financial results for the first half of 2024. To participate, please register using the following . A registration confirmation email containing a link to access the webcast will be sent to participants upon successful registratio...
Unifiedpost Payments Receives Authorisation from the National Bank of Belgium to Purchase Receivables La Hulpe, Belgium – 07 August 2024, 7:00 am. CET – Unifiedpost Group SA (Euronext Brussels: UPG) (Unifiedpost, Group), a leading provider of integrated business communications, today announced that its payment institute, Unifiedpost Payments SA, has successfully obtained authorisation from the National Bank of Belgium (NBB) to purchase receivables under its existing licence, which can be passported into the EU. This authorisation takes immediate effect and aligns with Unifiedpost’s digital ...
Unifiedpost Group closes the earlier announced divestment of FitekIN and ONEA. Press Release - Inside Information La Hulpe, Belgium – 8 July 2024, 7:00 am. CET – Inside Information – Unifiedpost Group SA (Euronext Brussels: UPG) (“Unifiedpost, Group”), a leading provider of integrated business communications, today announces the successful closing of its previously announced divestment of the stand-alone products FitekIN and ONEA to Fitek Holding Oü, a company funded by Baltcap, for €7,2 million in cash. Fitek Holding Oü, funded by Baltcap, a Private Equity Fund in the Baltic States and ...
Unifiedpost Group announces the strategic decision to enhance the Board composition and the resignation of AS Partners BV, represented by Stefan Yee, from his role as Chairman of the Board Press Release - Inside Information La Hulpe, Belgium – 8 July 2024, 7:00 am. CET – Inside Information - A selection procedure has been launched to strengthen the Board composition that aligns with evolving good governance standards and the company’s strategic goals as an international public company. Stefan Yee, representing AS Partners BV, announces his resignation as Chairman of the Board of Directors...
>Investment case improving with the divestment of non-core operations - Unifiedpost came out this morning announcing that it has signed an agreement with PostNord Strålfors for the sale of the non-core asset 21 Grams (100% stake), valuing it at SEK 200m EV (c. € 17.6m). On top of that, both companies signed an exclusivity partnership for distributing the Banqup digital product to PostNord customers, i.e. facilitating corporate customers sending e-invoices outside the...
Unifiedpost Group continues its strategic focus on growing core digital services with the divestment of 21 Grams Press Release - Inside Information La Hulpe, Belgium – 5 July 2024, 7:00 am. CET – Inside Information – Unifiedpost Group SA (Euronext Brussels: UPG) (Unifiedpost, Group), a leading provider of integrated business communications, today announced it has signed an agreement with PostNord Strålfors AB (“PostNord Strålfors”) for the sale of all shares in the 21 Grams Group (“21 Grams”) for a purchase price based on an enterprise value (on a cash and debt-free basis) of SEK 200 mil...
The Q1-24 sales update was a miss, so we lowered our sales estimates.However, we also lowered our opex estimates due to stronger than expected job cuts. On balance, we slightly lifted our EBIT estimates.We lift our TP to EUR 3.1 (from EUR 2.8) due to slightly higher earnings estimates and a slightly lower WACC in our DCF-model (12.4% vs. 12.7%).
Results of Unifiedpost Group Annual General Meeting on 21 May 2024 PRESS RELEASE - Regulated Information La Hulpe, Belgium – 21 May 2024, 9:30 p.m. CET – Regulated Information – Unifiedpost Group SA (Euronext Brussels: UPG) (Unifiedpost, Group), a leading provider of integrated business communications, today announced the outcome of its Annual General Meeting (AGM) held on 21 May 2024. This evening, Unifiedpost Group held its AGM, with 80,29% shareholder participation. All agenda items () received the required majority of votes in favour of the Board of Directors' recommendations (). I...
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