reports
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Guy Sips
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Stefano Toffano
Barco NV : Tougher than previously anticipated
>So many headwinds - Q1 24 was a much tougher quarter for Barco than expected, where performance was marked by continued destocking, poor market demand and customers postponing purchases awaiting for new product introductions. While performance should improve over Q2 24 as destocking headwinds subside and new products are brought onto the market, we believe our old estimates are too high. The company maintained its FY24 guidance (stable revenue growth and >14% EBITDA ...
- 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 ...
- Marc Hesselink
- CFA
- Thymen Rundberg
Barco/Clickshare uncertainty/HOLD
Barco reported a weak 1Q24 trading update. Although all business units are experiencing market weakness, the key uncertainty going forward is in ClickShare. Barco needs a strong recovery in 2H24 to reach its top-line and margin estimates. Given limited visibility we believe that is too uncertain and forecast that Barco will miss its FY24 revenue and margin target. We keep our Hold rating given the modest valuation at 10x EV/EBIT 2024F (30% discount to historical valuation), but we lower our targ...
- Ahmed Ben Salem
- Ahmed Ben Salem
- 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...
- Stefano Toffano
Barco NV : Q1 24 revenues even weaker than expected
>A very weak quarter (flagged, but worse than expected) - This morning Barco released a weak set of results, with revenues below ccs and our estimates. As flagged by the company, several end-markets are still showing little improvement in activity (e.g. ongoing destocking in ClickShare Europe and Healthcare in the US), Q1 24 has a tough comparison base and some customers are postponing purchases awaiting for new product introductions. This resulted in an unusually wea...
- Klaus Ringel
- Michael Foundoukidis
- Klaus Ringel
- Michael Foundoukidis
- Stefano Toffano
Barco NV : Preview Q1 24 results (23 April)
>A relatively weak quarter - Barco is set to report Q1 24 revenues on April 23, and the company has flagged a tough quarter. We expect a soft Q1 24 with improving cadence of the growth as of Q2 24. Several end markets are still showing little improvement in activity (e.g. ongoing destocking in ClickShare Europe and Healthcare in the US), Q1 has a strong comparison base and some customers are postponing purchases awaiting for new product introductions. FY24 performance...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Vranken
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
EDEN EDENRED SA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
FAST FASTNED
BLV BELIEVE SA
IVG IVECO GROUP
- Stefano Toffano
Barco NV : Model update
>Very cautious into 2024 - Barco’s 2024 guidance (stable revenue growth and >14% EBITDA margin) is clearly cautious, though understandable, in our opinion. China was the main disappointment over 2023, and Barco remains cautious here, though mentioned that the bottom has (probably) been reached. Nonetheless, despite relatively steady yoy revenue growth, Barco’s FY23 EBITDA margin expanded 1.6ppt. This was due to good cost control, but mainly better gross margins stemmi...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
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