reports
- Lynn Hautekeete
Home Invest Belgium Model update after 3Q24 and Brussels legislation
The 3Q24 results are slightly above our expectations on the back of an improved operating margin. The guidance of EUR 1.15 EPRA EPS is reiterated. Home invest is one of the best performers to date among Belgian REITs. However, in the last month there was profit taking and negative news on regulation. As of 01/11/2024, rent increases in Brussels (66% portfolio) are on hold for 9 consecutive years. This was already the case for the 3-6-9 contracts but now impacts short term contracts and tenant de...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Julian Dobrovolschi
Flow Traders : Growing visibility on short- to medium-term triggers le...
We raise our TP to € 23.4 and switch our rating back to Outperform on FLOW. The reason for our upgrade is two-fold. In the short-term, we expect the US elections (5 November) to lead to higher market volatility and volume growth, these being the main ingredients for revenue generation. Over the medium term however, we see a path for FLOW to structurally grow its trading capital organically at a 15% CAGR, reaching € 1bn by FY 2027. - - >Upgrading to Outperform on US electio...
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
- Julian Dobrovolschi
Flow Traders : Q3 results a big relief, shares likely to outperform to...
>Results above expectations, driven by dislocations in equities in EU and APAC - FLOW came out with a strong set of Q3 figures this morning, which were materially above consensus expectations. Group NTI came in at € 107.3m, 27% above expectations, and implying a strong QoQ acceleration of 35%. Strong performance was recorded across all regions. EBITDA margin was 44.1%, a beat of 11p.p to consensus, given the rather fix cost nature of the business resulting in strong o...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- ING Helpdesk
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/17/2024
We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...
FP TOTAL SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KORI KORIAN SA
HCO HIGHCO SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
GLO GL EVENTS SA
KER KERING SA
ENI ENI S.P.A.
PNL POSTNL NV
01913 PRADA S.P.A.
REP REPSOL SA
TIETO TIETOEVRY OYJ
TECN TECAN GROUP AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
MONC MONCLER SPA
BEZ BERENTZEN GRUPPE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
BIM BIOMERIEUX SA
S92 SMA SOLAR TECHNOLOGY AG
BAR BARCO NV
NA9 NAGARRO
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2024
Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...
FP TOTAL SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KORI KORIAN SA
HCO HIGHCO SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
GLO GL EVENTS SA
KER KERING SA
ENI ENI S.P.A.
PNL POSTNL NV
01913 PRADA S.P.A.
REP REPSOL SA
TIETO TIETOEVRY OYJ
TECN TECAN GROUP AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
MONC MONCLER SPA
BEZ BERENTZEN GRUPPE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
BIM BIOMERIEUX SA
S92 SMA SOLAR TECHNOLOGY AG
BAR BARCO NV
NA9 NAGARRO
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Stefano Toffano
Barco NV : Signs of a (very slow) recovery
>Miss on a weaker than expected Entertainment - This morning Barco released a slightly weak set of results, with revenues below ccs and our estimates. Estimates for Entertainment were too positive. As repeatedly flagged by the company, while the comparison base is improving, several end markets (mainly in EMEA) are still showing subdued activity and customers postponing purchases awaiting for new product introductions impacted Q3 24 performance as well. This resulted ...
- ING Helpdesk
- Guy Sips
Barco Uphill battle continues
3Q24 orders and sales were below our and CSS forecasts with main underperformance in Entertainment. Although Barco sees gradual recovery, led by the Healthcare division and the Americas region, while market conditions in EMEA remain challenging, we already lower our Target Price to € 14.2 (was € 15.8). We (and CSS) will have to lower our forecasts as Barco now expects a topline in 2H24 around the level of last year (previously it was “topline growth in the second half”).
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
Hyloris Reports 1H24 preliminary results, auditor review ongoing
Hyloris reported preliminary 1H24 results with total revenues of € 4.6m (1H23: € 2.3m), which include a € 2.1m milestone payment for the launch of Maxigesic IV in the US. While a specific cash runway was not provided, the company believes it's well capitalised to fund R&D for existing products, but will require additional funding to commercialise its near-term cardiology products in the US. We reiterate our € 5 TP and Hold rating.
- Baptiste Salaville
- Charlotte Vaisse
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
- Baptiste Salaville
- Charlotte Vaisse
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
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