reports
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview; facing realistic expectations. BAM: Hard hats off! dsm-firmenich AG: Animal Farm(ed out). Econocom: Sales and net profit in line, REBITA margin better, net debt above. Fagron: 2H23 REBITDA beats 2%, driven by US Compounding, marred by sharp EMEA margin drop. Results Calendar
- Reg Watson
- CFA
DSM-Firmenich/Vitamin overdose/BUY
We update our forecasts and valuation for dsm-firmenich. Incorporating the impact of restructuring, the vitamin business lowers our 2024F adjusted EBITDA by 23% to €1.9bn. Applying peer Givaudan's Bloomberg consensus 2024F EV/EBITDA multiple to DSM-Firmenich gives us a 12-month fair value of €158 (down from €182). We adjust our target price accordingly and maintain our BUY recommendation.
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - slowing top line growth. AB InBev: Steady hand. Aedifica: 2023 EPS guidance slightly up, DPS reconfirmed. DSM-Firmenich AG: Vitamin overdose. Mithra Pharmaceuticals: Appointment of new independent directors required. Randstad: Strategic update at capital markets day
- ING Helpdesk
Benelux Morning Notes
AB InBev: All to play for. Adecco: 2Q23 in line but mixed with strong revenue but lower gross margin; start 3Q23 seems resilient. ALD: Going to (Lease)Plan. Azelis: 2Q23 margins holding up amidst deteriorating trends, CEO succession. DSM-Firmenich: Take it to the bridge. Euronav: Strong 2Q23; outlook as well. Fagron: 1H23 beat driven by US to result in moderate upside to consensus. Solvay: 2Q23 EBITDA 3% beat, outlook maintained. Results Calendar
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
AB InBev: Good cheer(s). Adecco: 1Q23 sees 10% beat and gaining share; start of 2Q23 resilient as seen at peers. AMG: Lithium drives solid 1Q23 EBITDA beat, 2023F guidance reaffirmed. Arcadis: Good start to 2023. ArcelorMittal: Solid EBITDA beat, new share buyback. BAM: Solid start to the year. DSM-Firmenich: Matchless. Groupe Bruxelles Lambert : 1Q23 results show 5% increase in NAV. Kinepolis: Peer Cineplex box office revenue for April at 96% of 2019 level. Marel: Another rela...
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
GEBN GEBERIT AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DWS DWS GROUP GMBH & CO. KGAA
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
GEBN GEBERIT AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DWS DWS GROUP GMBH & CO. KGAA
- Eric Wilmer
DSM : DSM soft on sales, Firmenich strong; no guidance before 2 August
>DSM EBITDA roughly in line with css, Firmenich strong - DSM EBITDA came in roughly in with css, with 1Q23 sales materially softer (-7% lfl), with DSM highlighting volume rationalisation in a difficult vitamin-context. As such, 1Q23 EBITDA margins sequentially improved (4Q22 was margin trough), where we do highlight relatively soft sales across the board. DSM does not foresee a significant improvement in 2Q23 regarding vitamin A prices, but highlights (in line with pr...
- ING Helpdesk
- Benjamin Wolff
- Guy Sips
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Reg Watson
- CFA
- Stijn Demeester
ING Benelux Favourites/Aedifica, AMG, ASM, ASR, Brunel, D'Ieteren, DSM...
We refresh our ING Benelux Favourites list. We still apply a fundamental bottom up approach in which we select stocks that provide the best (relative) upside within our Benelux coverage universe and these stocks need clear catalysts. Besides this, we screen our ING Benelux coverage on some key investment themes that are very topical and could affect earnings potential and thus a stock's share price performance: (1) inflationary risk/exposure; (2) interest rate/refinancing risk; and (3) US exposu...
- Guy Sips
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Jeroen Van Den Bossche
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Life Sciences & Chemicals Team
ODDO : Defensive growth sectors
We are publishing our first slideshow on our Life Sciences & Chemicals macropole. Our expertise integrates many sub-sectors which have been schematically separated into pharma, medtech, biotech, healthcare services and chemicals. The objective here is to review on a quarterly basis the key points of our respective sectors, by publishing both the financial and market metrics as well as the stocks that we recommend. - >Pharma’s defensive role validated thanks to a reassuring...
SOON SONOVA HOLDING AG
DSM KONINKLIJKE DSM N.V.
FME FRESENIUS MEDICAL CARE AG
1COV COVESTRO AG
BOI BOIRON SA
IPN IPSEN SA
WCH WACKER CHEMIE AG
ROG ROCHE HOLDING LTD
MDG1 MEDIGENE AG
NOVN NOVARTIS AG
QIA QIAGEN NV
PA8 PAION AG
SBS STRATEC SE
TNG TRANSGENE SA
BIO BB BIOTECH AG
KORI KORIAN SA
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
RHK RHON-KLINIKUM AG
LXS LANXESS AG
GXI GERRESHEIMER AG
ABVX ABIVAX SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
ALCLS CELLECTIS SA
MRK MERCK KGAA
NOVO B NOVO NORDISK A/S CLASS B
ALCAR CARMAT SA
SDF K+S AG
GRF GRIFOLS S.A. CLASS A
GN GN STORE NORD A/S
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
SOLB SOLVAY SA
BAYN BAYER AG
UCB UCB S.A.
ORP ORPEA SA
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
FAE FAES FARMA S.A.
KWS KWS SAAT SE & CO KGAA
SZU SUEDZUCKER AG
GNFT GENFIT SA
EVK EVONIK INDUSTRIES AG
DIM SARTORIUS STEDIM BIOTECH SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
ALM ALMIRALL SA
GRF.P GRIFOLS S.A. PREF CLASS B
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
ALVAL VALBIOTIS SA
VIFN VIFOR PHARMA AG
BIM BIOMERIEUX SA
ALTHX THERANEXUS SA
2HRA H&R GMBH & CO KGAA
DMP DERMAPHARM HOLDING SE
SHL SIEMENS HEALTHINEERS AG
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
ZEL PHARMA MAR SA
FPE3 FUCHS PETROLUB SE
SYAB SYNLAB AG
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
GSK GSK PLC
BAI BENEVOLENTAI
- Life Sciences & Chemicals Team
ODDO : Defensive growth sectors
We are publishing our first slideshow on our Life Sciences & Chemicals macropole. Our expertise integrates many sub-sectors which have been schematically separated into pharma, medtech, biotech, healthcare services and chemicals. The objective here is to review on a quarterly basis the key points of our respective sectors, by publishing both the financial and market metrics as well as the stocks that we recommend. - >Pharma’s defensive role validated thanks to a reassuring...
SOON SONOVA HOLDING AG
DSM KONINKLIJKE DSM N.V.
FME FRESENIUS MEDICAL CARE AG
1COV COVESTRO AG
BOI BOIRON SA
IPN IPSEN SA
WCH WACKER CHEMIE AG
ROG ROCHE HOLDING LTD
MDG1 MEDIGENE AG
NOVN NOVARTIS AG
QIA QIAGEN NV
PA8 PAION AG
SBS STRATEC SE
TNG TRANSGENE SA
BIO BB BIOTECH AG
KORI KORIAN SA
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
RHK RHON-KLINIKUM AG
LXS LANXESS AG
GXI GERRESHEIMER AG
ABVX ABIVAX SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
ALCLS CELLECTIS SA
MRK MERCK KGAA
NOVO B NOVO NORDISK A/S CLASS B
ALCAR CARMAT SA
SDF K+S AG
GRF GRIFOLS S.A. CLASS A
GN GN STORE NORD A/S
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
SOLB SOLVAY SA
BAYN BAYER AG
UCB UCB S.A.
ORP ORPEA SA
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
FAE FAES FARMA S.A.
KWS KWS SAAT SE & CO KGAA
SZU SUEDZUCKER AG
GNFT GENFIT SA
EVK EVONIK INDUSTRIES AG
DIM SARTORIUS STEDIM BIOTECH SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
POXEL POXEL SA
ALM ALMIRALL SA
GRF.P GRIFOLS S.A. PREF CLASS B
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
ALVAL VALBIOTIS SA
VIFN VIFOR PHARMA AG
BIM BIOMERIEUX SA
ALTHX THERANEXUS SA
2HRA H&R GMBH & CO KGAA
DMP DERMAPHARM HOLDING SE
SHL SIEMENS HEALTHINEERS AG
MOR MORPHOSYS AG
MEDCL MEDINCELL SA
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
BNTX BIONTECH SE
ZEL PHARMA MAR SA
FPE3 FUCHS PETROLUB SE
SYAB SYNLAB AG
AELIS AELIS FARMA SA
EAPI EUROAPI
STMN STRAUMANN HOLDING AG
GSK GSK PLC
BAI BENEVOLENTAI
- ING Helpdesk
Benelux Morning Notes
AEGON: Sale of UK Individual Protection, small uptick on S2 ratio. Agfa-Gevaert: Closing of the divestment of Offset Solutions. DSM: Nothing's Gonna Stop Us Now. D'Ieteren: March Belgian car registrations +40% YoY, VW +35%. D'Ieteren: Belron credit rating upgraded to investment grade by S&P. Mithra Pharmaceuticals: Announces David Solomon as new Chief Executive Officer
- Guy Sips
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
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