reports
- Guy Sips
- Guy Sips
Miko Latte focus 100% on what they are good at: coffee service
Miko's core activity is running well. We updated our model (new € 67 Target Price) knowing that today there is some uncertainty due to the very erratic movements in commodity prices. Coffee prices recently reached historic highs. Miko highlighted that calculating such increases always remains a challenge. But Miko ‘s coffee service managed to post a good 1H24. Within the recurring core business, all domestic markets are demonstrating good results. Miko indicated that the decision to exit the p...
- MarketLine Department
Turism Hoteluri Restaurante Marea Neagra SA - Company Profile and SWOT...
Summary Turism Hoteluri Restaurante Marea Neagra SA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Turism Hoteluri Restaurante Marea Neagra SA (THRMN) is a provider of tourist services. The company provides a wide range of accommodation and catering services. It owns a cha...
- Guy Sips
Miko Receiving earn-out of € 5m from the sale of Miko Pac in 2021
Miko announced that it received an earn-out of € 5m on the 2021 sale of its plastics processing division Miko Pac, which was sold to Paccor (Germany). This positive news came after the negative news last Friday when Miko announced - a little to our surprise - that it has sold subsidiary ‘SAS Koffie' (Beerse, Belgium) to a Dutch investment company and to return to its core business. Miko stated that this transaction does involve a significant accounting impairment and also one-time costs, which w...
- Guy Sips
- Guy Sips
Miko Significantly strengthening its market position in the BeNeLux
Miko announced that, despite a difficult year, it closed FY23 with a record EBITDA of over €30m (10.4% FY23 EBITDA-margin compared to € 26.1m (9.8%) in FY22. Private label in retail remains a struggle, but Miko continues to see its out-of-home market grow, not only in euros, but also in volume in a market that is “a victim of out-of-home”. Meanwhile, Miko is significantly strengthening its market position in the BeNeLux by acquiring the out-of-home business of Beyers at the end of 2022, and of C...
- Guy Sips
Miko Acquiring Capriole Coffee Service
Miko announced yesterday the acquisition of the Dutch and Belgian coffee service company Capriole Coffee Service. Capriole achieves sales of over €12m with about 60 employees. We see this, after the acquisition of Beyers coffee's out-of-home business in December last year, a next cornerstone investment in Miko's buy-and-build strategy. Accumulate rating and € 85 Target Price maintained.
- Guy Sips
Miko Model update with lower Target Price as retail private label rema...
We updated our Miko model after the 1H23 trading update indicting that 1H23 was characterized by a positive sales evolution in Miko's traditional business, focusing on the out-of-home market, which again recorded a nice growth. We incorporated in our model that Miko indicated that the business of private label for the retail market remains difficult. As a result we lower our Target Price to € 85, in line with our updated DCF-valuation (€ 85.3).
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Jeroen Van Den Bossche
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Benjamin Wolff
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Benjamin Wolff
- Guy Sips
- Wim Lewi
- Guy Sips
- Olivier Vandewoude
- Wim Hoste
- Wim Lewi
- Guy Sips
- Ruben Devos
- Thibault Leneeuw
- Thomas Vranken
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Olivier Vandewoude
- Ruben Devos
- Thomas Vranken
KBCS New Horizon Conference Book AGFB BB, ARCAD NA, ASML NA, BAR BB, B...
On Thursday 9 June, we organise our first New Horizon Conference in London. Following listed companies will be presented: • ASML • Agfa • Arcadis • Barco • Biotalys • D'Ieteren • Ebusco • Ekopak • Hyloris • IBA • Mithra • TKH We give a summary of our view on the companies we welcome, with key investment metrics that can serve as a guide during your meeting(s).
- Guy Sips
- Olivier Vandewoude
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Lewi
Morning Note: ASC BB, AZE BB, BTLS BB, COFB BB, EKOP BB
Ascencio: 1H21/22 Slightly ahead of expectations Azelis: Initiation - Formula for success, at a price Biotalys: BioProtection Award 2022 for Best Biofungicide Cofinimmo: Clearing out the old Offices Ekopak: Update on roll-out in France Various: Coverage update
- Guy Sips
- Michiel Declercq
- Olivier Vandewoude
- Sharad Kumar S.P
- Wim Lewi
Morning Note: ACKB BB, ATEB BB, BTLS BB, CFEB BB, ELI BB, GIMB BB, GRE...
Ackermans: Q1 FY22: Confirming Record Profits For FY22: Atenor: 1Q22 update and 1H22 outlook: Biotalys: Latest field trials validate strength of Evoca: CFE: 1Q Update leaves us with mixed feelings: Elia Group: More EU interconnectivity – more Elia: Gimv: Consistently Picking Winners: Greenyard: Lease-and-lease-back of its facility in Bree: Home Invest Belgium: 1Q22 – resilience in an unhinged economy: IBA: 1Q22 update: positive message but still no guidance:
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Olivier Vandewoude
- Thomas Vranken
- Wim Hoste
Morning Note: ABI BB, BTLS BB, DSM NA, EURN BB, IBAB BB, MITRA BB, SOL...
AB InBev: Preview 1Q21: top line to be supported by pricing Biotalys: FRAC granted Evoca’s active ingredient a new class DSM: 1Q EBITDA +10%, FY guidance reiterated Euronav: Note: Clash – or reconciliation? – of the Titans IBA: Acquires Modus Medical Devices Mithra: The era of E4 Solvay: Preview 1Q: 5% underlying EBITDA growth expected UCB: Fintepla Phase 3 trial data published
- Guy Sips
- Olivier Vandewoude
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Morning Note: BALTA BB, BTLS BB, GIMB BB, HAL NA, INTER EN
Balta: Final results of Tender & Exchange offer on Notes Biotalys: Appointing Carlo Boutton as Chief Scientific Officer Gimv: Exits Investment in Incendin Hal Trust: Likely To Benefit Either Way Intertrust: CSC launches recommended all-cash offer
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