reports
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Salome Charamalet
- Stefano Toffano
Azelis Group NV : Slightly more conservative, but improving end-market...
>Pricing pressures on a very healthy base - Azelis reported weak Q1 24 results a.o. due to pricing pressures, resulting in an organic growth of -8.1% yoy for the group. For the third sequential quarter, Azelis is showing a yoy decrease of the conversion margin (EBITA / gross profit). The company is now mentioning 'pricing pressures across the board' on the back of clear positive volume developments, the latter driven by very low inventories at end-clients and green sh...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
MaaT Pharma Secures 19m via global offering, extends runway to 1Q25
MaaT completed a global offering (reserved offering and primary bid offering) of approx. 2.3m new ordinary shares at a price of € 8 per share (discount of approx. 14% vs. last close) for gross proceeds of € 19.2m (net proceeds € 17.3m). The funds lift the financing overhang for MaaT and extend the company's runway to early 1Q25 (previously end 3Q24). This provides funding beyond the topline readout (ORR) from the phase 3 (ARES) trial of MaaT013 in aGvHD expected in mid 4Q24, which we view as the...
MaaT Pharma annonce le succès de son Offre Globale de 19,2 millions d’...
LYON, France--(BUSINESS WIRE)-- Regulatory News: CE COMMUNIQUE ET LES INFORMATIONS QU’IL CONTIENT SONT RESTREINTS ET NE SONT PAS DESTINES A LA DIFFUSION, A LA PUBLICATION OU A LA DISTRIBUTION, EN TOUT OU PARTIE, DIRECTEMENT OU INDIRECTEMENT, EN AUSTRALIE, AU CANADA, AU JAPON, EN AFRIQUE DU SUD OU AUX ETATS-UNIS OU DANS TOUT AUTRE JURIDICTION DANS LAQUELLE UNE TELLE DIFFUSION, PUBLICATION OU DISTRIBUTION SERAIT ILLEGALE. CE COMMUNIQUE EST ETABLI A TITRE D’INFORMATION UNIQUEMENT ET NE CONSTITUE PAS, NI NE CONTIENT AUCUNE INVITATION, SOLLICITATION, RECOMMANDATION, OFFRE OU CONSEIL A QUICONQUE...
MaaT Pharma lance une augmentation de capital d’un montant approximati...
LYON, France--(BUSINESS WIRE)-- Regulatory News: CE COMMUNIQUE ET LES INFORMATIONS QU’IL CONTIENT SONT RESTREINTS ET NE SONT PAS DESTINES A LA DIFFUSION, A LA PUBLICATION OU A LA DISTRIBUTION, EN TOUT OU PARTIE, DIRECTEMENT OU INDIRECTEMENT, EN AUSTRALIE, AU CANADA, AU JAPON, EN AFRIQUE DU SUD OU AUX ETATS-UNIS OU DANS TOUT AUTRE JURIDICTION DANS LAQUELLE UNE TELLE DIFFUSION, PUBLICATION OU DISTRIBUTION SERAIT ILLEGALE. CE COMMUNIQUE EST ETABLI A TITRE D’INFORMATION UNIQUEMENT ET NE CONSTITUE PAS, NI NE CONTIENT AUCUNE INVITATION, SOLLICITATION, RECOMMANDATION, OFFRE OU CONSEIL A QUICONQUE...
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: 1Q24 Preview. ABN AMRO: Press reports on sale of French Life Neuflize JV with AXA. Agfa-Geveart: A miss on every line. ASR: Dutch residential rental income risk insignificant. B&S Group: Solid start to the year, costs under control. DEME Group: 1Q solidifies FY24 revenue outlook. GBL: Accelerating its share buybacks. Just Eat Takeaway.com: M&A appetite. OCI: Improving 1Q24 performance at RemainCo assets, strategic update due on 2Q24
- Guy Sips
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Thijs Berkelder
DEME Group : Very strong start of 2024 not yet triggering lift in FY g...
>Q1 turnover clearly stronger than expected - Turnover +34%. 24Q1 turnover is up 34% y-o-y to € 900m, from € 672m a year ago, with- Offshore Energy up 40% to € 390m, from € 279m- Dredging & Infra up 37% to € 467m, from € 342m- Environmental up 45% to € 94m, from € 65mExcluding JV related turnover (primarily Taiwan), consolidated turnover is up 38% to € 952m.Outlook 2024: "While DEME has observed an exceptional growth in the first quarter compa...
- Guy Sips
DEME FIRST LOOK: Reasserting the power of consistency (like Prada or A...
DEME indicated that high activity level and effective project execution lead to a strong start of the year. DEME's 1Q24 turnover was € 900m (€ 672m in 1Q23) and DEME's management reaffirms the guidance for FY24 turnover growth of at least 10% y/y with an EBITDA margin comparable to FY23 (18.2%). We are banking on FY24E € 3.65bn sales (+11.1% y/y) and 18.4% FY24E EBITDA-margin. The orderbook maintained at a high level of € 7.5bn (€ 7.58bn end FY23). During 1Q24, Offshore Energy secured the large ...
- Luuk Van Beek
DEME - Very strong start to 2024
Q1 revenue (+34%) better than our estimate, driven by all segmentsManagement maintains FY guidance for >10% revenue growth and stable EBITDA-marginWe will keep our revenue estimate roughly unchanged, but will become slightly more optimistic on the marginHold reiterated, target price raised from EUR 140 to EUR 165
MDxHealth SA: 1 director
A director at MDxHealth SA bought 45,000 shares at 3.111USD and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Thijs Berkelder
Euronav : Still full in transition
>Ex disposals, Q1 results roughly in-line with expectations - Revenues in 24Q1 have fallen to $ 240.4m, down from $ 340m in 23Q1. Net revenues (after voyage expense) in 24Q1 have fallen to $ 203.5m (AAOB $ 197.9m) from $ 305.1m in 23Q1.EBITDA is reported at $ 550.5m but excluding disposal gain of $ 407.6m amounts to $ 142.9m (BB consensus $ 150m), down from $ 258.5m in 23Q1Net profit in 24Q1 has jumped to $ 495.0m (AAOB $ 492.6m) primarily thanks to the $ 40...
- ING Helpdesk
Benelux Morning Notes
AB InBev: Busy BEES. Ahold Delhaize: Small beat, comforting confirmation of 2024 guidance. AMG: 1Q24 better than expected, FY guidance intact, strategic projects on schedule. Bekaert: Soft start to the year with 7% sales miss, FY guidance maintained. Euronav: Transformation at full speed. Marel: Another lacklustre quarter. Montea: 2025 guidance raised, valuations moving into positive territory. SBM Offshore: In-line Q1 trading update. Sif Group: Preview - normal quarter e...
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