reports
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Nikola Corp: challenging way forward
We take advantage of Nikola Corp's Q3 results last week to process a model update, reviewing our sales and margin assumptions from 2024 onwards. We have decreased our group revenue forecasts, adopting a more gradual industrial ramp-up over the 2024-2030 period. While we acknowledge the progress mad
- ING Helpdesk
Benelux Morning Notes
Ageas: More bidders for ESURE UK ASR: Completion of KNAB sale, starting extra SBB D'Ieteren: Holding financing more costly, 2024 guidance (excluding financing) reassures Ebusco: Released from obligation to deliver 76 buses PostNL: 3Q24 below, FY24 outlook down, mail weak, parcels stronger; CEO steps down Sif Group: Preview - getting ready for 2025 Staffing: US temp volume weaker in October, Aug/Sep revised down, NFP jobs miss
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Ebusco: rights issue underwriting progress
This morning, Ebusco provided an update on its upcoming rights issue and discussions with key suppliers. Still aiming to complete the EUR36m rights issue this month, Ebusco indicated it has received interest from a group of investors, including its larger shareholders, to support the transaction th
- Usama Tariq
- Wim Gille
SDG SYNERGIE SA
KORI KORIAN SA
INF INFOTEL SA
BLC BASTIDE LE CONFORT MEDICAL SA
AUB AUBAY SA
NTG NETGEM SA
MRN MERSEN SA
GOE GROUPE GORGE SA
BB SOCIETE BIC SA
ERA ERAMET SA
SAVE SAVENCIA SA
VRNL VERNEUIL PARTICIPATIONS
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CTAC CTAC N.V.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
SPM SAIPEM S.P.A.
- Usama Tariq
- Wim Gille
SDG SYNERGIE SA
KORI KORIAN SA
INF INFOTEL SA
BLC BASTIDE LE CONFORT MEDICAL SA
AUB AUBAY SA
NTG NETGEM SA
MRN MERSEN SA
GOE GROUPE GORGE SA
BB SOCIETE BIC SA
ERA ERAMET SA
SAVE SAVENCIA SA
VRNL VERNEUIL PARTICIPATIONS
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CTAC CTAC N.V.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VLTSA VOLTALIA
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
SPM SAIPEM S.P.A.
- Usama Tariq
- Wim Gille
Ebusco : Q3 trading update foreshadows the ultimate distress
>Q3 update includes a turnaround plan whereas management churn continues - The company gave a short trading update where it provides details of the Turnaround plan that it intends to present at its general meeting of shareholders today. Key caveats include opting for an Original Equipment Design (OED) manufacturing model, in which buses are designed and engineered by the company, but are assembled by contract manufacturers, instead of inhouse production. As part of t...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Ebusco: turnaround plan update
This morning, Ebusco announced it has delivered 135 buses YTD (ie. 37 in Q3) and confirmed the initial elements of its turnaround plan into 2025, but still fell short of FY24 guidance and cancelled its CMD. Ebusco's main objective remains switching to contract manufacturing rather than an in-house
- ING Helpdesk
Benelux Morning Notes
Acomo: Hot Chocolate. Azelis: 3Q24 not flawless, but organic growth is back. BE Semiconductor Industries: 3Q24 results, putting its money where its mouth is. Ebusco: Rigorous turnaround plan, but many liquidity related concerns; recommendation moves to Under Review. GBL: Looking to take vitamins. Kinepolis: Solid 3Q24 attendance, in line, confident in the movie outlook for 4Q24, 2025. Ontex: Guidance Stumble. Unilever: Momentum maintained. Vastned: End of the disposal program, wa...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Ebusco: Cascading order cancellations
Ebusco today announced that it has initiated legal proceedings against one customer after the cancellation of orders representing 59 buses (o/w 45 12m buses). Ebusco is seeking delivery of - and payment for - the 45 12m buses already produced (>EUR20m in our estimates). This follows cancellation
- Stephane Beyazian
- Stephane Beyazian
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Ebusco: rights offering of up to EUR36m in sight
Ebusco has announced this morning that it intends to raise up to EUR36m through a rights offering. The announcement follows (i) the complete reorganisation of Ebusco's management team in 2024, with the nomination of Roald Dogge as COO in March, Erland Morelissen in July and Christian Schreyer as CE
- Usama Tariq
- Wim Gille
Ebusco : Ebusco announces the intention to raise capital via a rights ...
>A rights issue intended as part of the “Turnaround Plan” - The company announced today that it intends to raise up to €36m of new equity through a rights issue as part of its turnaround plan and hence convened an extraordinary general meeting of shareholders on 24th October 2024. The company also indicated that existing shareholders will have the opportunity to buy additional shares through exercising their rights and maintain their ownership percentage in the compan...
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Roy Külter
- Steven Boumans
INTO INTERVEST OFFICES & WAREHOUSES SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
EBUS EBUSCO HLDG NV
CTPNV CTP NV
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Ebusco: Christian Schreyer appointed as new CEO
Last Friday, Ebusco's Board announced it had appointed Christian Schreyer as the new CEO, effective from 2nd September, replacing co-CEOs Peter Bijvelds and Michiel Peters as part of a broader turnaround plan. According to the press release, this plan emphasises the need for a single CEO with a gen
- Usama Tariq
- Wim Gille
Ebusco : Founder and Co-CEO exits: Our attempt at reading the tea leav...
>Christian Schreyer appointed as sole new CEO, Founder/co-CEO steps down - On Friday evening post market close, the company announced that its founder and co-CEO, Peter Bijvelds and other co-CEO Michiel Peters will step down as per 2nd September 2024. As part of the previously announced Turnaround Plan, the executive team decided that the company required a single CEO (instead of co-CEO’s), hence Christian Schreyer is to be the CEO as per 2nd September 2024. The exits...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Nikola Corp: good pace in Q2
Last Friday, Nikola Corp published H1 2024 numbers showing better than expected revenue at USD38.8m (+16% vs cons. at USD33.5m, BGe at USD47.2m) but a slightly higher than expected adjusted EBITDA loss of USD213.4m (+3% vs cons. at -USD207.1m). This came on the back of a good pace of deliveries in
- Usama Tariq
- Wim Gille
Ebusco : Into the void: lowering our recommendation to Underperform
>An abominable H1 masked a bigger problem: Ebusco’s falling orderbook - Ebusco reported H1 sales figure of €38m which was 56% below our estimate and down approx. 9% on a year on year (YoY) basis. With gross margins at negative (€12m), EBITDA loss deepened to (€60.7m) against (€43.5m) a year ago. The company indicated that it will need extra funding for which it is in discussions and intends to implement a Turnaround Plan (Plan). Not surprisingly, the orderbook keeps ...
- Klaus Breitenbach
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
ATO ATOS SE
TPE PVA TEPLA AG
WIZZ WIZZ AIR HOLDINGS PLC
BON BONDUELLE SCA
BCP BANCO COMERCIAL PORTUGUES S.A.
NEX NEXANS SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
BPOST BPOST SA
BRNL BRUNEL INTERNATIONAL N.V.
GLPG GALAPAGOS NV
ALKAL KALRAY SA
CLA CLARANOVA SE
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
BLV BELIEVE SA
FUR FUGRO NV
EBUS EBUSCO HLDG NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
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