reports
- Kristof Samoy
EXMAR 9m24 results
Exmar published a good set of 9m24 results last Friday after close. EBITDA (IFRS) landed at $95.7m (up from $54.4m in 9m23). Corrected for the $19.6m capital gain on the Bexco disposal, EBITDA grew from $54.4m to $76.1m with growth realised in all three divisions. EBIT (IFRS) landed at $68m (vs. $25m in 9m23) and net debt (prop. conso) fell to $227m (vs. $252m per 4Q23). As the share is trading close to our €7.4 TP we upgrade from Reduce to Hold.
- ING Helpdesk
Benelux Morning Notes
Just Eat Takeaway.com: Preview of 3Q24. Kinepolis: Peer Cineplex September box office revenue at 79% of 2019 level, up 3% YoY. Randstad: Preview of 3Q24F results due 22 October, consensus released. Staffing: Hays' 1Q24/25 trading update; 1Q24/25 growth slightly better on easier comps. TomTom: 3Q24 results - Enterprise partly saves the day. Coverage change
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- 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
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Wim Lewi
- Kristof Samoy
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
EXMAR NV: 1 director
A director at EXMAR NV bought 44,345 shares at 11.100EUR and the significance rating of the trade was 67/100. 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 show...
- Jacob Mekhael
- Kristof Samoy
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Jeroen Van Den Bossche
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Wim Lewi
- ING Helpdesk
- Thomas Couvreur
- Wim Lewi
- Quirijn Mulder
Exmar/Exit pending/HOLD
We believe Saverex will be successful in its takeover bid for Exmar. Albeit the offer of €11.1 per share could have been higher based on our estimate of Exmar's adjusted NAV of €15.0, other companies in the sector are trading at 30-35% discounts to their respective adjusted NAVs. Also, with 49.2% of the outstanding shares, Saverex is very close to a majority shareholding. No 5% holders remain, which leads us to believe that organising opposition to the bid would be a challenge. Lastly, it remain...
- ING Helpdesk
- ING Helpdesk
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