reports
- 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
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo Model update – lowering estimates and lowering TP
We have lowered our adjusted EBITDA forecasts for FY24-26 by 8% following the FY24 guidance reduction from a flat result to a 5-10% drop. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating sizeable FCF (close to €100m in 1H). Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. We view share buybacks as an excellent way to create shareholder value and welcome the awaited simplification of ...
- ING Helpdesk
Benelux Morning Notes
ASR: 1H small beat, KNAB add-on to Solvency 2 higher. Avantium: Down to the wire. Flow Traders: Pump up the volume. Greenyard: 1Q24/25 preview. Kendrion: Navigating difficult end markets. Montea: Solid results with no surprises, guidance reiterated. NEPI Rockcastle: Guidance raised, M&A opportunities on the radar. Tessenderlo: 1H24 Adj. EBITDA miss of 5%, lower FY guidance
- Wim Hoste
Tessenderlo FIRST LOOK: 1H adj. EBITDA -26.5%, FY guidance lowered
1H adj EBITDA dropped by 26.5% and was 1% better than our forecast although 5% below consensus. FY adj EBITDA guidance has been lowered from a flat result to a 5-10% drop whilst we and consensus were banking on +2%. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating sizeable FCF (close to €100m in 1H). Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. We view share buybacks as an excell...
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Stijn Demeester
Tessenderlo/Adhering to a constructive view as cycle turns/BUY
As we revisit the Tessenderlo investment case, we reiterate our BUY recommendation on a target price of €32 per share, from €44 previously. While ongoing macro headwinds are likely to result in a soft 1H24 performance, we expect earnings to recover as of 2025F, driven by selective growth investments. Additionally, we believe Tessenderlo's attractive valuation, strong cash generation and solid balance sheet further warrant a constructive stance.
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Tessenderlo Group: 2 directors
Two Directors at Tessenderlo Group bought/sold 1,253,192 shares at 26.050EUR. The significance rating of the trade was 70/100. 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 y...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Guy Sips
Jensen-Group FIRST LOOK : A good start to 2024
Jensen-Group 1Q24 revenues were up y/y 11.6% to € 109.1m. The 1Q24 order intake increased y/y 34.4% to €114.9m. As a result Jensen-Group called this “a good start to 2024”. 1Q24 EBIT came in at € 11.2m (€ 11.4m in 1Q23) resulting in 10.3% 1Q24 EBIT-margin (11.7% in 1Q23). 1Q24 net result amounted to € 11.1m (€ 1.15 EPS). We maintain for the moment our Accumulate rating and € 40 Target Price as these numbers are ahead of our FY24 forecasts of 8.8% FY24E sales growth and 9.5% FY24E EBIT-margin. ...
- 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
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Solid balance sheet and FCF generation create options
We appreciate the efforts to step up investor communication as evidenced by the recent analyst & asset manager day. Whilst business conditions in a number of end markets are still challenging, we still expect Tessenderlo to generate between € 150-200m FCF per annum in the coming years. Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. Tessenderlo has recently embarked upon a new € 69m share buyback program and we view share buybacks as an excell...
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo FIRST LOOK: Feedback analyst & asset manager day
At the occasion of its analyst & asset manager day in Ham, Tessenderlo reiterated its FY guidance of a flat adjusted EBITDA in FY24, which is about 32% below the peak year of FY22. The net cash position allows to pursue share buybacks, although management made it clear they would prefer to grow the company via additional investments (both organic and inorganic). Tessenderlo is a very diversified group with limited synergies between the various operations. Despite the limited liquidity and diffic...
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