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Tessenderlo Group: 1 director
A director at Tessenderlo Group bought 626,596 shares at 25.140EUR 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 cl...
EXMAR NV: 1 director
A director at EXMAR NV bought 35,243 shares at 11.500EUR and the significance rating of the trade was 61/100. 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...
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Thomas Vranken
- Wim Hoste
- Michiel Declercq
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Guy Sips
Jensen-Group A good start of 2025 and aiming to stay on course
1Q25 order intake for Jensen-Group came in at €137.5m (+20% y/y) and 1Q25 revenues increased y/y 17% to a very nice €127.5m (KBCSe € 120.5m). 1Q EBIT was €16.6m (KBCSe €13.5m), compared to €11.2m in 1Q24, resulting in a very impressive 1Q25 EBIT margin of 13% (KBCSe 11.2%) compared to 10.3% in 1Q24. The 1Q25 net result amounted to €14.7m (KBCSe €10.8m) compared to €11.1m in 1Q24 or 1Q25 EPS of €1.55, y/y +34% as 1Q24 EPS was €1.15. We updated our model and as a result we increase our TP from €51...
- Wim Hoste
Tessenderlo FIRST LOOK: Creating a global leader in gelatin/collagen w...
Tessenderlo and Darling Ingredients announced the intention to combine their gelatin & collagen businesses in a joint venture, in which Tessenderlo would have a 15% stake. In light of the difficult market conditions, we welcome the combination which will lead to a gelatin & collagen powerhouse with a global market share of 35-40%. We still appreciate Tessenderlo for the sizeable free cash flow generation and maintain our Accumulate rating for now.
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Avantium: Management team change. Belgian telcos: Extra data on Proximus brand mobile plans at no additional cost. Elia: Launch of €1.35bn rights issue and closing of €850m private placement. Randstad: Preliminary preview of 1Q25F results due 23 April. Shell plc: Very solid CMD, attractive outlook for shareholders. Tessenderlo: 2024 in-line with lowered outlook, soft 2025F guidance
- Wim Hoste
Tessenderlo FIRST LOOK: FY24 adjusted EBITDA -17%, FY25 guidance of fl...
Tessenderlo's FY24 adjusted EBITDA dropped by c17%, in line with the -15-20% guidance and broadly in line with our and consensus forecasts. The FY25 guidance points to a flat to 20% higher adjusted EBITDA, with our forecast (+12%) in line with this guidance whilst consensus (+24%) seems too high. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating a sizeable cash flow. Despite the fairly weak recent earnings momentum, we consider valuati...
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Jensen-Group All-time high FY24 revenues forms a strong basis for FY25
In FY24, Jensen-Group achieved remarkable milestones, establishing new standards in both operational and financial performance. We maintain our Accumulate rating and have slightly increased our Target Price from €50 to €51.5, in line with our updated DCF, as we believe Jensen-Group can continue its consistent growth trajectory.
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Tough end markets hurt earnings momentum
We have lowered our adjusted EBITDA forecasts for FY24-26 by a 12-15% range following the FY24 adjusted EBITDA guidance reduction from a 5-10% decline to a 15-20% drop. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating a sizeable free cash flow, which we estimate at c. 120m for FY24 and which represents a FCF yield of c 10%. The company is using its solid balance sheet and FCF to buy back own shares. Despite the disappointing earnings ...
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