reports
- Guy Sips
EXMAR NV: 1 director
A director at EXMAR NV bought 289,026 shares at 11.500EUR 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 sho...
- 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
- Guy Sips
Miko Latte focus 100% on what they are good at: coffee service
Miko's core activity is running well. We updated our model (new € 67 Target Price) knowing that today there is some uncertainty due to the very erratic movements in commodity prices. Coffee prices recently reached historic highs. Miko highlighted that calculating such increases always remains a challenge. But Miko ‘s coffee service managed to post a good 1H24. Within the recurring core business, all domestic markets are demonstrating good results. Miko indicated that the decision to exit the p...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- MarketLine Department
Turism Hoteluri Restaurante Marea Neagra SA - Company Profile and SWOT...
Summary Turism Hoteluri Restaurante Marea Neagra SA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Turism Hoteluri Restaurante Marea Neagra SA (THRMN) is a provider of tourist services. The company provides a wide range of accommodation and catering services. It owns a cha...
- Guy Sips
Miko Receiving earn-out of € 5m from the sale of Miko Pac in 2021
Miko announced that it received an earn-out of € 5m on the 2021 sale of its plastics processing division Miko Pac, which was sold to Paccor (Germany). This positive news came after the negative news last Friday when Miko announced - a little to our surprise - that it has sold subsidiary ‘SAS Koffie' (Beerse, Belgium) to a Dutch investment company and to return to its core business. Miko stated that this transaction does involve a significant accounting impairment and also one-time costs, which w...
- Guy Sips
- 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
Miko Significantly strengthening its market position in the BeNeLux
Miko announced that, despite a difficult year, it closed FY23 with a record EBITDA of over €30m (10.4% FY23 EBITDA-margin compared to € 26.1m (9.8%) in FY22. Private label in retail remains a struggle, but Miko continues to see its out-of-home market grow, not only in euros, but also in volume in a market that is “a victim of out-of-home”. Meanwhile, Miko is significantly strengthening its market position in the BeNeLux by acquiring the out-of-home business of Beyers at the end of 2022, and of C...
- Kristof Samoy
- Thomas Vranken
- Wim Lewi
- Guy Sips
Miko Acquiring Capriole Coffee Service
Miko announced yesterday the acquisition of the Dutch and Belgian coffee service company Capriole Coffee Service. Capriole achieves sales of over €12m with about 60 employees. We see this, after the acquisition of Beyers coffee's out-of-home business in December last year, a next cornerstone investment in Miko's buy-and-build strategy. Accumulate rating and € 85 Target Price maintained.
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Guy Sips
Miko Model update with lower Target Price as retail private label rema...
We updated our Miko model after the 1H23 trading update indicting that 1H23 was characterized by a positive sales evolution in Miko's traditional business, focusing on the out-of-home market, which again recorded a nice growth. We incorporated in our model that Miko indicated that the business of private label for the retail market remains difficult. As a result we lower our Target Price to € 85, in line with our updated DCF-valuation (€ 85.3).
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- 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
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