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.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- 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
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
What's Cooking? New strategy continues to pay off
We updated our model and increase our Target Price for What's Cooking? from € 95 to € 110 as the 1H24 results confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. The 1H24 numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high. Recently What's Cooking? has started a review of the strategic options for the Savoury b...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
What's Cooking? FIRST LOOK : Expecting the good results of 1H24 to con...
1H24 results of What's Cooking? confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. We maintain our Buy and € 95 Target Price as these numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high. What's Cooking?'s operational performance is improving thanks to its cost optimisation program and the investments made in bot...
- 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
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Fernand de Boer
What's Cooking? - Exploring strategic options, Savoury for sale
What's Cooking is exploring strategic options to create value and hasstarted discussion to sell its Savoury activities We welcome this move. The processed meat market has limited growthpotential, overcapacity and no pricing power. Given the marketcharacteristics we expect low proceeds. But even taking this into account,the full focus on Ready Meals, which is more stable, has more growthopportunities and higher margins, should create significant value. We upgrade to BUY raising our 12 TP...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Fernand de Boer
What's Cooking? - EBITDA beating, dividend raised
2023 results exceeded our estimate on EBITDA. Sales and net profit came in below. Company surprises with a 7% increase in dividend, all in cash and no longer a script dividend. This clearly illustrates its confidence. Based on the 2023 results we will raise our EBITDA estimates by some 5%We maintain our Hold rating, expecting a positive share price reaction today. Valuation is undemanding, but visibility and liquidity are very low
- 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...
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- 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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