reports
- 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
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
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
- 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
- MarketLine Department
Turism Hoteluri Restaurante Marea Neagra SA - Strategy, SWOT and Corpo...
Summary Turism Hoteluri Restaurante Marea Neagra SA - Strategy, SWOT and Corporate Finance Report, 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 ...
- 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...
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