reports
- 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...
- Frank Claassen
Tessenderlo - From tailwind to headwind
• Following the weak H2-23 results and prudent outlook of stable EBITDA for 2024, we have lowered our FY24/FY25 EBITDA estimates by 17-19%. • Most divisions are facing headwinds and H1-24 is expected to be down yoy. • We lower our TP from EUR 33 to EUR 28, based on our 2025E SOTP (was 2024E). Hold maintained.
- Wim Hoste
Tessenderlo Model update post FY23 results
We have lowered our FY24 and FY25 adjusted EBITDA forecasts by respectively 25% and 21% following weaker than expected FY23 results and FY24 guidance. Tessenderlo is a very diversified group with limited synergies between the various operations. Valuation is clearly attractive and we expect the strong balance sheet will prompt the board to decide on an extension of the current share buyback program, allowing the company to benefit from the low share price to catch up additional stock. We maintai...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Conference call feedback
Below are the highlights from the conference call. Tessenderlo posted much weaker than expected FY23 results with adjusted EBITDA down about 32% y/y (on a proforma basis) and c 15% below our and 16% below consensus. Key shortfalls were in BioValorization and the Machines & Technologies divisions. The FY24 calls for flat adjusted EBITDA which is about 27% below our and consensus forecasts. Tessenderlo is a very diversified group with limited synergies between the various operations. We consider v...
- ING Helpdesk
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo FIRST LOOK: disappointing FY23 results and FY24 outlook
Tessenderlo posted much weaker than expected FY23 results with adjusted EBITDA down about 32% y/y (on a proforma basis) and c 15% below our and 16% below consensus. Key shortfalls were in BioValorization and the Machines & Technologies divisions. The FY24 calls for flat adjusted EBITDA which is about 27% below our and consensus forecasts. Tessenderlo is a very diversified group with limited synergies between the various operations. We consider valuation to be attractive but the poor FY23 results...
- Frank Claassen
Tessenderlo - A clear miss in H2 and no improvement in 2024
• The H2-23 results were a clear miss to our and consensus expectation and the outlook of no improvement in 2024 EBITDA means that a reset in estimates is necessary. • We will have to reduce our FY24/25 EBITDA estimates by more than 20% and consensus even more.• Awaiting more details in today's conference call, we currently put our estimates and TP (was EUR 33) under review.
- ING Helpdesk
Benelux Morning Notes
Air France-KLM: 3Q23 good, FY23 outlook confirmed. Cofinimmo: Small guidance increase back to pre-ABB ambitions. Montea: 2024-25 ambitions revealed, raised 2023 DPS. Ontex: Emerging margin recovery. Proximus: Better 3Q23, financially and commercially; guidance up incrementally. Recticel: Another profit warning after a weak 3Q23. Sif Group: Should be a solid quarter while building the new factory. Signify: Better 3Q23 update, cautious on coming quarters. Tessenderlo: Leadership ch...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Tessenderlo Group: 2 directors
Two Directors at Tessenderlo Group bought/sold 1,253,192 shares at 25.770EUR. The significance rating of the trade was 100/100. 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 ...
- Frank Claassen
Tessenderlo - No triggers for outperformance
• Following last week's disappointing H1-23 trading update, we have lowered our FY23 and FY24 REBITDA estimates by -11% and -8% respectively. This is mainly due to Agro (lower fertilizer prices/volumes) and Bio-valorization (lower fat prices).• Our 2024E SOTP now arrives at EUR 33 p/s (was EUR 36), which includes a 20% conglomerate, liquidity and minority discount. • We see no triggers for outperformance and therefore stick to Hold.
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Weaker earnings but Accumulate kept on solid FCF and attra...
Weaker than expected 1H23 results and a lower than expected FY23 outlook have prompted us to lower our FY23 adjusted EBITDA forecasts by 13%. Despite the weaker earnings momentum, we still see significant value as demonstrated by our SOTP and DCF models. Furthermore the strong balance sheet with a slight net cash position gives Tessenderlo firepower for additional growth investments while maintaining the recently installed dividend policy. We maintain our Accumulate rating and € 38 target price.
- ING Helpdesk
Benelux Morning Notes
CFE: Preview -navigating difficult markets. Deceuninck: Miss on sales, beat on Adj. EBITDA. Mithra Pharmaceuticals: Dilution looks imminent. SBM Offshore: Whiptail almost in the pocket. Tessenderlo: 10% REBITDA miss but strong contribution from Picanol. Van Lanschot Kempen: Solid where it matters, strong PB inflows, cost control
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