reports
- Wim Hoste
Tessenderlo Feedback 1H results conference call
Below are the highlights from the conference call. Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation t...
- ING Helpdesk
Benelux Morning Notes
AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo FIRST LOOK: 1H adj EBITDA +8%, FY guidance maintained
Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation to be attractive enough from maintaining our Accumul...
- Stijn Demeester
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...
- Michiel Declercq
- Wim Hoste
- 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
- 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
- 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 ...
- Wim Hoste
Tessenderlo FY adjusted EBITDA guidance lowered to -15-20%
Tessenderlo lowered FY adjusted EBITDA guidance from a 5-10% drop to a 15-20% decline, mainly due to weaker than expected performance in Bio-valorization and Agro segments. The new guidance range is at midpoint about 12% below our forecast and 11% below consensus. We will adjust our model accordingly. Whilst business conditions in many of the group's end markets are challenging, Tessenderlo is still generating sizeable FCF (we remind FCF was close to €100m in 1H). The company is using its solid ...
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo Model update – lowering estimates and lowering TP
We have lowered our adjusted EBITDA forecasts for FY24-26 by 8% following the FY24 guidance reduction from a flat result to a 5-10% drop. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating sizeable FCF (close to €100m in 1H). Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. We view share buybacks as an excellent way to create shareholder value and welcome the awaited simplification of ...
- ING Helpdesk
Benelux Morning Notes
ASR: 1H small beat, KNAB add-on to Solvency 2 higher. Avantium: Down to the wire. Flow Traders: Pump up the volume. Greenyard: 1Q24/25 preview. Kendrion: Navigating difficult end markets. Montea: Solid results with no surprises, guidance reiterated. NEPI Rockcastle: Guidance raised, M&A opportunities on the radar. Tessenderlo: 1H24 Adj. EBITDA miss of 5%, lower FY guidance
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