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Hilde Van Boxstael ... (+9)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Morning Notes : AED BB, BFIT NA, EURN BB, HAL NA, IVA FP, MITRA BB, SE...

: AED BB, BFIT NA, EURN BB, HAL NA, IVA FP, MITRA BB, SEQUA BB, TESB BB, AZE BB, FAST NA

Kristof Samoy
  • Kristof Samoy

Euronav Regulation & ESG drive first mover advantage in grey to green ...

At the January CMD the Saverys family informed the markets on the future strategy of Euronav and explained how the acquisition of CMB.Tech would be instrumental in this regard. The outcome of the mandatory tender brought ownership of the family to 81% suggesting investors need more time to evaluate the strategic overhaul. We believe the newbuild contracting of green vessels is economically sound and not dogmatic. Strengthening regulation & rising ESG scrutiny will bring a first mover advantage t...

Carlsberg AS: 1 director

A director at Carlsberg AS sold 32,749 shares at 916.030DKK and 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 years clearly ...

Thijs Berkelder
  • Thijs Berkelder

Euronav : CEO sounds frustrated and acts on surprise 5% SBB

>SBB of 10m shares of which 4.7m were done in past two trading days - Euronav announces on Friday evening (incoming in mailbox at 21.24h CET) that the company had purchased on the NYSE and on Euronext Brussels a total of 4,719,534 of its own shares.Following these transactions, Euronav now owns 22,510,249 shares = 10.23% of the total outstanding share count.On March 21 it bought back on Euronext Brussels 3,015,000 shares @ € 13.9995 (= € 42.2m) and on NYSE 1...

Håkon Astrup
  • Håkon Astrup

Scope for continued strong earnings

Seeing support from still-high interest rates and sound fundamentals, we expect solid NII and robust asset quality to contribute to continued strong earnings generation for the banks, despite the stable and eventually falling key policy rate trajectory. Trading at an average 2025e P/E of ~8.5x (adjusted for undistributed 2023 dividends), we continue to find the valuation undemanding. We maintain a positive view on the sector and highlight SVEG as our top pick.

Delphine Brault ... (+2)
  • Delphine Brault
  • Quentin Borie

ODDO BHF Small & MIDCAP MORNING NEWS - 03/21/2024

GTT boasts a secure growth profile with enhanced visibility on the back of high-quality backlog. With over € 1.8bn in secured revenues, we are anticipating an EBITDA CAGR of 22% over 2023-26. Growth drivers were confirmed (LNG fuel, hydrogen, digital services) and the news flow should remain favourable (future orders). The valuation remains modest (13x EBITDA vs 13.4x for historical ratio) in light of the anticipating growth (0.6x 2023-26 CAGR). Our target price stands at € 170 exclu...

Delphine Brault ... (+2)
  • Delphine Brault
  • Quentin Borie

ODDO BHF Small & MIDCAP MORNING NEWS - 21/03/2024

GTT présente un profil de croissance sécurisé avec une visibilité renforcée à l’appui d’un backlog de qualité. Fort d’un CA sécurisé de plus de 1.8 Md€, nous tablons sur un TMVA 2023/26 de l’EBITDA de +22%. Les relais de croissance sont confirmés (GNL Carburant, Hydrogène, Services digitaux) et le newsflow devrait demeurer bien orienté (futures commandes). La valorisation reste modeste (13x l’EBITDA vs 13.4x pour les références historiques) au regard de la croissance attendue (0.6x TM...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Avantium: Under starter's orders. D'Ieteren: US Belron peer Boyd has slight operating miss, warns on 1Q24. Ebusco: Preview - no sooner said than done. Euronav: One-off dividend announced. IBA: Much better ‘Other accelerators' REBIT, no guidance yet on 2024

Thijs Berkelder
  • Thijs Berkelder

Euronav : Used as cash machine by CMB to finance mandatory bid

>Announcing $ 4.57 dividend per share on share price of $ 14-15 - "Euronav announces its dividend proposal at the AGM and further fleet optimisation with the sale of three VLCCs, the delivery of the Mineral France and orders of two Newcastlemaxes & an additional VLCC." Closing a transformative chapter. “The year 2023 to date has been a transformative period for Euronav & CMB.TECH and its shareholders. The deadlock with Frontline was resolved, the renewed strategy to b...

Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Michiel Declercq
  • Thomas Vranken
  • Wim Lewi
 PRESS RELEASE

2024 outlook and pro forma financials

2024 outlook and pro forma financials Novonesis provides outlook for 2024 with expected 5-7% organic sales growth and ~35% adj. EBITDA margin. Pro forma financials disclosed. Ester Baiget, CEO of Novonesis, said: “Today we provide key pro forma numbers as well as the first outlook for our new company. On a pro forma basis, 2023 was a solid year for Novonesis, including a Chr. Hansen that on a stand-alone basis delivered well in range of its latest full year outlook. We expect a solid 2024 performance with overall organic sales growth of 5-7% including growth across all subareas, and a ...

Fehmi Ben Naamane ... (+2)
  • Fehmi Ben Naamane
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 03/20/2024

We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...

Fehmi Ben Naamane ... (+2)
  • Fehmi Ben Naamane
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 20/03/2024

Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...

Thijs Berkelder
  • Thijs Berkelder

Euronav : Awaiting new adjusted listing revival plan for CMB.TECH

>Mandatory bid period has ended: CMB / Saverco now at 88.61% - CMB from 53% to 88.6%. On Monday evening, Euronav confirmed that the acceptance period of the mandatory public takeover bid launched by CMB NV expired on 15 March 2024. During the acceptance period, 69,241,955 shares in Euronav, representing 31.47% of the outstanding shares in Euronav, were tendered into the bid. As a result, CMB NV will hold a total of 177,147,299 shares in Euronav, representing 80.51% of...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Euronav: Many shares offered, limited liquidity remains. Fagron: Dutch compounder Ceban acquired by Medios. IBA: Contract to install a Be-Efficient irradiation solution in Germany

Guy Sips ... (+5)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Michiel Declercq
  • Thomas Vranken
Luuk Van Beek
  • Luuk Van Beek

Euronav - 11% free float after mandatory bid

31.5% of shareholders accept the bid, 11% free float leftPayment will take place on 3 April 2024Target price cut to EUR 14.50 based on a 20% discount to NAV, Hold

 PRESS RELEASE

Novonesis will host a conference call regarding 2024 outlook and 2023 ...

Novonesis will host a conference call regarding 2024 outlook and 2023 pro forma financials on March 21 Novonesis will host a conference call regarding 2024 outlook and 2023 pro forma financials on March 21 at 9.00am CET. To join the live webcast, please click . To register and receive access details for the conference call, please click . Attachment

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