Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...
For DEME, we have recently seen some positive momentum as many US offshore wind project developers should be able to qualify for higher subsidies thanks to a recent rule change by the US Treasury Department in the Inflation Reduction Act. We have also seen some positive news flow specific to DEME: DEME's offshore installation vessel 'Orion' successfully completed the installation of nearly 15MW of turbine foundations in Scotland and the 'Green Jade' completed its first deployment in Taiwan. We h...
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
>Site visit to Scheldt tunnel project - Yesterday, DEME organised a site visit to its Oosterweel / Schelt tunnel project, a c. € 700m project (up from € 570m) where DEME is acting in a consortium called THV COTU (Tijdelijke Handelsvennootschap Combinatie Oosterweeltunnel) with three other contractors (BESIX, Jan De Nul, Stadbader) to establish part of the Oosterweel connection, the new ring road around Antwerp:/bouwdok-zeebrugge...
In this publication we update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 26 April 2023, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune.
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
>Order backlog already rock solid …. - DEME, world market leader in offshore wind installations and top 3 in dredging, reported a year-end 2023 backlog up 22% y-o-y to € 7.58bn with already € 3.69bn booked for 2024. Over the 10 years of coverage on DEME, we never before have seen an order book as strongly filled for the running year as this year. The company is almost fully booked for 2024, implying the company in principle should be able to have its fleet utilised in...
DEME reported stronger-than-expected 2023 results and provided an outlook on 2024 which was also above ING's and market expectations. We raise our FY24F EBITDA estimate by 10%, following current company guidance. Both the Offshore Energy division and the Dredging and Infra division enjoy very healthy visibility and we expect a busy 2024 and 2025 for the fleet. We also like the fact that management provided 2024 capex guidance of c.€325m which indicates very strong FCF generation and consequently...
>FY23 results 10% better than expected on EBITDA, 20% on EBIT and EPS - Revenues were up 24% y-o-y to € 3,285m (consensus € 3,043m), withOffshore Energy up 57% to € 1,502m (consensus € 1,264m),Dredging & Infra up 5% to € 1,605m (consensus € 1,566m) andEnvironmental up 48% to € 304m (consensus € 292m).Group EBITDA is up 26% y-o-y to € 596m (consensus € 543m, AAOB € 551m), equivalent to an EBITDA margin of 18.2% (17.9% in 2022), withOffshore Ene...
Ageas: FY23 - DPS +8%, S2 ratio 217%, strong Asia even with FX headwinds. ASM International: 4Q23 results, weak start to 2024. Deceuninck: Turkey continues to surprise positively. DEME Group: Handsome set of FY23 results. Fugro: Double digit growth expected. Just Eat Takeaway.com: FY23 results, supportive EBITDA guidance. Kendrion: Balance sheet risk reduced UCB: Material beat to consensus in 2H23, 2024 outlook in line with consensus
We saw a good set of FY23 results for DEME mainly attributed to a series of contract awards in both the Offshore Energy and Dredging & Infra segments, representing further global expansion. We increase our TP to € 150 (Accumulate rating maintained) as - given the robust demand trends and a strong orderbook - DEME remains confident about its growth prospects and expects turnover to continue to grow in the coming years with an annual EBITDA margin in a 16 to 20% range each year. We and CSS will ha...
Atenor: Permits granted for Realex project in Brussels. Belgian telcos: Telenet ‘investment year' and commitment to regain ‘commercial agility'. DEME Group: Preview - packed offshore wind backlog. Euronext: Strong finish. Heijmans: Preview - M&A related one-offs in 2H23. KPN: VodafoneZiggo 4Q23 weak fixed, solid mobile, single digit EBITDA growth guided. Recticel: Kingspan profitability in line with expectations. Umicore: 2H23 EBITDA miss, soft 2024F outlook. Coverage change
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.