reports
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Wim Hoste
Local Champions Midcap Conference Book 12.12.2024
This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 12 December 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | EKOPAK | EVS | GREENYARD | IBA | JENSEN | ONTEX | RECTICEL | VAN DE VELDE | WHAT'S COOKING? | XFAB
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Kristof Samoy
Ekopak Waterkracht close to the home stretch: a giant WaaS leap forwar...
Ekopak published 1H24 results that came in a tad below expectations. Still the disruptive engineering company has its transformation in full swing paving the way for sizeable growth beyond 2024. It is integrating GWE and centralising local engineering, production & supporting services in new corporate facilities in Ghent. The major positive surprise from the release was the announcement that -following lengthy negotiations over the past years- Waterkracht will be operational as of late 2026. As...
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Kristof Samoy
Ekopak WaaS flows steady, on track for 2028 objectives
We reworked our model following the FY23 results, the AR publication and a NDR with management. FY23 operational CF performance was solid as expected. 2024 capex guidance exceeded our expectations while NWC management was considerably better than forecast. The 2028 targets were reconfirmed and -dixit management- could be outperformed considerably. The GWE acquisition is fast tracking the international expansion of Ekopak, the pioneer in circular decentralised process water.
- Kristof Samoy
Ekopak FRN – feedback analyst call FY23 results
Ekopak delivered a good operational performance over FY23 in line with expectations and the outlook drawn for 2024 matches our revenue forecasts. Below are key take-aways from the analyst call with CEO and CFO. Our first read of the press release made to much of the statement on strategy finetuning: the company has no intentions to do acquisitions in the short term.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
LOCAL CHAMPIONS MID CAP EVENT - 14 December 2023
Company updates written at the occasion of our annual Local Champions Mid Cap Event set to take place on Thursday, 14 December 2023 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management of the below listed companies. AGFA | BARCO | BEKAERT | BIOTALYS | DECEUNINCK | EKOPAK | EVS | FAGRON | FLUXYS | IBA | ONTEX | TINC | XFAB
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Kristof Samoy
Ekopak GWE: a non-WaaS gem shaping global WaaS roll-out
Last week Ekopak briefed investors on its recent acquisition of the engineering group Global Water & Energy (GWE) and gave more colour on the timing and structure of the giant WaaS project Circeaulair. The roll-out of this project and the acquisition of GWE prompted an update of the equity story with impressive 2028 sales & EBITDA guidance. In this note we explain how the acquisition of the non-WaaS engineering firm GWE combined with the operational take off of Circeaulair will shape the WaaS ro...
- Jacob Mekhael
- Kristof Samoy
- Thomas Vranken
- Wim Lewi
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Kristof Samoy
Ekopak Acquiring GWE Group
This morning Ekopak announced the acquisition of the Belgian Bruges based company Global Water & Energy (GWE). In 2022 GWE realised turnover of €30m and realised an EBITDA of €6m. As of today GWE will be part of the consolidation scope. Financing will be done through own funds and bank financing. At first glance revenue synergy potential seems very attractive due to complementarities in terms of product/technology, geographical exposure & industry segments.
- Benjamin Wolff
- Lynn Hautekeete
- Benjamin Wolff
- Wim Lewi
- Benjamin Wolff
Ekopak FIRST LOOK : FY22 Results, growth outlook confirms
This morning, Ekopak published its results of 2022. Ekopak grew revenue double digits to €17.7m vs. our expectation of €16.6. WaaS underperformed with €2.5m, while Non-WaaS outperformed vs. our expectations. REBITDA and Net profit FY22 were in line with our estimates. The outlook for revenue FY23 of 25-28m is above our estimate of €20.3m, but is partly attributable to the recent acquisition of H20. This French subsidiary will be fully consolidated for the first time and is expected to contribute...
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