reports
- Michiel Declercq
- Wim Hoste
- Guy Sips
Miko Facing profit pressure amid rising coffee prices and bonus disput...
We updated our model after Miko, the Turnhout-based coffee producer, delivered two key warnings during its recent shareholders' meeting. First, the company is struggling to fully pass on the steep rise in coffee bean prices to its customers. Second, a €5m earn-out bonus from the 2021 sale of its packaging division Miko Pac is being disputed by the buyer, Paccor. As a result we lower our DCF-based TP from €67 to €60 but maintain our Accumulate rating.
- Kristof Samoy
Ekopak Ready for a new start
Ekopak announces a €15m capital increase led by Alychlo, alongside major board and management changes. The transaction strengthens governance and liquidity, with Alychlo becoming the dominant shareholder. New projects and reaffirmed credit lines support continued growth under the WaaS model. The transaction, management, and board changes clearly exemplify the intention of reference shareholder Alychlo to re-start with a clean slate and mark a first step in rebuilding investor confidence . We mai...
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- 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.
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Kristof Samoy
Ekopak Surprising press release triggers sell off
Following December's profit warning, Ekopak again astounded the markets yesterday by announcing an approximate €8m revenue restatement of its recently published FY24 numbers. We were surprised to learn that the restatement pertained to revenue recognition of engineering efforts linked to the Waterkracht project, which was not disclosed at the time of the FY24 release. Additionally, the company is investigating balance sheet strengthening measures, which will likely result in a dilutive capital i...
- Kristof Samoy
Ekopak Restatement FY24, balance sheet to be strengthened
After trading was suspended for two days, Ekopak issued a statement announcing the restatement of the FY24 figures published early March. The restatement is linked to reversed revenue recognition linked to Waterkracht. During the FY24 analyst call, management stated no material one-off equipment/engineering sales linked to either Waterkracht or Circeaulair were in the numbers. Hence the material €8m downwards revenue revision comes as a complete surprise. The company further acknowledges that a ...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Guy Sips
Miko FY24 Results after “a very turbulent year”
Miko announced that the results of its continued recurring business in 2024 posted double-digit growth over last year. Miko's good recurring core business in FY24 was overshadowed by a non-recurring loss of € 15.5m; On the one hand, there was exceptional earn-out of € 5m on Miko Pac (sold in FY21) and on the other hand the sale of SAS (May'24) resulted in a significant loss of € 20.5m. So, 2024 was a very turbulent year. The decision to exit from SAS was very painful. Miko took this decision ...
- 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
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- Kristof Samoy
Ekopak WaaS acceleration impacts short-term cash flow generation
Last December, Ekopak lowered its 2024 revenue guidance by approximately €15 million. The adjustment was ascribed to a faster-than-anticipated adoption of WaaS solutions, as industrial customers, facing a challenging macroeconomic climate, increasingly prefer an opex model over a capex model. We commend the accelerated traction in WaaS commercialization, which is expected to yield recurring high-margin revenues in the mid-term. However, we recognize that the additional pre-financing will impact ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
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