reports
- Guy Sips
- 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
- 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
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- 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...
- Guy Sips
Miko Latte focus 100% on what they are good at: coffee service
Miko's core activity is running well. We updated our model (new € 67 Target Price) knowing that today there is some uncertainty due to the very erratic movements in commodity prices. Coffee prices recently reached historic highs. Miko highlighted that calculating such increases always remains a challenge. But Miko ‘s coffee service managed to post a good 1H24. Within the recurring core business, all domestic markets are demonstrating good results. Miko indicated that the decision to exit the p...
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- 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
- Wim Hoste
Tessenderlo FIRST LOOK: 1H adj. EBITDA -26.5%, FY guidance lowered
1H adj EBITDA dropped by 26.5% and was 1% better than our forecast although 5% below consensus. FY adj EBITDA guidance has been lowered from a flat result to a 5-10% drop whilst we and consensus were banking on +2%. 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 excell...
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stijn Demeester
Tessenderlo/Adhering to a constructive view as cycle turns/BUY
As we revisit the Tessenderlo investment case, we reiterate our BUY recommendation on a target price of €32 per share, from €44 previously. While ongoing macro headwinds are likely to result in a soft 1H24 performance, we expect earnings to recover as of 2025F, driven by selective growth investments. Additionally, we believe Tessenderlo's attractive valuation, strong cash generation and solid balance sheet further warrant a constructive stance.
- MarketLine Department
Turism Hoteluri Restaurante Marea Neagra SA - Company Profile and SWOT...
Summary Turism Hoteluri Restaurante Marea Neagra SA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Turism Hoteluri Restaurante Marea Neagra SA (THRMN) is a provider of tourist services. The company provides a wide range of accommodation and catering services. It owns a cha...
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