reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Solid balance sheet and FCF generation create options
We appreciate the efforts to step up investor communication as evidenced by the recent analyst & asset manager day. Whilst business conditions in a number of end markets are still challenging, we still expect Tessenderlo to generate between € 150-200m FCF per annum in the coming years. Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. Tessenderlo has recently embarked upon a new € 69m share buyback program and we view share buybacks as an excell...
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo FIRST LOOK: Feedback analyst & asset manager day
At the occasion of its analyst & asset manager day in Ham, Tessenderlo reiterated its FY guidance of a flat adjusted EBITDA in FY24, which is about 32% below the peak year of FY22. The net cash position allows to pursue share buybacks, although management made it clear they would prefer to grow the company via additional investments (both organic and inorganic). Tessenderlo is a very diversified group with limited synergies between the various operations. Despite the limited liquidity and diffic...
- 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.
- Frank Claassen
Tessenderlo - From tailwind to headwind
• Following the weak H2-23 results and prudent outlook of stable EBITDA for 2024, we have lowered our FY24/FY25 EBITDA estimates by 17-19%. • Most divisions are facing headwinds and H1-24 is expected to be down yoy. • We lower our TP from EUR 33 to EUR 28, based on our 2025E SOTP (was 2024E). Hold maintained.
- Guy Sips
Miko Significantly strengthening its market position in the BeNeLux
Miko announced that, despite a difficult year, it closed FY23 with a record EBITDA of over €30m (10.4% FY23 EBITDA-margin compared to € 26.1m (9.8%) in FY22. Private label in retail remains a struggle, but Miko continues to see its out-of-home market grow, not only in euros, but also in volume in a market that is “a victim of out-of-home”. Meanwhile, Miko is significantly strengthening its market position in the BeNeLux by acquiring the out-of-home business of Beyers at the end of 2022, and of C...
- Wim Hoste
Tessenderlo Model update post FY23 results
We have lowered our FY24 and FY25 adjusted EBITDA forecasts by respectively 25% and 21% following weaker than expected FY23 results and FY24 guidance. Tessenderlo is a very diversified group with limited synergies between the various operations. Valuation is clearly attractive and we expect the strong balance sheet will prompt the board to decide on an extension of the current share buyback program, allowing the company to benefit from the low share price to catch up additional stock. We maintai...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Conference call feedback
Below are the highlights from the conference call. Tessenderlo posted much weaker than expected FY23 results with adjusted EBITDA down about 32% y/y (on a proforma basis) and c 15% below our and 16% below consensus. Key shortfalls were in BioValorization and the Machines & Technologies divisions. The FY24 calls for flat adjusted EBITDA which is about 27% below our and consensus forecasts. Tessenderlo is a very diversified group with limited synergies between the various operations. We consider v...
- ING Helpdesk
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo FIRST LOOK: disappointing FY23 results and FY24 outlook
Tessenderlo posted much weaker than expected FY23 results with adjusted EBITDA down about 32% y/y (on a proforma basis) and c 15% below our and 16% below consensus. Key shortfalls were in BioValorization and the Machines & Technologies divisions. The FY24 calls for flat adjusted EBITDA which is about 27% below our and consensus forecasts. Tessenderlo is a very diversified group with limited synergies between the various operations. We consider valuation to be attractive but the poor FY23 results...
- Frank Claassen
Tessenderlo - A clear miss in H2 and no improvement in 2024
• The H2-23 results were a clear miss to our and consensus expectation and the outlook of no improvement in 2024 EBITDA means that a reset in estimates is necessary. • We will have to reduce our FY24/25 EBITDA estimates by more than 20% and consensus even more.• Awaiting more details in today's conference call, we currently put our estimates and TP (was EUR 33) under review.
- 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
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