reports
Lotus Bakeries: 1 director
A director at Lotus Bakeries sold 478 shares at 9,493.930EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Kris Kippers
Lotus Bakeries - From “growth” story to “hype”
• Biscoff (+20%) and Natural Foods (+25%) posted very high growth rates, also in H2 despite tough comps. Local Heroes also did well at +15%, mostly price/mix driven. This was better than the market and their own expectations. Margins remained at sound levels, largely thanks to pricing• We again raised our estimates and now bank on a sales CAGR of 9% until 2035 (from ~8%) and almost 10% EBITDA CAGR. For the near future, our numbers are close to consensus estimates and now look quite aggressive• L...
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
ABN Amro: 4Q23 Preview. New targets, capital distribution strategy. BAM: Preview: 2023 should be fine, focus on 2024. IBA: Pantera signs first agreement for the supply of Actinium-225 with Bayer. Randstad: 4Q23 results in line with consensus; 3% beat vs INGF. Wereldhave: Good results, a JV and/or new countries might come. Results Calendar
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/Time for a coffee break/HOLD (previously: Buy)
We downgrade Lotus Bakeries from Buy to HOLD, although we increase our target price from €9,000 to €9,999. We note that Lotus Bakeries' share price has appreciated by c.90% since April 2022, and we therefore believe it is time for some relief, especially with limited share price catalysts in the short term in our view. We, however, remain comfortable with the share price at these levels, with the de-rating concerns being overdone in our view when considering the track record of key peer Lindt & ...
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: 4Q23 EBITDA beats by 5%, solid FCF. Ayvens: Messier than expected. Barco: 2H23 results, less topline decline, weak cash generation. Flow Traders: Low Flow. KBC: 4Q reasonable, DPS low, new targets show cost drive, NII 2024 guidance in line. Lotus Bakeries: Opening of its first production facility for Näkd. Montea: FY results in line, further fiscal one-offs might drive more generous dividend. Ontex: Out of the shadow, into the light. Recticel: Peer Rockwool FY23 re...
- Guy Sips
Lotus Bakeries All three pillars realised double-digit FY23 growth; ne...
FY23 Lotus Bakeries' revenues grew y/y 21.1% to € 1.06bn (KBCSe € 1.03bn). The revenue growth realised in 1H23 (+20.2%) kept its high pace in 2H (22.0%) driven by strong volume growth and price increases. The volume trend in the second half of the year further improved to end with a FY increase of just below 10% (primarily organic, +/-1% acquisition of Peter's Yard). All three pillars of Lotus Biscoff, Lotus, Natural Foods and Lotus Local Heroes have realised double-digit FY23 growth of respecti...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Kris Kippers
Lotus Bakeries - Blow out results driven by 10% volume growth
• H2 sales beat expectations by >9% as volume slowdown did not materialize driven by all segments with mainly Natural Foods and Local Heroes beating• Driven by stronger topline and costs under control, operating margins showed a beat as well and it resulted in a leverage of only 0.6x despite firm investments• Following this beat, our estimates need an update, and we will put our TP under review
- ING Helpdesk
Benelux Morning Notes
Avantium: Right(s) on cue. Corbion: Doubling Down. KPN: FCF better on WCR, FCF guidance a bit better on tax and interest expenses. Lotus Bakeries: Mondelez International FY23 results. Staffing: Manpower - adj. EPS 4Q23 beat, 1Q24 outlook below, stabilization in US, UK. Universal Music Group: TikTok agreement expiry, YouTube 4Q23 Ad revenue up 15.5%
- MarketLine Department
ARYZTA AG - Mergers & Acquisitions (M&A), Partnerships & Alliances
Summary Marketline's ARYZTA AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by ARYZTA AG - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a...
- MarketLine Department
ARYZTA AG - Company Profile and SWOT Analysis
Summary ARYZTA AG - 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 Aryzta AG (Aryzta) is a manufacturer, distributor, and marketer of specialty bakery products. The company’s products portfolio includes baked sweet and savory goods such as bread rolls, artisan loaves, donuts...
- ING Helpdesk
- Fernand de Boer
Preference List 2024 - Divergence to reverse or to continue?
2023 was a year of growing divergence2023 can be characterized as a year that was almost entirely dominated by the CPI question: “Is inflation coming down fast enough to allow the European Central Bank and the Fed to stop raising the rates or even lower them”? Every CPI and employment figure resulted in sharp reactions in share prices. On top came the question whether we entered a recession. There was no clear answer and the expected recovery in China was much softer than expected. Altogether th...
RWI RENEWI
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
VASTN VASTNED RETAIL NV
RET RETAIL ESTATES NV
ARG ARGAN SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
TKWY JUST EAT TAKEAWAY.COM N.V.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
FUR FUGRO NV
EBUS EBUSCO HLDG NV
BREB:BB BREDERODE
- ING Helpdesk
Benelux Morning Notes
BAM: 3Q beats and BAM raises FY outlook. Belgian telcos: Peer Telenet 3Q23 results. Euronav: Outlook not as strong as 3Q23 thus far. Lotus Bakeries: Mondelez International 3Q23 results. Shell plc: In line 3Q23, share buyback +$1bn. Van Lanschot Kempen: Net inflows in 3Q, sale to generate €23m book gain in 4Q. Vopak: Feedback from CMD
- MarketLine Department
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/The exceptional Biscoff growth story continues/BUY
We reiterate our BUY on Lotus Bakeries, and up our target price to €9,000 as we remain convinced by the group's exceptional organic growth potential and strong momentum, as demonstrated by its 1H23 organic growth at c.21%. Lotus Biscoff remains, in our view, a unique double-digit organic growth story in the listed snacking space, with our model pointing towards potential sales of c.€2bn by 2035F. Despite being richly valued, Lotus Bakeries offers, in our view, upside potential on (1) strong earn...
- David Vagman
- CFA
- Francesca Ferragina
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Quirijn Mulder
- Reg Watson
- CFA
- Stijn Demeester
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Conference London/Highlights of company meetings
Last week, on 5-7 September 2023, we hosted the annual ING Benelux Conference at our ING office, 8-10 Moorgate, London. This report provides an overview of the key topics discussed with each of the Benelux listed companies that attended the conference. The participants are listed below together with the board members representing each company.
APAML APERAM SA
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FUR FUGRO NV CERT OF SHS
FAGR FAGRON SA
BAR BARCO NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
ARCAD ARCADIS NV
AED AEDIFICA SA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
OCI OCI NV
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
AZE AZELIS GROUP NV
DEME DEME GROUP NV
- ING Helpdesk
Benelux Morning Notes
Highlights ING Benelux Conference London 2023 - Aalberts, Aedifica, AMG, Aperam, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, CM.com, DEME Group, Euronext, Fagron, Fugro, Kinepolis, Lotus Bakeries, Melexis, OCI, PostNL, Recticel, SBM Offshore, TKH Group, Vopak Gimv: Flemish government to sell its 27.8% stake Staffing Sector: French data weaker in July, August Outlook negative Results Calendar
APAML APERAM SA
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FUR FUGRO NV CERT OF SHS
FAGR FAGRON SA
BAR BARCO NV
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
GIMB GIMV NV
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
OCI OCI NV
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
AZE AZELIS GROUP NV
DEME DEME GROUP NV
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