A director at D`ieteren Group sold 5,000 shares at 205.000EUR 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 clearl...
Nextensa : Convocation to the ordinary and extraordinary general shareholders’ meetings of 21 May 2024 PRESS RELEASE REGULATED INFORMATIONBrussels, 11 April 2024 – 5.40 PM Convocation to the ordinary and extraordinary general shareholders’ meetings of 21 May 2024 The board of directors of Nextensa invites the shareholders to attend the ordinary and extraordinary general shareholders’ meetings that will be held on Tuesday 21 May 2024 in Maison de la Poste, Picardstraat 5 box 7, 1000 Brussels. The ordinary general meeting will commence at 17.00h, immediately followed by the extraordin...
Nextensa : Oproeping tot de gewone en buitengewone algemene vergaderingen van aandeelhouders van 21 mei 2024 PERSBERICHT GEREGLEMENTEERDE INFORMATIEBrussel, 11 april 2024 17u40 Oproeping tot de gewone en buitengewone algemene vergaderingen van aandeelhouders van 21 mei 2024 De raad van bestuur van Nextensa nodigt de aandeelhouders uit om deel te nemen aan de gewone en buitengewone algemene vergaderingen die zullen gehouden worden op dinsdag 21 mei 2024 in Maison de la Poste, Picardstraat 5 bus 7, 1000 Brussel. De gewone algemene vergadering vangt aan om 17u00, onmiddellijk gevolgd d...
Nextensa : Convocation à l’assemblée générale ordinaire et extraordinaire des actionnaires du 21 mai 2024 COMMUNIQUÉ DE PRESSE INFORMATION RÉGLEMENTÉE Bruxelles, le 11 avril 2024 17h40 Convocation à l’assemblée générale ordinaire et extraordinaire des actionnaires du 21 mai 2024 Le conseil d’administration de Nextensa invite les actionnaires à participer à l’assemblée générale ordinaire et extraordinaire qui se tiendront le mardi 21 mai 2024 à la Maison de la Poste à Rue Picard 5 boîte 7, 1000 Bruxelles. L'assemblée générale ordinaire commencera à 17h00 et sera immédiatement suivi...
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
We replace UCB by Tubize in our KBC Securities Dynamic Top Pick List. Over the past few weeks, UCB has seen a strong rally in its share price, markedly outperforming the BEL-20 index. The rally came on the back of renewed investor confidence in its flagship product Bimzelx, which gained FDA approval for psoriasis in October 2023 albeit with unexpected warnings and precautions. In the meantime, we see that commercial traction is growing in line with our expectations, as phyicians and caregivers ...
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.8% which was mainly driven by single-asset holdings (-5.4%) while multi-asset holdings posted a less negative return og -2.8%. The 3 top performers during the period were Financière de Tubize (+8.7%), Whitestone Group (+7.7%), and Texaf (+3.0%) while the 3 worst performers were Heineken Holding (-8.3%), Compagnie Du Bois Sauvage (-7.7%), and Solvac (-7.5%). YTD Performance - Relative: On a YTD ...
>Structural challenges remain - PostNL’s FY23 results underscored the structural tough environment the company operates in, as well as its relative inflexibility to address margin pressures. Inflationary pressures (tight labour market, minimum wage increases), unfavourable shifts in product and customer mix at both divisions and PostNL’s inability to price through all cost increases continue to impact the company’s results. Though we appreciate the increased focus on ...
D'Ieteren reported a nice set of FY23 results, with the adj. PBT (gs) +28.1% to € 971m, above the upward revised guidance of € 960m, as well as kbcs and css estimates of € 966m. Although the mid to high single digit adj PBT (gs) growth outlook for 2024 is slightly softer than expected, we see no major surprises across the divisions. Knowing that D'Ieteren is usually conservative with its guidance, we reiterate our Buy & € 225 TP.
D'Ieteren's FY results were in line with expectations driven by a (small) beat at Belron and a (larger) beat at Auto. Other results were more mutedImportantly, after some disappointments, the company's FCF was finally rock solid now that also working capital returned to normal levels combined with strong margin improvements. Hence, the company's net cash positioned improved further to EUR 1.2bnGuidance of ‘mid-to high single PBT growth' is in line with our estimate and s...
PostNL reported a FY23 normalised EBIT of 92m, in line with the preliminary results on January 26th. However, the FY24 normalised EBIT guidance of € 80 – € 100m comes in below both kbcs and css expectations of respectively € 120m & € 118m, driven by a further uptick in labour costs and negative mix effects at parcels. PNL further mentioned that it is becoming increasingly challenging to meet the required cost savings at mail and intends to move away from next day delivery for standard mail over...
>FY23 results pre-released - PostNL already pre-released FY23 group results which were higher than our expectations, but below ccs and (adjusted) guidance. Group revenue for the quarter came in at € 889m and normalised EBIT at € 77m (€ 92m for FY23). Free cash flow generation swung strongly positive during the quarter and came in at € 52m for the full year. The quarter has been ‘saved’ by higher volumes in Mail, which are of one-off character (election related). For F...
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