reports
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Thijs Berkelder
CFE : Q3 sales and order book update: better than expected
>Q3 sales better than expected, solid order book - In its Q3 sales and order book update, the company reported total sales of €265.7m which represents a beat of 5% versus our estimate of €253.6m and 4% css BB css (2 estimates). That €265.7m in sales also implies growth of 1.1% yoy whereas sales in H1 2024 still declined by 6.4%. Real-estate development showed a solid year over year improvement but multitechnics and construction and renovation saw revenues decline yoy ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
- Julian Dobrovolschi
- Wim Gille
- Julian Dobrovolschi
- Wim Gille
- Thijs Berkelder
CFE : Confirmation of FY24 earnings outlook
>Better than expected H1 results, but outlook maintained - Revenue is down 6% y-o-y to € 600.7m (AAOB € 532m): "The residential and office market remains disrupted by the 2022-2023 interest rate hike."EBITDA is up 8.4% y-o-y to € 21.7m (= 3.6% margin, up from 3.1% in 23H1), and above our AAOB expectation (€ 14.9m)EBIT is down 73% y-o-y to € 4.6m (= 0.7% margin, down from 2.7%), also above our AAOB expectation (€ 3.6m): "The significantly improved contributi...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Thijs Berkelder
- Thijs Berkelder
- ING Helpdesk
- Thijs Berkelder
CFE : Weakest cycle point seems behind
>Q1 trading update: revenues down 4.4% - Revenues in 24Q1 are down 4.4% y-o-y to € 290m with Real Estate Development down 49% to € 18.6m Multitechnics up 2.1% to € 77.2m with VMA up 4.3% to € 56.1m and MOBIX stable at € 21.1m Construction & Renovation down 0.6% to € 213.5mOrder backlog is down 5.0% from y/e 2023 to € 1,205m (from € 1,269m) withMultitechnics up 22% to € 325.5m-Construction & Renovation down 12% to € 863m Other down 17...
- Luuk Van Beek
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Thijs Berkelder
CFE : Accusation on bribery payments Chad
>Consultant accuses CFE on having paid bribes for hotel project Chad - Belgian newspaper De Standaard this morning publishes a story titled “Consultant accuses Belgian construction company CFE of corruption with millions of euro’s bribe in Chad”. This according French consultant Michel Marstal who was involved in the project to construct the Radisson Grand Hotel in Ndjamena, the capital of Chad, and now has stepped to court.CFE won the contract to construct the h...
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
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