reports
- ING Helpdesk
- Maxime Stranart
- Stijn Demeester
Recticel/A strong 1Q25 thanks to Insulation Boards/BUY
We reiterate our BUY rating and €16 target price on Recticel following the group's 1Q25 results. We remain convinced by the medium-to-long term potential of the Insulation market, which should provide Recticel with ample room to grow both organically and through M&A thanks to its net cash position. On top of this, we expect a gradual recovery in the Residential segment to allow for material margin improvement, allowing Adj. EBITDA to grow by CAGR >21% over 2024-27F. We flag that the new factory ...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Strong Q1, improving fundamentals, further growth to come. Air France-KLM: Surprising Atlantic. Aperam: In-line 1Q25, seasonal better 2Q25 expected. ArcelorMittal: In-line 1Q25, risks to steel demand due to tariff uncertainty. ASM International: 1Q25 Results - FY25 headwinds from weak USD. Ayvens: Getting into Gear. dsm-firmenich: Transformation on Track. Lotus Bakeries: Peer Mondelez 1Q25 results. Melexis: Mixed 1Q25 results in unstable markets. Ontex: Two steps fo...
- ING Helpdesk
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Hoste
- Wim Hoste
Recticel FIRST LOOK: Solid 1Q top line growth, no precise FY25 guidanc...
Recticel has seen a good start of the year, with a better than expected 12.7% top line growth in 1Q. The company still does not provide a quantitative guidance on FY25, but importantly is seeing some price increases in Insulation Boards. While we still believe in the strategic attractiveness of Recticel's (mainly) polyurethane focussed insulation offering, we deem valuation is about fair and we maintain our Hold rating and € 11 TP.
- Maxime Stranart
- Stijn Demeester
Recticel/FY24 postview: heading to the United States/BUY
We reiterate our BUY rating and increase our target price to €16 from €15 for Recticel, as we remain convinced by the medium-to-long term potential of the Insulation market, which should provide Recticel with ample room to grow both organically and through M&A thanks to its net cash position. On top of this, we expect a gradual recovery in the Residential segment to allow for material margin improvement, allowing Adj. EBITDA to grow by CAGR 22% over 2024-27F. We flag that the new factory in the ...
- ING Helpdesk
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Recticel FIRST LOOK: FY24 adj EBITDA +27%, no precise FY25 guidance
Recticel posted a FY24 adjusted EBITDA growth of c 27% to € 49.6m, in line with the c € 50m guidance whilst being 3% below our forecast and c. 5% below consensus. The company does not yet provide a quantitative guidance on FY25, but mentioned that order books are solid and some signs of cyclical improvement are visible. The company is launching a sizeable, € 50m greenfield project in North America. While we still believe in the strategic attractiveness of Recticel's (mainly) polyurethane focusse...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Record result from core segment, in line with estimate. Bekaert: In-line 2024, 2025F guidance suggests weak 1H25 momentum. Belgian telecoms: Management/liquidity crisis at DIGI Belgium. bpost: 4Q24 beats but no dividend over FY24, FY25 outlook well below. Elia: Preview FY24, capex and financing in focus. Fugro: After a nice beat, moving into FY25 dynamics. Kendrion: No recovery signals. Proximus: Neutral 4Q24, 2025 guidance. Recticel: UK Deputy PM calls fo...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results
- ING Helpdesk
Benelux Morning Notes
Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...
- ING Helpdesk
Benelux Morning Notes
Aperam: 4Q24 EBITDA beats on Alloys and Recycling, 1Q25 guidance subdued. Basic-Fit: Consensus released, preview 4Q24/2024 results due 12 March. Flow Traders: 4Q24 preview. IBA: Framatome and IBA to partner to develop Astatine-211 Cyclotron Network. KPN: ACM approval received for new TowerCo with Dutch pension fund ABP. Orange Belgium: Better 2H24 EBITDAal, mobile net adds; 2025 EBITDAal growth guidance. Recticel: Peer Rockwool 4Q24 results. RELX: FY24 preview. Universal Music Gr...
- Maxime Stranart
- Stijn Demeester
Recticel/The year of recovery/BUY
We reiterate our BUY rating on Recticel, as we remain convinced by its above-average growth potential in the appealing Insulation segment, but we lower our target price from €16 to €15 on the back of a more cautious recovery in FY25F and a higher cost of capital. With its net cash position, we expect a growing exposure to non-Residential to warrant a re-rating for Recticel, which currently trades at a discount of 35-50% to key peer Kingspan on depressed estimates. On mid-cycle EBITDA, we flag th...
- 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
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Adecco: 3Q24 miss; stabilising trends in 3Q24 and into 4Q24; accelerating cost savings. B&S Group: 3Q24 preview - liquor bottoming into 4Q24? Coca-Cola Europacific Partners: Almost the real thing. D'Ieteren: Belgian October car registrations down 5.5%, VW down 11%. Kinepolis: Oct US/Canada box office at 59% of pre Covid level, France recovery to 78%. Recticel: 3Q24 compares well with Kingspan. Renewi: 1H25 preview - battling cost inflation with self help. Syensqo: Slight beat on 3Q...
- Wim Hoste
Recticel FIRST LOOK: 3Q LFL revenue growth +6%, FY guidance maintained
3Q revenue growth accelerated to 6% on a like for like basis, with revenue of € 156.6m slightly above our and consensus forecasts. Recticel reiterated its FY guidance of around € 50m adjusted EBITDA. Although we do believe in the longer term growth prospects of the insulation market, short term multiples are not particularly appealing with EV/EBITDA25e of c 10x and so we reiterate our Hold rating for now.
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.