reports
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Tessenderlo Model update – lowering estimates and lowering TP
We have lowered our adjusted EBITDA forecasts for FY24-26 by 8% following the FY24 guidance reduction from a flat result to a 5-10% drop. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating sizeable FCF (close to €100m in 1H). Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. We view share buybacks as an excellent way to create shareholder value and welcome the awaited simplification of ...
- ING Helpdesk
Benelux Morning Notes
ASR: 1H small beat, KNAB add-on to Solvency 2 higher. Avantium: Down to the wire. Flow Traders: Pump up the volume. Greenyard: 1Q24/25 preview. Kendrion: Navigating difficult end markets. Montea: Solid results with no surprises, guidance reiterated. NEPI Rockcastle: Guidance raised, M&A opportunities on the radar. Tessenderlo: 1H24 Adj. EBITDA miss of 5%, lower FY guidance
- Wim Hoste
Tessenderlo FIRST LOOK: 1H adj. EBITDA -26.5%, FY guidance lowered
1H adj EBITDA dropped by 26.5% and was 1% better than our forecast although 5% below consensus. FY adj EBITDA guidance has been lowered from a flat result to a 5-10% drop whilst we and consensus were banking on +2%. Whilst business conditions in a number of end markets are clearly challenging, Tessenderlo is still generating sizeable FCF (close to €100m in 1H). Starting from a very solid balance sheet, capital allocation is a crucial theme in the equity story. We view share buybacks as an excell...
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - July 2024 KBCS Holdings Universe Up 1.2% Thanks To M...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- ING Helpdesk
Benelux Morning Notes
ABN Amro: CEO leaving in 1H 25, another management change AB InBev: Does what it says on the can AMG: Solid 2Q24 beat and guidance raise, Brazil on track for full capacity by 4Q24 Aperam: Good quarter on EBITDA and FCF, 3Q24 guide in-line Ayvens: Mixed bag Azelis: In-line 2Q24, cautious return to organic growth in Americas yet outlook remains fragile Fagron: Nice 2Q24 beat and guidance raise, higher capex to support growth Fugro: 15% beat but missing balance in its results GBL: Lackluster NAV pe...
- Sharad Kumar S.P
GBL 1H FY24: Exceptional Dividend Thanks To Trimming Adidas Stake
NAVps remained flat at €113.9 (vs. €113.6 during FY23-end). What surprised us was the management's decision to payout a dividend of €5.0ps, up 82% YoY. The massive uptick in dividend payment is possible thanks to the €630.0 cap. gains which came from decreasing the stake in Adidas from 7.6% to 5.1% (€999.0m proceeds). Given that GBL materially trimmed its position in Adidas and has entered into a forward contract to sell another €250.0m, we feel that, over the medium term, the stake in Adidas an...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stijn Demeester
Tessenderlo/Adhering to a constructive view as cycle turns/BUY
As we revisit the Tessenderlo investment case, we reiterate our BUY recommendation on a target price of €32 per share, from €44 previously. While ongoing macro headwinds are likely to result in a soft 1H24 performance, we expect earnings to recover as of 2025F, driven by selective growth investments. Additionally, we believe Tessenderlo's attractive valuation, strong cash generation and solid balance sheet further warrant a constructive stance.
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- MarketLine Department
EXOR NV - Company Profile and SWOT Analysis
Summary EXOR NV - 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 EXOR NV (Exor) is a diversified investment holding company, primarily involved in long-term capital appreciation investments in global leading companies. The company's portfolio is largely composed of investmen...
- Sharad Kumar S.P
Holdings Report - June 2024 KBCS Holdings Universe Down -3.6% Due To S...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-4.1%) while multi-asset holdings posted a slightly less negative return of -3.7%. The 3 top performers during the period were Financière de Tubize (+5.9%), Texaf (0.0%), and Quest for Growth (-1.8%) while the 3 worst performers were Compagnie du Bois Sauvage (-7.7%), Gimv (-5.6%), and KBC Ancora (-5.3%). YTD Performance - Relative: On a YTD ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
Tessenderlo Group: 2 directors
Two Directors at Tessenderlo Group bought/sold 1,253,192 shares at 26.050EUR. The significance rating of the trade was 70/100. 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 y...
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Sharad Kumar S.P
GBL Private assets to dictate future equity story
Since the start of FY24, GBL has returned -6.5% and has seen its discount widen to a massive 45.2% (vs. an estimated NAVps of €121.5). We believe that GBL's lacklustre performance is mainly due to the poor performance of some listed stakes such as Ontex, Umicore and Concentrix while investors also veered away from the stock since ~70.0% of NAV is derived from listed assets. Going forward, we think GBL's equity story will be centred around the attractiveness and performance of its private assets....
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