reports
- 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
- Maxime Stranart
- Stijn Demeester
Deceuninck/1H24 encouraging, Turkey still uncertain/HOLD
We reiterate our HOLD as we remain concerned by: (1) the group's high exposure to emerging markets, with more than 50% of group Adjusted EBITDA generated in Turkey, in a highly cyclical industry; and (2) the significant impact raw material prices can have on profitability. We note some positives - with the Turkish division proving much more resilient this year than we had anticipated. We see limited room for upside - at c.9x normalised PER 2024F vs. Fenestration peers at 10x and no clear catalys...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Wim Hoste
Deceuninck Looking out of the window – model update
After a solid 1H operating performance, supported by margin growth in Europe on the back of improving cost discipline and lower energy costs, we raise our adjusted EBITDA forecasts for the FY24-FY26 period by between 4 and 7%. A fairly low capacity utilization in the key European market means limited capex is needed over the next few years and as such we expect Deceuninck to generate sizeable FCF in the coming years, which will allow the company to become net cash in the course of 2027. While ac...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Deceuninck FIRST LOOK: 1H adj EBITDA +10%, beating expectations –upgra...
Deceuninck reported better than expected 1H adj EBITDA, up c 10% y/y and 20% above our forecast and 22% above consensus. Net result came in below expectations on higher financial and tax charges. Market conditions are expected to remain difficult, whilst the focus will remain on operational excellence and cost optimization, with the German restructuring plan in execution. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while ...
- ING Helpdesk
- Wim Hoste
- Kris Kippers
Deceuninck NV: 1 director
A director at Deceuninck NV sold 500,000 shares at 2.500EUR and the significance rating of the trade was 67/100. 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 s...
- Maxime Stranart
- Stijn Demeester
Deceuninck/Model update post-FY23/HOLD
We reiterate our HOLD as we remain concerned by (1) the group's high exposure to emerging markets, with >50% of group Adj. EBITDA generated in Turkey, in a highly cyclical industry and (2) the significant impact raw materials can have on profitability. We however note some positives – with the Turkish division proving much more resilient than we had anticipated this year. We see limited room for upside at c.7x normalised PER 2025F; with Deceuninck trading in line with only listed peer Eurocell, ...
- ING Helpdesk
Benelux Morning Notes
Ageas: FY23 - DPS +8%, S2 ratio 217%, strong Asia even with FX headwinds. ASM International: 4Q23 results, weak start to 2024. Deceuninck: Turkey continues to surprise positively. DEME Group: Handsome set of FY23 results. Fugro: Double digit growth expected. Just Eat Takeaway.com: FY23 results, supportive EBITDA guidance. Kendrion: Balance sheet risk reduced UCB: Material beat to consensus in 2H23, 2024 outlook in line with consensus
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Deceuninck FIRST LOOK: Better than expected FY23 EBITDA (+15%) due to ...
Deceuninck reported a 15% FY adj EBITDA growth which was however partly supported by hyperinflation accounting effects. Excluding this, adj EBITDA was c 6% better than our forecast and 5% above consensus, fully attributable to the strong Turkish performance. While acknowledging the cyclical character of Deceuninck, we expect significant support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is attractive an...
- Kris Kippers
Deceuninck - Beat fully driven by Turkey
Sales declining by 11% but this was less than expected mainly driven by Turkey and to a lesser extent by Europe whereas the US was belowThe surprise mainly came from adj. EBITDA beating our expectations by 11%. However, this was fully driven by a whopping performance of Turkey whereas both Europe and the US were below expectations. Turkey represented 65% of FY adj. EBITDA as a resultBottom line results were impacted by the hyperinflation effect on the financials line as well as >EUR 20m restruct...
- ING Helpdesk
Benelux Morning Notes
ASML: Preview of 4Q23 - towards regained order momentum. Deceuninck: Departure of CEO Bruno Humblet. Just Eat Takeaway.com: Gradually gaining share again in the UK. Marel: Third time a charm. Randstad: Preview 4Q23F results due 13 Feb, consensus released - ambitious, or not? Signify: 4Q23 preview – top line pressure, margin protected
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Kris Kippers
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
LOCAL CHAMPIONS MID CAP EVENT - 14 December 2023
Company updates written at the occasion of our annual Local Champions Mid Cap Event set to take place on Thursday, 14 December 2023 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 of the below listed companies. AGFA | BARCO | BEKAERT | BIOTALYS | DECEUNINCK | EKOPAK | EVS | FAGRON | FLUXYS | IBA | ONTEX | TINC | XFAB
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