>Another acquisition in the field of plant-based ice/frozen products - Yesterday morning, Greenyard announced it has acquired the Belgian company Crème de la Crème. The company develops, manufactures, and sells ice products and frozen desserts, with a clear focus on the pure-plant category. The company is the European market leader in its field of expertise, according to Greenyard. The acquisition follows the acquisition of Italian pure-plant ice Gigi in the spring of...
Azelis: Bloomberg report citing M&A interest. BE Semiconductor Industries: 1Q24 preview, focus on order intake. Greenyard: Crème de la Crème acquisition. Just Eat Takeaway.com: Deliveroo reports 1Q24 trading. Melexis: 1Q24 Preview, focus on pricing. NSI: Guidance confirmed, LTV improves, small but interesting investments might come. Sligro: 1Q24 results in line with expectations Vastned: Key €100m single asset disposal achieved
A director at Deceuninck NV bought 500,000 shares at 2.247EUR and the significance rating of the trade was 68/100. 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...
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, ...
>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...
>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...
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
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...
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...
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