reports
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Michiel Declercq
Sipef Time to harvest the fruits
Following the publication of the FY24 results, we have revised our estimates to the upside. While production the output in FY24 disappointed, we expect production to structurally grow over time, driven by maturing plantations such as South-Sumatra, as well as the recovery from the volcanic eruption in PNG. Together with the ongoing high CPO prices and lower capex intensity in the years ahead, this should boost FCF, allowing for additional shareholder remuneration. Based on today's attractive val...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Frank Claassen
Sipef - Another strong year due to favorable palm oil prices
• The palm oil price is developing more favorably than anticipated, which is compensating for weaker than expected production volumes. • SIPEF guides for FY24 net profit to be close to last year, which means that we could raise our net profit estimates by a few million.• We stick to our view that SIPEF's valuation is too low (EV/hectare
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Frank Claassen
Sipef - Profit guidance 2024 above our expectations
• The FY23 net profit was a few million ahead, while the guidance for 2024 of ‘a slightly lower net result' clearly exceeds our estimates. • The impact of volcano eruption in PNG is compensated by volume growth in Indonesia. We will increase our FY24/25 net profit by up to USD 10m.• We stick to our view that SIPEF's valuation is too low (EV/hectare
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Michiel Declercq
Sipef Provides update on volcano eruption
Sipef provided an update on the impact of the Mount Ulawun eruption in PNG, located not far from Hargy Oil Palms (HOPL), a 100% subsidiary of Sipef. After carrying out an inspection on the infrastructure and plantations, Sipef expects the impact in 2023 to be limited, yet foresees a maximum production decline of 20% at HOPL in 2024 and full recovery after 2.5-3 years. Based on today's net selling prices of around $ 900/t, this would translate into a $ 1.4m net profit impact in 2023 and maximum o...
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Frank Claassen
Sipef - Eruption could impact 2024 profits by ~20%
*Eruption of Mount Ulawun only has a limited impact on 2023 profits, resulting in its guidance left unchanged *For 2024, though, the impact could be larger, up to USD 15m or some 20% of our net profit estimate. Long term value creation is not impacted *Short term negative impact does not affect its long term potential – BUY and EUR 74.0 TP reiterated, using UDS 11k per hectare
- Guy Sips
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Michiel Declercq
Sipef Model update: lower costs will offset softer volumes, increases ...
Sipef reported a nice 3Q23 update. Although the 4.4% decrease in palm oil production came in slightly below our expectations, the softer volume outlook is expected to be offset by reduced input costs. Because of this, Sipef now banks on a recurring net result (gs) at the “higher end” of the $ 65-$75m range, compared to “between” $60-$70m previously. After increasing our estimates in line with the guidance, we reiterate our Buy & € 66.0 TP.
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Frank Claassen
Sipef - A satisfying year indeed
Despite light production volumes, SIPEF raises its FY23 guidance for recurring net profit from USD 60-70m towards the higher-end of USD 65-75m on the back of sound palm oil price levelsWe see room to increase our FY23 net profit estimate of USD 67m to USD 73-74m. However, we leave our FY24 net profit virtually unchangedWe stick to our view that SIPEF's valuation is too low (EV/hectare
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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