Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
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>Miss on orders, sales and adj. EBIT, net debt up materially - Despite the cautious round of pre close calls, MAREL’s Q1 2024 results disappoint. Orders remain soft and have declined sequentially (albeit up yoy), missing css by 4%. This is mainlky due to customers delaying investments because of the high interest rate environment and low profitability in their own sector as well as geopolitical uncertainty. Due to the weak order intake of previous quarters, sales have...
>CFO change signals Board forging ahead - MAREL has appointed a new CFO, Mr. Sebastiaan Boelen, with immediate effect. The current CFO, Mrs. Stacey Katz, who had only been in that position for two years, will leave with immediate effect as well although Mrs. Katz will remain an advisor until the end of 2023 to ‘ensure a smooth transition’. This development, albeit not unexpected, signals that the board wants to push ahead with the JBT transaction, regardless of what ...
>Rating to Accept the Offer from Outperform, pt to €3.60 - Given the weak Q4 2023 results and operational performance, the lowered 2024 adj. EBIT margin guidance (10%-11%, was 12%) and the slightly more cautious medium term guidance (14%+, was 14%-16%), we assume that JBT’s offer will be accepted by MAREL’s board and its shareholders and that JBT shareholders will also vote in favour of the deal. Based on the JBT share price of Friday ($103.3), the JBT offer values MA...
>Good Q4 order intake and sales but disappointing adj. EBIT margin - MAREL reported a solid order intake in the 4th quarter that beat css by 12%. Sales also beat consensus by 4%, driven by Meat and Plant, Pet & Feed (PPF). In absolute terms, adj. EBIT came in exactly in line with consensus expectations but the adj. EBIT margin amounted to 9.6%, well below css of 9.9%. Due to much higher than expected adjustment items between adj. EBIT and reported EBIT (€17m vs our e...
>JBT offer outcome more important than earnings - MAREL HF will report Q4 2023 results on February 7 after the close (analyst call on the 8th). We expect the company to report a weak set of numbers as clients remain cautious (impacting order intake) and company specific issues and weak order intake of previous quarters (also including negative sales mix with mainly greenfield projects) impact earnings. However, the earnings release will take a back seat to the possibl...
>JBT improved its offer to €3.60 and provides the necessary guarantees - MAREL has issued a press release stating that JBT has made a 3rd offer. JBT is now offering €3.60 per share with MAREL shareholders given the option to go for 100% cash (unexpected) or a portion in cash (€1.26 plus the remainder in shares or the full amount in JBT shares). The MAREL board says the deal is deemed attractive and ‘offers an opportunity to participate in future value creation’. The ...
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