reports
- Julian Dobrovolschi
- Wim Gille
- Thijs Berkelder
- Martijn Den Drijver
MAREL HF : CFO departure signals board pushes ahead to close negotiati...
>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 ...
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
EDEN EDENRED SA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
FAST FASTNED
BLV BELIEVE SA
IVG IVECO GROUP
- Martijn Den Drijver
MAREL HF : JBT/Marel shareholders likely to approve the deal after Q4 ...
>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...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Martijn Den Drijver
MAREL HF : Weak Q4 margin, 2024 and medium term guidance adjusted
>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...
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- Jean-François Granjon
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
VETO VETOQUINOL SA
WIZZ WIZZ AIR HOLDINGS PLC
MAREL MAREL HF.
ALVIV VISIATIV SA
SESL SES-IMAGOTAG SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
MDM MAISONS DU MONDE SA
PWG PRODWAYS GROUP SA
NSI NSI N.V.
S30 SOLUTIONS 30 SE
ALHRS HYDROGEN REFUELING SOLUTIONS
- ING Helpdesk
- Martijn Den Drijver
MAREL HF : Preview Q4 2023: earnings taking a back seat to the JBT off...
>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...
Hybridan Small Cap Feast - 22 Jan 24
22nd January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Fehmi Ben Naamane
AC ACCOR SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
WTB WHITBREAD PLC
BIO BB BIOTECH AG
ENI ENI S.P.A.
REP REPSOL SA
MAREL MAREL HF.
AIXA AIXTRON SE
SHOT SCANDIC HOTELS GROUP
ARG ARGAN SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
BP. BP P.L.C.
IHG INTERCONTINENTAL HOTELS GROUP PLC
SHEL SHELL PLC
DEME DEME GROUP NV
- Fehmi Ben Naamane
AC ACCOR SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
WTB WHITBREAD PLC
BIO BB BIOTECH AG
ENI ENI S.P.A.
REP REPSOL SA
MAREL MAREL HF.
AIXA AIXTRON SE
SHOT SCANDIC HOTELS GROUP
ARG ARGAN SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
BP. BP P.L.C.
IHG INTERCONTINENTAL HOTELS GROUP PLC
SHEL SHELL PLC
DEME DEME GROUP NV
- Martijn Den Drijver
MAREL HF : JBT ups offer to €3.60 (all cash an option) plus guarantees...
>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 ...
- 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
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 01/18/2024 Date Performance sin...
2024 is set to be less impressive than 2023 (comparison bases, persistent inflation and tougher price hikes). We continue to play the green Capex theme and remain cautious on the construction segment. After the end-of-year rally, we see more limited re-rating potential. Based on our 2024 guidance scenarios, our Top Picks are Atlas Copco, Schneider Electric and Siemens (green Capex exposure, potential for earning upgrades over the course of the year). We have downgraded Rexel to Neutra...
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 18/01/2024 Date Performance dep...
L’année 2024 sera moins flamboyante que 2023 (base de comparaison, inflation persistante et hausses de prix plus difficiles). Nous continuons de privilégier la thématique ‘Green Capex’ et restons prudents sur le segment de la construction. Après le rallye boursier de fin d’année, le potentiel de rerating nous semble plus limité. Sur la base de nos scénarios de guidances 2024, nos top picks sont Atlas Copco, Schneider Electric et Siemens (exposition Green Capex, potentiel de relèvement...
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