reports
- Konrad Zomer
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Acquisition of boutique wealth manager Petram & Co. Alfen: Takes care of costs and debt, guidance misses. Arcadis: Solid backlog growth provides comfort. BAM: A friend of ours, 10% yield. CM.com: 2H24 results – FCF positive, capital restructuring. dsm-firmenich: Cash in, cash back. Flow Traders: Roller Coaster. KBC: Encouraging outlook to 2027, poor dividend. RELX: FY24 results – in line, £1.5bn buyback in 2025. Talabat: A beat at its maiden 4Q24 results...
- ING Helpdesk
Benelux Morning Notes
Aperam: 4Q24 EBITDA beats on Alloys and Recycling, 1Q25 guidance subdued. Basic-Fit: Consensus released, preview 4Q24/2024 results due 12 March. Flow Traders: 4Q24 preview. IBA: Framatome and IBA to partner to develop Astatine-211 Cyclotron Network. KPN: ACM approval received for new TowerCo with Dutch pension fund ABP. Orange Belgium: Better 2H24 EBITDAal, mobile net adds; 2025 EBITDAal growth guidance. Recticel: Peer Rockwool 4Q24 results. RELX: FY24 preview. Universal Music Gr...
- Konrad Zomer
- Marc Lavaud
- Youssef Besbes
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
REL RELX PLC
BT.A BT GROUP PLC
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
PUM PUMA SE
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
ABB ABB LTD.
LONN LONZA GROUP AG
POM PLASTIC OMNIUM SE
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TYRES NOKIAN RENKAAT OYJ
WKL WOLTERS KLUWER NV
FR VALEO SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
HM B H&M HENNES & MAURITZ AB CLASS B
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
ASML ASML HOLDING NV
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
GEST GESTAMP AUTOMOCION S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Konrad Zomer
- Marc Lavaud
- Youssef Besbes
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
REL RELX PLC
TKA THYSSENKRUPP AG
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
APAML APERAM SA
KPN ROYAL KPN NV
PUM PUMA SE
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
ABB ABB LTD.
LONN LONZA GROUP AG
POM PLASTIC OMNIUM SE
GLE SOCIETE GENERALE S.A. CLASS A
SZG SALZGITTER AG
NOKIA NOKIA OYJ
TYRES NOKIAN RENKAAT OYJ
WKL WOLTERS KLUWER NV
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SY1 SYMRISE AG
NDA AURUBIS AG
HM B H&M HENNES & MAURITZ AB CLASS B
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
GEST GESTAMP AUTOMOCION S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- David Vagman
- CFA
- Marc Hesselink
- CFA
- Thymen Rundberg
RELX/Onward and upward/BUY
RELX delivered a solid 9M24 trading update in October. Stable organic growth, and reiterated 2024F guidance lead us to make only minor adjustments to this year's group level estimates. We do, however, slightly increase organic growth in the coming years, primarily due to Legal as we believe the comments made during the division's seminar on 31 October point towards an accelerating growth trajectory in the coming years. Also, incorporating small FX tailwinds leads to EPS increasing by 1% in 2025F...
- Jan Frederik Slijkerman
A-rated TMT credit investments/Better credits at similar spreads
In this report we evaluate the single-A TMT space. We argue that the notes of Wolters Kluwer, Relx, Swisscom and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. As spread curves trade rather flat, we prefer notes in the belly of the curves. In this note we provide a summary of our general findings, followed by company descriptions.
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
RELX Group PLC : Positive momentum continued with ongoing strong adopt...
>7% organic revenue growth with momentum still strong - In its 3Q trading update, RELX reported organic revenue growth of 7% for the first nine months, in line with H1 (7%). Management reiterated its FY outlook and continues to see positive momentum across the group. It still expects another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted EPS at constant currencies (we are at 7% organic revenue growth for...
- ING Helpdesk
Benelux Morning Notes
Acomo: Hot Chocolate. Azelis: 3Q24 not flawless, but organic growth is back. BE Semiconductor Industries: 3Q24 results, putting its money where its mouth is. Ebusco: Rigorous turnaround plan, but many liquidity related concerns; recommendation moves to Under Review. GBL: Looking to take vitamins. Kinepolis: Solid 3Q24 attendance, in line, confident in the movie outlook for 4Q24, 2025. Ontex: Guidance Stumble. Unilever: Momentum maintained. Vastned: End of the disposal program, wa...
- ING Helpdesk
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024
We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2024
Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Konrad Zomer
RELX Group PLC : Q3 update should reflect ongoing strong momentum desp...
>Favourable market conditions likely to have continued in recent months - RELX is set to release its 3Q trading update on Thursday 24 October. We expect market conditions remained broadly similar as to what they were in H1, which is simply benign. Our FY organic revenue growth forecasts for the three large divisions are 4% for STM, 8% for Risk and 7% for Legal. This is all in line with H1. For Exhibitions, after 16% organic revenue growth in the first half, we see 12%...
- ING Helpdesk
- David Vagman
- CFA
- Marc Hesselink
- CFA
- Thymen Rundberg
RELX/Data goldmine/BUY
RELX is a market leader in attractive defensive markets and has a strong competitive moat. We believe that organic revenue growth should accelerate to high single digit in the years to come due to the continued shift towards data analytics/decision tools, resulting in strong EPS growth (9% CAGR 2023-28F). Valuation is attractive relative to peers, and strong cash generation in the coming years (FCF >20% of revenues) should enable sizable shareholder returns and M&A. We initiate coverage on RELX ...
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