reports
- ING Helpdesk
Benelux Morning Notes
Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...
- Reg Watson
- CFA
Coca-Cola Europacific Partners PLC/Playing FTSE/BUY
Liquidity testing for CCEP's admission to the FTSE UK Index Series started with the transfer of the company's shares to the (Commercial Companies) category of the Official List on 15 November 2024. The company has now met the liquidity requirements for November and the seasonally quiet month of December with two more months of testing required before possible admission to the FTSE 100 index in March 2025. With December's liquidity test met, we expect that January and February should be a formali...
- Reg Watson
- CFA
Coca-Cola Europacific Partners PLC/ Let's play FTSE/BUY
Liquidity testing for CCEP's admission to the FTSE UK Index Series started with the transfer of the company's shares to the (Commercial Companies) category of the Official List on 15 November. The company has met the liquidity requirements for November with three more months of testing required before possible admission to the FTSE 100 index in March 2025. Based on the company's third quarter IMS, we adjust our earnings forecasts and raise our 12-month target price to €81.00 from €76.22 (based o...
- ING Helpdesk
Benelux Morning Notes
Adecco: 3Q24 miss; stabilising trends in 3Q24 and into 4Q24; accelerating cost savings. B&S Group: 3Q24 preview - liquor bottoming into 4Q24? Coca-Cola Europacific Partners: Almost the real thing. D'Ieteren: Belgian October car registrations down 5.5%, VW down 11%. Kinepolis: Oct US/Canada box office at 59% of pre Covid level, France recovery to 78%. Recticel: 3Q24 compares well with Kingspan. Renewi: 1H25 preview - battling cost inflation with self help. Syensqo: Slight beat on 3Q...
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 3Q24 results strong, membership ingrowth ahead, on track to FY24 outlook. BE Semiconductor Industries: 3Q24 preview - a mixed picture. CM.com: 3Q24 trading update – in the right direction. Coca-Cola Europacific Partners PLC: No more pussyFTSEing around. Exor: Once-in-a-decade launch of Ferrari's next flagship supercar. Signify: 3Q24 Preview, prolonged market weakness. Staffing sector: Manpower 3Q24 results a slight miss, 4Q24 outlook weak and well below. WDP: Results in ...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Crude Oil Breaking Below 1.5-Year Support The latest recessionary signal we are seeing includes WTI and Brent crude oil prices violating 1.5-year supports, which only adds to our prior concerns about a weakening labor market and possible recession in the U.S., considering the Sahm rule and Schannep Recession Indicator (SRI) have both triggered. We also discussed last week (August 29 Int'l Compass) how we were expecting the S&P 500, Japan's TOPIX, and Europe's EURO STOXX 50 to "roll over near cu...
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
- Jerôme Bodin
ODDO : Olympic Games and Euro 2024: a limited economic impact but an o...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Jerôme Bodin
ODDO : Jeux Olympiques et Euro 2024 : un impact économique limité mais...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
AC ACCOR SA
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
BN DANONE SA
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
PUM PUMA SE
COV COVIVIO SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
ULVR UNILEVER PLC
RCO REMY COINTREAU SA
SW SODEXO SA
TFI TELEVISION FRANCAISE 1 SA
MMB LAGARDERE SCA
DEC JCDECAUX SA
NESN NESTLE S.A.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
GLO GL EVENTS SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
WPP WPP PLC
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ABI ANHEUSER-BUSCH INBEV SA/NV
DUFN DUFRY AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
FDJ LA FRANCAISE DES JEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AF AIR FRANCE - KLM
MFEA MEDIASET NV
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Nicolas David
BVI BUREAU VERITAS SA
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
GRF GRIFOLS S.A. CLASS A
AIR AIRBUS SE
CAP CAPGEMINI SE
ENEL ENEL SPA
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NEM NEMETSCHEK SE
COK CANCOM SE
BC8 BECHTLE AG
IBE IBERDROLA SA
SAN BANCO SANTANDER S.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
AGN AEGON N.V.
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : TP raised to €60 (from €55); Neutral ...
>FY 2023 recap: strong price/mix but consumers trading down - CCEP reported its FY 2023 results with 8% yoy revenue growth and revenue per unit case 8.5% higher year-on-year. The company reported -0.5% volume growth (translation: softer consumer spending, especially in Coca-Cola drinks and RTD tea, coffee and juices). We note that Energy drinks outperformed CCEP’s overall volume performance with +14% volume growth. CCEP realised a strong operational efficiency perfor...
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Michael B. Schäfer
ENGI ENGIE SA.
CA CARREFOUR SA
BVI BUREAU VERITAS SA
DAI DAIMLER AG
EN BOUYGUES SA
BAS BASF SE
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
JDEP JDE PEET'S NV
FER FERROVIAL SA
TEN TENARIS S.A.
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : FY 2023 results, +8% revenue growth, ...
>No volume growth, only price increase for FY 2023 - CCEP realised € 18,302m of sales for FY 2023 which implies 8% yoy growth (comparable FXN)Regarding the company’s categories, sparkling volumes are in line with FY 2022, including a slight increase from flavours, mixers and Energy and no volume growth from Coca-Cola. Stills volumes are down 5% yoy, including -7% for hydration and -3 for RTDs and juices. On revenue per UC, CCEP reported € 5.70 of revenue per UC,...
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
BVI BUREAU VERITAS SA
BN DANONE SA
AAL ANGLO AMERICAN PLC
COV COVIVIO SA
SK SEB SA
DAI DAIMLER AG
NESN NESTLE S.A.
ISP INTESA SANPAOLO S.P.A.
HEI HEIDELBERGCEMENT AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
UCG UNICREDIT S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
KBX KNORR-BREMSE AG
TEN TENARIS S.A.
- Robert Jan Vos
- Salome Charamalet
Coca-Cola Europacific Partners : FY 23 guidance set to be met, revenue...
>Q4 2023 strong price/mix, no/negative volumes - CCEP is set to report its FY 2023 results on 23 February 2024 at 8am CET. The company’s revenue guidance for FY 2023 stands at 8-9%. This outlook was reiterated by CCEP in Q3 2023, while the company had already realised 8.5% revenue growth in the first nine months of 2023. As such, keeping such expectations of total revenue growth implies revenue growth in the range of 7-15.3% in Q4 2023. This quarter, we expect Western...
- ING Helpdesk
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