>Worldwide sales in July 2024 in line with our forecasts +18.7% y-o-y vs +18.5% in June - Worldwide semiconductor sales in July 2024 were published by the WSTS (World Semiconductor Trade Statistics) with the usual one-month lag. In terms of the 3-month moving average, sales were $ 51.3bn, in line with our estimate, i.e. +2.5% on a sequential basis and y-o-y growth of +18.7%, after 18.5% in June.Continued strong growth in memory thanks to prices, a slight...
>Ventes mondiales de juillet 2024 en ligne avec nos attentes à +18.7% yoy vs +18.5% en juin - Les ventes mondiales de semiconducteurs de mai 2024 ont été publiées par WSTS (World Semiconductor Trade Statistics), avec (comme toujours) un mois de décalage. En donnée lissées (moyenne de 3 mois), elles ressortent à 51,3 Md$, en ligne avec notre prévision, à +2.5% en séquentiel et en croissance annuelle de +18.7%, après 18.5% en juin.Poursuite de la forte cr...
We updated our model and increase our Target Price for What's Cooking? from € 95 to € 110 as the 1H24 results confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. The 1H24 numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high. Recently What's Cooking? has started a review of the strategic options for the Savoury b...
1H24 results of What's Cooking? confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. We maintain our Buy and € 95 Target Price as these numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high. What's Cooking?'s operational performance is improving thanks to its cost optimisation program and the investments made in bot...
A director at ASM International N.V. maiden bought 8 shares at 617.200EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
ASM announces completion of share buyback program Almere, The Netherlands July 29, 2024, 8:30 a.m. CET ASM International N.V. (Euronext Amsterdam: ASM) today announces that its €150 million share buyback program 2024 has been completed. On February 27, 2024, ASM announced the authorization of a new share buyback program of up to €150 million. The program started on May 15, 2024, and was completed on July 25, 2024. In total, we repurchased 228,389 shares at an average price of €656.77, under the 2024 program. This share buyback program was executed by a third party. ...
ASM has once again beaten market expectations at the 2Q24 update with solid order intake and an increase in guidance. The company is strongly benefiting from the shift to the 2nm GAA node and the high growth of HBM DRAM. We believe this run is far from over and expect continued strong order momentum over the course of 2024. We reiterate our BUY and increase our target price to €800 per share (from €750). ASM is on the ING Benelux Favourites list.
With this note we provide colour on the changed valuation method. Previously we used a DCF based approach. We still include a 50% weight for our DCF, and add 30% weight on Peer multiples and 20% weight on 2025 PE multiples. Furthermore, we increase revenue forecasts and include higher margins. All components combined result in a valuation of € 545 per share. As all valuation methods show downside, do we reiterate our reduce rating.
ASM: 2Q24 results; Beat and raise. DWS: Swimming against the tide. Elia: Okay 1H24 results, outlook raised KPN: 1% EBITDAal beat on €10-15m asset sale, guidance reiterated, includes asset sale. Melexis: Preview 2Q24; focus on the cycle. Sofina: 1H24 NAV underperforms the markets, but hopeful message of improved momentum in sourcing growth. Universal Music Group: Spotify 2Q24 and guidance beat on margins; YouTube ad revenues disappoint. Wereldhave: Analyst call highlights. Events Calendar
>Q2 2024 results slightly better than expected - Q2 2024 revenues came in at € 706m, at +10% q-o-q and +6% y-o-y, or 3% ahead of the consensus of € 683m and above the top end of the € 660-700m guidance range. The gross margin came in at 49.8%, just below the consensus of 50.4%, due to a less favourable mix with the decline in sales in China (expected – ODDO BHF at 49%). Adjusted EBIT came in at € 182m, or an operating margin of 25.8%, short of the consensus at € 188m ...
>Des résultats T2 2024 très légèrement supérieurs aux attentes - Le CA T2 2024 ressort à 706 M€, à +10% qoq et +6% yoy, soit 3% > au consensus de 683 M€ et au-dessus de la borne haute de la guidance de 660/700 M€. La marge brute s’établit à 49,8%, légèrement inférieure au consensus de 50.4%, en raison d’un mix moins favorable lié à la baisse des ventes en Chine (attendue – ODDO BHF à 49%). L’EBIT ajusté ressort à 182 M€, soit une marge opérationnelle de 25,8% inférieu...
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