reports
Barco NV: 2 directors
Two Directors at Barco NV bought 1,214,218 shares at between 12.955EUR and 13.016EUR. The significance rating of the trade was 68/100. 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 la...
- ING Helpdesk
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Kris Kippers
Recticel - Volume growth curbing price deflation
Q1 was in line with expectations whereby volume growth was able to curb the persist price deflationNo rebound yet in newbuild but renovation is able to curb thisAll in all, we stick to our neutral stance and set our TP at EUR 12.0/share or 9x EV/EBITDA (2025e)
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
ASML Valuation method update
In this note we make a small adjustment to our forecast, give a valuation overview and change our valuation method. We still see reasons to remain cautious as inventories remain elevated, while the divergence between WFE revenue growth and Semi manufacturers CapEx growth continues to diverge. Furthermore, we provide an extensive multiple overview. Finally, we adjust our valuation method. Our current target price is for 50% based on DCF valuation, 30% based on peer multiples and 20% based on 2025...
ASML discloses 2024 AGM results
ASML discloses 2024 AGM results ASML discloses 2024 AGM results Veldhoven, the Netherlands, April 24, 2024 – ASML Holding N.V. (ASML) today announces the results of its Annual General Meeting (AGM) held on April 24, 2024. The 2024 AGM marks the end of the terms of Peter Wennink and Martin van den Brink as Presidents of ASML and the beginning of Christophe Fouquet's term as President and CEO of ASML. At the AGM, ASML’s statutory financial statements for the 2023 financial year were adopted. In addition, the following items were approved: Proposal to adopt a final dividend payment of €1....
- Chaima Ferrandon
- Sven Edelfelt
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
ORA ORANGE SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ASM ASM INTERNATIONAL N.V.
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
- Chaima Ferrandon
- Sven Edelfelt
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
ORA ORANGE SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ASM ASM INTERNATIONAL N.V.
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
- ING Helpdesk
Benelux Morning Notes
ASM International: 1Q24 results - better on all fronts. Heineken: Uphill from here. KPN: 1Q24 in line, guidance slightly increased on Youfone acquisition. Melexis: 1Q24 results in line a relief. Universal Music Group: Spotify 1Q24 Results and guidance beat on margins. Vopak: Good progress to start the year. Wereldhave: 1Q24 LFL slows sharply
- Guy Sips
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Martin Marandon-Carlhian
- Stephane Houri
ASM International N.V : A very good Q1, outlook strengthened with GAA ...
>Q1 2024 results beat forecasts, due to a record gross margin link to a record contribution from China - Q1 2024 revenue was € 639m, up +2% q-o-q, but -8% y-o-y, above the consensus at € 628m. The gross margin was 52.9% well above the consensus at 48.4%. This improvement (vs Q4 2023 to 47.9%) principally stems from the mix and notably the contribution from China (a record level but not quantified). EBIT was € 192m (operating margin of 29.3%), i.e. 27% above the conse...
- Martin Marandon-Carlhian
- Stephane Houri
ASM International N.V : Très bon T1, des perspectives qui se renforcen...
>Des résultats T1 24 supérieurs aux attentes, du fait d’une marge brute record, liée à un poids record de la Chine - Le CA T1 24 ressort à 639 M€, à +2% qoq, mais à -8% yoy, > au consensus à 628 M€. La marge brute s’établit à 52,9% significativement > au consensus à 48.4%. Cette amélioration (vs T4 23 à 47,9%) découle principalement du mix et notamment de la contribution de la Chine (à un niveau record mais non précisé). L’EBIT ressort à 192 M€ (MOP de 29,3%), soit 2...
- Michael Roeg
ASM International - Strong beat in Q1, outlook raised for Q2/H2
Q1 beats vs. DP/CSS by: sales 2%, GP 10-11%, EBITA 24-27%, orders 6%Sales guidance Q2 and H2 lifted. At the midpoint of Q2, H2 guidance implies FY24 sales of at least EUR 2,770m. CSS is EUR 2,772mEstimates raised, TP slightly lifted, Hold reiterated
ASM reports first quarter 2024
ASM reports first quarter 2024 Almere, The Netherlands April 23, 2024, 6 p.m. CET Solid start of the year, Q1 orders supported by GAA and HBM ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q1 2024 results (unaudited). Financial highlights € million Q1 2023 Q4 2023 Q1 2024 New orders 647.4 677.5 697.9 yoy change % at constant currencies (6%) (14%) 10% Revenue 710.0 632.9 639.0 yoy change % at constant currencies 40% (7%) (8%) Gross profit margin % 49.4 % 47.2 % 52.9 % Adjusted gross profit margin ...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Release of 1Q24 company-compiled consensus. AkzoNobel: Decent 1Q24 with 4% beat, FY guidance reiterated. Allfunds Group plc: On the verge. Barco: Weak 1Q24, more conservative wording on guidance. DWS: 1Q24 preview. Flow Traders: No respite in March. IMCD: Last hurdle before growth. Randstad: 1Q24 slight miss vs consensus, 2Q24 outlook below due to weak gross margin. TKH Group: Preview – a weak 1Q expected Vår Energi: Nice start to the year
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Kris Kippers
Barco - Q1 worse than expected, reaching the through?
Barco's Q1 was clearly disappointing with sales dropping more than 20% in what luckily is a rather small quarter.Whereas China remains an issue, part of the drop is also linked to the (very) high comparison base combined with destocking at client level, sometimes necessary to be ready for product renewalDespite the tough start of the year, management is confident it will surpass the 14% margin level and sales could still be flat, ie ‘when markets would not deteriorate'We stick to our B...
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