reports
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/Harder, better, faster, stronger… but expensive/HOLD
We reiterate our HOLD on Lotus Bakeries but increase our target price from €9,999 to €12,000 on the back of a significant volume growth beat in 1H24, while our WACC is lowered modestly to reflect lower 10-year yields in the United States. We continue to view Lotus Bakeries as a unique growth story in the FMCG segment, with more than a decade of self-funded organic growth ahead. However, we believe that the valuation of the company already reflects these growth prospects, with our model forecasti...
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Guy Sips
Lotus Bakeries Robust and broad-based volume growth across the three s...
We updated our model after Lotus Bakeries reported 1H24 sales of €599.3m, up 19.6% y/y, mainly driven by robust and broad-based volume growth of more than 16% across the three strategic pillars. In addition, there was a 3% y/y price effect, combined with FX impact. We saw a) continued momentum and outstanding volume growth in Lotus Biscoff; b) Lotus Natural Foods also continues to outperform the market with double digit growth; and c) Lotus Local Heroes delivered mid-single digit growth above hi...
- ING Helpdesk
Benelux Morning Notes
B&S: Preview - chasing growth, battling cost inflation. CTP: 1H24 results call highlights. D'Ieteren: Belron US peer Boyd reports slightly better 2Q24 but outlook still weak. Fastned: Preview 1H24. Lotus Bakeries: Strong volume growth beat. Xior Student Housing: 1H24 results call highlights. Coverage change
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Aedifica: Small guidance increase Just Eat Takeaway: Better EBITDA in 1H24 and more cash returns Lotus Bakeries: Mondelez 2Q24 results Melexis: 2Q24 results, holding up well Ontex: Onwards and upwards Solvay: 2Q24 EBITDA beats by 4%, profit and FCF guidance upped Wolters Kluwer: 1H24 results, no surprises Events Calendar
- MarketLine Department
ARYZTA AG - Mergers & Acquisitions (M&A), Partnerships & Alliances
Summary Marketline's ARYZTA AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by ARYZTA AG - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a...
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Acomo: Bitter cocoa. Air France-KLM: Happily, Olympic Games only once in 100 years. AkzoNobel: 2Q24 Adj. EBITDA miss, FY guidance lowered in line with consensus. CM.com: 1H24 results; doing more with less. Euronext: 2Q24 preview. Lotus Bakeries: Lindt & Sprüngli 1H24 results. Philips: Preview 2Q24, back to normality. Randstad: 2Q24 misses 3% due to weak gross margin; outlook 3Q24 c.6-10% below but FY24 perhaps c.4%. UCB: 1H24 preview; confirming its return to growth. Universal ...
- Guy Sips
Lotus Bakeries Mondelez partnership for Biscoff in India/co-branded ch...
Mondelez and Lotus Bakeries join forces to expand the Biscoff brand in India and create co-branded chocolate innovations in key markets. The main items of the deal are :1) Mondelez to manufacture, market, distribute and sell Lotus Biscoff brand in India, significantly expanding its presence in the Indian cookie market; and 2) both companies will develop co-branded chocolate innovations combining Biscoff with Cadbury, Milka and other key brands in Europe, with option to expand globally. The first...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Guy Sips
Jensen-Group FIRST LOOK : A good start to 2024
Jensen-Group 1Q24 revenues were up y/y 11.6% to € 109.1m. The 1Q24 order intake increased y/y 34.4% to €114.9m. As a result Jensen-Group called this “a good start to 2024”. 1Q24 EBIT came in at € 11.2m (€ 11.4m in 1Q23) resulting in 10.3% 1Q24 EBIT-margin (11.7% in 1Q23). 1Q24 net result amounted to € 11.1m (€ 1.15 EPS). We maintain for the moment our Accumulate rating and € 40 Target Price as these numbers are ahead of our FY24 forecasts of 8.8% FY24E sales growth and 9.5% FY24E EBIT-margin. ...
Lotus Bakeries: 1 director
A director at Lotus Bakeries sold 478 shares at 9,493.930EUR and the significance rating of the trade was 100/100. 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 years clearly...
- Kris Kippers
Lotus Bakeries - From “growth” story to “hype”
• Biscoff (+20%) and Natural Foods (+25%) posted very high growth rates, also in H2 despite tough comps. Local Heroes also did well at +15%, mostly price/mix driven. This was better than the market and their own expectations. Margins remained at sound levels, largely thanks to pricing• We again raised our estimates and now bank on a sales CAGR of 9% until 2035 (from ~8%) and almost 10% EBITDA CAGR. For the near future, our numbers are close to consensus estimates and now look quite aggressive• L...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
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