reports
- Guy Sips
Miko Significantly strengthening its market position in the BeNeLux
Miko announced that, despite a difficult year, it closed FY23 with a record EBITDA of over €30m (10.4% FY23 EBITDA-margin compared to € 26.1m (9.8%) in FY22. Private label in retail remains a struggle, but Miko continues to see its out-of-home market grow, not only in euros, but also in volume in a market that is “a victim of out-of-home”. Meanwhile, Miko is significantly strengthening its market position in the BeNeLux by acquiring the out-of-home business of Beyers at the end of 2022, and of C...
- Guy Sips
Roularta FY23 EBITDA of € 21.6m despite pressure on advertising and ri...
Like the entire media sector, Roularta has increased advertising rates, but this price effect is unable to compensate sufficiently for declining volumes due to the slowing advertising market. Roularta Media Group achieved FY23 EBITDA of € 21.6m, despite pressure on advertising revenue and rising wage costs. We maintain our Accumulate rating and use a, DCF backed, € 17.5 Target Price.
- Vincent Koppmair
Roularta - FY23 - Cost pressures remained strong
Sales down 5.7% due to a difficult advertising market, but better than H1.Cost inflation remained strong. Gross margin increased to 81.3%. EBITDA comes in at EUR 21.6m (-28% YoY) or a 6.7% margin (vs. 8.8% margin in 2022).Net profit lands at EUR 2.4m. Optional DPS proposed at EUR 1.00/share.Roularta is cautiously optimistic for 2024. The concession distribution for magazines will be the bigger question mark in 2024.We put Roularta ‘Under review' while we review our estimates.More details in...
- Guy Sips
Miko Acquiring Capriole Coffee Service
Miko announced yesterday the acquisition of the Dutch and Belgian coffee service company Capriole Coffee Service. Capriole achieves sales of over €12m with about 60 employees. We see this, after the acquisition of Beyers coffee's out-of-home business in December last year, a next cornerstone investment in Miko's buy-and-build strategy. Accumulate rating and € 85 Target Price maintained.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Guy Sips
Miko Model update with lower Target Price as retail private label rema...
We updated our Miko model after the 1H23 trading update indicting that 1H23 was characterized by a positive sales evolution in Miko's traditional business, focusing on the out-of-home market, which again recorded a nice growth. We incorporated in our model that Miko indicated that the business of private label for the retail market remains difficult. As a result we lower our Target Price to € 85, in line with our updated DCF-valuation (€ 85.3).
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Jeroen Van Den Bossche
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Roularta FIRST LOOK - 1H23 revenue and profit under pressure
Roularta's 1H23 revenues were down 6.0% y/y to € 159m mainly due to a difficult advertising and readership market. In addition, higher paper, energy and personnel charges caused EBITDA to fall from €17.8m to € 8.4m. We lower our Target Price from € 24 to €21 as Roularta's 1H23 revenue and profit were under pressure due to increased costs and economic uncertainty. We maintain our Accumulate rating as we see potential in Roularta announced additional investment in development of digital package (b...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Wim Lewi
- Vincent Koppmair
Roularta - H1 2023 - Sales & cost pressures persist
Sales down 6% given a difficult readers and advertising market.Cost inflation persists, price increases were unable to fully offset them. Gross margin decreased 80bps to 80.2%. Net profit landed at EUR -0.9m.Roularta remains prudent on H2 due to the uncertainties in the market.The company hosts an analyst meeting today at 13:00 CET.More details in our note issued this morning
- MarketLine Department
Turism Hoteluri Restaurante Marea Neagra SA - Strategy, SWOT and Corpo...
Summary Turism Hoteluri Restaurante Marea Neagra SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Turism Hoteluri Restaurante Marea Neagra SA (THRMN) is a provider of tourist services. The company provides a wide range of accommodation and catering services. It ...
- Benjamin Wolff
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Benjamin Wolff
- Guy Sips
- Wim Lewi
- Benjamin Wolff
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Olivier Vandewoude
- Wim Hoste
- Wim Lewi
- Guy Sips
- Sharad Kumar S.P
- Wim Lewi
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