reports
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - Date1
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
JST JOST WERKE AG
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ASML : 2030 guidance totally unchanged, not even a more precise one…
>ASML confirms its 2030 targets of € 44/60bn of revenues and a gross margin between 56% and 60% - ASML has just released a press release ahead of its CMD this afternoon (starting at 1 p.m. CET) and here are the key highlights: ASML confirms potential 2030 scenarios for annual revenue between approximately € 44bn and € 60bn, with a gross margin of between approximately 56% and 60%. The mid point of € 52bn is thus unchanged. Consensus for sales is still at around €...
- Martin Marandon-Carlhian
- Stephane Houri
ASML : 2030 guidance totally unchanged, not even a more precise one…
>ASML confirms its 2030 targets of € 44/60bn of revenues and a gross margin between 56% and 60% - ASML has just released a press release ahead of its CMD this afternoon (starting at 1 p.m. CET) and here are the key highlights: ASML confirms potential 2030 scenarios for annual revenue between approximately € 44bn and € 60bn, with a gross margin of between approximately 56% and 60%. The mid point of € 52bn is thus unchanged. Consensus for sales is still at around €...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
Agfa-Geveart: Material miss on Healthcare activities. ASML: Long-term guidance confirmed. CVC Capital Partners: Comfortably on track. DEME Group: Raises outlook, lowers capex guidance. Proximus: Pressure on CEO from another possible coalition party. SBM Offshore: Again delivering
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Lewi
- Guy Sips
Agfa 3Q24 below forecasts & €50m savings program to align the cost bas...
3Q24 numbers were below our and CSS forecasts. We will update our model but we already lower our Target Price from € 2.0 to € 1.4. 3Q24 sales came in at € 277m (KBCSe € 291, CSS 286) and 3Q24 REBIT was €4m (KBCSe € 8.1m, CSS € 7m) with especially a poor performance in Radiology Solutions. Agfa hinted at a strong profitability step up in Digital Printing and Chemicals, and a significant increase in order intake in HealthCare IT, with a high share of cloud-based and net new customer contracts. Thi...
- Thijs Berkelder
DEME Group : Strong Q3 sales, 2024 sales guidance upped, EBITDA guidan...
>Very strong Q3 sales: beat of 16% and yoy growth of 40% - In its Q3 sales and order book update, DEME reported sales of €1.16bn, a beat of 16% versus our estimate (no css available). That €1.16bn in sales also means YoY growth of 39.9%, a clear acceleration versus growth in the first 6 months of 2024 which amounted to 29.9%. Offshore Energy did extremely well with YoY growth in Q3 of 86% (H1 2024 YoY growth was 38%) driven by higher capacity (fleet extensions) and hi...
- Guy Sips
DEME Raising its guidance and now expects y/y turnover growth >20%
We maintain our Buy rating and € 175 Target Price as DEME continues to see strong tender activity and a robust pipeline fuelled by solid demand across all contracting segments. 3Q24 sales came in at € 1.07bn (+34.8% y/y) and 9M24 revenues grew 32% y/y nearly € 3 bn with very solid double-digit growth in both the Offshore Energy and Dredging & Infra segments, boosted by continued high activity levels and effective project execution in 3Q24. Given this very nice 9M24 performance and taking into ac...
The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 1...
The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 15 million euro - regulated information Regulated information November 14, 2024 - 7:45 a.m. CET The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 15 million euro The Agfa-Gevaert Group posted double-digit revenue growth and a strong profitability step up in Digital Printing and Chemicals, and a significant increase in order intake in HealthCare IT, with a high share of cloud-based and net new customer contracts. This was counterbalanced by an accelerated m...
De Agfa-Gevaert Groep in het derde kwartaal van 2024: stabiele omzet, ...
De Agfa-Gevaert Groep in het derde kwartaal van 2024: stabiele omzet, aangepaste EBITDA van 15 miljoen euro - gereglementeerde informatie Gereglementeerde informatie 14-11-2024 - 7:45 uur CET De Agfa-Gevaert Groep in het derde kwartaal van 2024: stabiele omzet, aangepaste EBITDA van 15 miljoen euro De Agfa-Gevaert Groep noteerde een omzetgroei met dubbele cijfers en een sterke rendabiliteitsverbetering in Digital Printing and Chemicals, alsook een aanzienlijke toename van de order intake in HealthCare IT, met een groo...
Agfa kondigt plan aan om de kostenbasis van zijn traditionele filmacti...
Agfa kondigt plan aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt - gereglementeerde informatie 14 november 2024 – 7:45 uur CET Gereglementeerde informatie Agfa kondigt plan aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt Mortsel, België – 14 november 2024 – 7u45 Agfa kondigde vandaag een plan aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt. De onderneming heeft de intentie om alle aspecten van de filmgerelateerde...
Agfa announces plan to adjust the cost base of its traditional film ac...
Agfa announces plan to adjust the cost base of its traditional film activities to the reality in the market - regulated information November 14, 2024 – 7:45 a.m. CET Regulated information Agfa announces plan to adjust the cost base of its traditional film activities to the reality in the market Mortsel, Belgium – November 14, 2024 – 7:45 a.m. CET Agfa today announced a plan to adjust the cost base of its traditional film activities to the reality in the market. The company has the intention to thoroughly reorganize all aspects of the film-related...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’24. IDEAS DESTACADAS Y P...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRIFOLS, IBERDROLA. EUROPA: ASML, DEUTSCHE TELEKOM, PROSUS, SIEMENS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación estadounidense sigue el camino esperado Las bolsas europeas terminaron con caídas, aunque el dato de i...
Trading update Q3 2024: heading toward a record turnover in 2024
Trading update Q3 2024: heading toward a record turnover in 2024 Highlights third quarter 2024 Group turnover grew 32% in the first nine months of the year, reaching nearly 3 billion euro, up from 2.3 billion euro in the same period last yearOrderbook remains at a healthy level at 7.1 billion euroManagement further revised its guidance upward, now projecting year-over-year turnover growth to exceed 20%, with an EBITDA margin comparable to 2023 Attachment
Trading update Q3 2024: op weg naar een recordomzet in 2024
Trading update Q3 2024: op weg naar een recordomzet in 2024 Hoogtepunten derde kwartaal 2024 In de eerste negen maanden van het jaar steeg de groepsomzet met 32% tot bijna 3 miljard euro in vergelijking met een omzet van 2,3 miljard euro in dezelfde periode vorig jaarHet orderboek blijft gezond op een niveau van 7,1 miljard euroHet management heeft zijn verwachtingen voor het jaar naar boven bijgesteld, en verwacht nu een jaar over jaar omzetgroei die de 20% zal overschrijden, met een EBITDA-marge vergelijkbaar met die van 2023 Bijlage
ASML provides updated view on market opportunities at 2024 Investor Da...
ASML provides updated view on market opportunities at 2024 Investor Day meeting ASML provides updated view on market opportunities at 2024 Investor Day meetingPositioned for significant growth in revenue and profitability in this decade VELDHOVEN, the Netherlands, November 14, 2024 – At its 2024 Investor Day today, ASML Holding N.V. (ASML) provides an update on its long-term strategy as well as global market and technology trends, confirming potential 2030 scenarios for annual revenue between approximately €44 billion and €60 billion with a gross margin of between approximately 56% a...
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