reports
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
PROX PROXIMUS SA DE DROIT PUBLIC
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
RAND RANDSTAD NV
MONT MONTEA SCA
AALB AALBERTS N.V.
BRNL BRUNEL INTERNATIONAL N.V.
TWEKA TKH GROUP N.V. CERT
OBEL ORANGE BELGIUM SA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
AGN AEGON N.V.
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
Montea Expansion in Port of Ghent via CiK
Montea announced a contribution in kind (CiK) transaction of a 20k sqm site from Tailormade Logistics (TML), who will lease it back for at least 10 yrs. The transaction amounts to EUR 12.2m as Montea issues 148,396 new shares at EUR 82.00 per share. That equals a discount of 3.19% over the last 3 trading days. The yield on the transaction is reported at 6.7%. Montea also enters into an agreement with North Sea Ports. This indicates that the land is most likely in concession (renewed). This would...
- Francesca Ferragina
Montea/Model update/HOLD
Montea's 1Q24 results were good with a 4.3% LFL and strong rents dynamic. Financials were sound with a 36.4% LTV, up from 33.5% in 4Q23 on the back of developments and the €50m German acquisition. We like the fact that Montea has already reinvested 70% of the capital raised last year (€87m in November). The portfolio value increased 4.3% YTD to €2.4bn and LFL valuations moved in a positive direction, up by €12m (or +0.5%): a small but meaningful message that the trend is reverting. 2024 guidance...
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: 1Q24 Preview. ABN AMRO: Press reports on sale of French Life Neuflize JV with AXA. Agfa-Geveart: A miss on every line. ASR: Dutch residential rental income risk insignificant. B&S Group: Solid start to the year, costs under control. DEME Group: 1Q solidifies FY24 revenue outlook. GBL: Accelerating its share buybacks. Just Eat Takeaway.com: M&A appetite. OCI: Improving 1Q24 performance at RemainCo assets, strategic update due on 2Q24
Portland General Electric Co: 1 director
A director at Portland General Electric Co sold 44,593 shares at 44.750USD and the significance rating of the trade was 74/100. 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 ...
- Guy Sips
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Guy Sips
Agfa FIRST LOOK: Weak start of the year, full year outlook maintained
As Agfa indicated before, the first quarter was very soft, even (much) softer than we and CSS expected (250m sales versus our and CSS €277m/€ 276m) and Adj. REBITDA of € 2m and 1Q24 REBIT of €-9m (KBCSe € 2.5m, CSS € 1m). As a result we lower our rating to Accumulate while maintaining our € 2 TP as for FY24, Agfa expects a continuation of the trends seen in the previous year, with continued growth for the growth engines and further profitability improvements. The slow start to the year is expect...
The Agfa-Gevaert Group in Q1 2024: weak start of the year, full year o...
The Agfa-Gevaert Group in Q1 2024: weak start of the year, full year outlook maintained - regulated information Regulated information – May 14, 2024 - 7:45 a.m. CET The Agfa-Gevaert Group in Q1 2024: weak start of the year, full year outlook maintained HealthCare IT: Soft quarter following a strong Q4 2023Quarter-on-quarter improvement expected – stronger second half versus first half of the year Digital Print & Chemicals: Green Hydrogen Solutions business continued to grow substantially – ZIRFON plant project will be financed t...
De Agfa-Gevaert Groep in het eerste kwartaal van 2024: zwakke start va...
De Agfa-Gevaert Groep in het eerste kwartaal van 2024: zwakke start van het jaar, vooruitzichten voor volledig jaar behouden - gereglementeerde informatie Gereglementeerde informatie – 14-05-2024 - 7:45 uur CET De Agfa-Gevaert Groep in het eerste kwartaal van 2024: zwakke start van het jaar, vooruitzichten voor volledig jaar behouden HealthCare IT: Zwak kwartaal volgend op sterk 4de kwartaal van 2023Kwartaal-op-kwartaal verbetering verwacht – 2de jaarhelft zal sterker zijn dan de 1ste Digital Print & Chemicals: ...
- Laura Roba
Agfa-Gevaert - Slow start of the year, as anticipated
• Agfa's Q1 was even weaker than anticipated with sales being 8% below expectations and adj. EBIT going into negative territory• With operational gearing being negative, debt is returning on the balance sheet and now seems to result in Agfa announcing leasing as a way to hoard cash• Despite ST uncertainty, based on the expected positive earnings momentum, future growth prospects with growth engines starting to deliver and the upside to the current share price , we reiterate our BUY rating
- Wim Hoste
Belysse 1Q24 revenue -8.3%, adjusted EBITDA further recovers
1Q revenue declined by 8.3%, reflecting lower demand in both Europe and the US. Adjusted EBITDA improved on the back of lower COGS and reduced fixed costs, allowing leverage to drop to below 4x. Despite the difficult market conditions, we believe Belysse has overcome the raw materials volatility of the past two years. Valuation is attractive and prompts us to reiterate our Accumulate rating and € 1.6 target price.
Ontex Group NV: 1 director
A director at Ontex Group NV bought 8,000 shares at 9.140EUR and the significance rating of the trade was 57/100. 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 ...
- ING Helpdesk
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Jerôme Bodin
RTL Group : Q1 driven by good advertising trends but impacted by Frema...
>Neutral opinion reiterated - RTL Group has reported this morning Q1 sales of € 1.32bn, below our forecast and the consensus estimate (€ 1.38bn and € 1.36bn respectively). This was mainly due to the unexpected decline at Fremantle (-9.2%). The group did not break down its performance by country. TV advertising sales grew by 10% in Q1, slightly above expectations. As a reminder, M6 (20% of sales) had already reported its Q1 sales. The start of the year was fairly solid...
- Jerôme Bodin
RTL Group : Un T1 tiré par une bonne tendance publicitaire mais impact...
>Opinion Neutre réitérée - RTL Group a publié ce matin son CA T1 ressorti à 1 318 M€, inférieur à nos attentes et à celle du consensus (nous tablions sur 1 380 M€ et le consensus sur 1 362 M€). Ceci est principalement due à une baisse inattendue au niveau de Fremantle (-9,2%). Le groupe ne communique pas de détail sur ses performances par pays. Le CA publicitaire TV ressort en hausse de 10% sur le T1, légèrement supérieur aux attentes. Rappelons que M6 (20% du CA) ava...
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