reports
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Robert Jan Vos
Greenyard N.V. : No applause expected for Greenyard’s H1 2024/25 updat...
>Sub-par EBIT almost offset by interest expenses and taxation in H1 2024/25 - Like-for-like sales increased 6.1% in H1 2024/25 (Fresh: 6.5%, Long Fresh: 4.5%), which was ahead of our estimate (3.5% group). Adjusted EBITDA was € 94.4m, in line with our estimate. EBIT was € 31m, which is materially below our forecast. Greenyard mentions reorganisation costs (€ 4.5m), and higher depreciation. Although a notch below our estimate, finance costs are high at € 26m in H1 2024...
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Guy Sips
Greenyard Confirming its ambitions of € 200m–210m Adj. EBITDA by March...
After successfully navigating its business during two challenging years in 2022 and 2023, which were marked by unseen inflation, Greenyard reached in 1H24/25 operational results in line with our model with increased net sales and a further improvement of its Adj. EBITDA driven by sustained volume growth particularly in the Fresh segment and by managing optimal price levels across as well its Fresh as in its Long Fresh division. We welcome the reduction of both debt and leverage ratio (from 2.39x...
- Hans D’Haese
- Maxime Stranart
Greenyard/Preview for 1H24/25 results/HOLD
Greenyard will publish its 1H24/25 results (1 April to 30 September) on Tuesday, 19 November, at 7am CET. During the last AGM in September, Greenyard did not provide any guidance for the current year or half year. We expect 1H24/25F sales to be up by 4.8% YoY to €2.64bn, driven by 1.7% inflation and FX effects, with 3.3% volume growth in Greenyard's Fresh segment and 2.3% volume growth in the Long Fresh segment. Greenyard is currently trading at a discount to our peer group median EV/EBITDA valu...
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime
>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...
>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Potentially no growth in 2025, but the low point is probably...
>Target price of € 85 (vs € 100) and Outperform opinion – The low point is probably not that far off and the valuation already prices in much bad news - Melexis shares closed down 13% yesterday after disappointing Q4 guidance. While the weakness of the automotive segment was already clearly identified, the scale of the quarter-on-quarter decline in Q4 came as a surprise (-17%). In these conditions, and seeing that inventory adjustments may continue for another few qua...
- Guy Sips
Melexis Model update after inventory correction at its automotive cust...
We updated our model after Melexis indicated it sees more challenging end-market circumstances. It was not a surprise to us that Melexis revealed that recent discussions with customers indicate that they wish to reduce significantly their inventories by year-end, which Melexis has decided to assume. The market was -in our opinion- more worried that Melexis highlighted that -while the inventory correction at its automotive customers is temporary and global car production is projected to grow in 2...
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Vers une année 2025 potentiellement sans croissance mais le ...
>OC de 85 € (vs 100 €), opinion Surperformance – Le point bas n’est probablement pas si loin et la valorisation intègre déjà beaucoup de mauvaises nouvelles - Le titre Melexis était en baisse de 13% hier après une guidance T4 décevante. Or si la faiblesse du segment automobile était déjà bien identifiée, c’est l’ampleur de la baisse séquentielle au T4 qui a surpris (-17%). Dans ces conditions et avec une correction de stock qui pourrait durer encore quelques trimestre...
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- ING Helpdesk
Benelux Morning Notes
Aedifica: Good top line, portfolio stabilising, guidance marginally revised upward. Ageas: China Taiping Life 3Q Solvency remains strong. ASM: 3Q24 results – That's a relief - FY25 guide narrowed upwards. Belgian Telecoms: Peer Telenet 3Q24 results, still losing shares. Fugro: Focus on EBITDA and orderbook. GBL: Kicking off its trainers and cashing in €0.6bn. Colruyt: To operate 100 OKay City stores by 2032F. Heijmans: Preview - Progressing well. KPN: VodafoneZiggo 3Q24 show still weak pe...
GBLB GROUPE BRUXELLES LAMBERT SA
MDLZ MONDELEZ INTERNATIONAL INC. CLASS A
AGS AGEAS SA/NV
WKL WOLTERS KLUWER NV
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
LOTB LOTUS BAKERIES NV
HEIJM HEIJMANS N.V. CERT
AED ROYAL VOPAK NV
MELE AEDIFICA SA
ASML MELEXIS NV
OBEL ASML HOLDING NV
FUR ORANGE BELGIUM SA
FUGRO NV
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