reports
- ING Helpdesk
- Maxime Stranart
- Stijn Demeester
Recticel/Volumes growth back on the agenda/BUY
We reiterate our BUY and increase our target price from €15 to €16 following Recticel's 1H24 results, to reflect a lower WACC and broadly stable estimates. We remain convinced by the medium-to-long term potential of the Insulation market - this should provide Recticel with ample room to grow organically and, thanks to its net cash position, through M&A. We view future acquisitions as a key catalyst for the share price over the short term, as these would confirm the ambition of the group to mater...
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- 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
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September 2024 –Cofinimmo & Kinepolis in;...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Wim Hoste
Recticel Model update – Structural growth drivers but no ST support fr...
We have finetuned our earnings model post the 1H24 results release, with adjusted EBITDA forecasts for FY24-26 lowered by between 2% and 5%, reflecting the competitive landscape (mainly in the Boards business). Despite the reduced forecasts, we still expect Recticel to grow adjusted EBITDA by c. 31% in FY24 and by 19% in FY25, benefiting from savings initiatives and the Rex integration & growth. Building markets are bottoming out, but we do not expect meaningful improvement in momentum until 202...
- Wim Hoste
Recticel Feedback conference call
Below are the highlights from the 1H results conference call. On the back of double digit underlying volume growth, 1H Adj EBITDA jumped by 38% to € 25.1m, which was roughly in line with our forecast and c 3m above consensus. Although Recticel expects to have seen the market bottom in Western Europe whilst noting an improvement in the UK, FY guidance of around € 50m adjusted EBITDA is slightly below our and consensus forecasts of respectively € 52m and € 54m. Although we do believe in the longer...
- Thijs Berkelder
Ackermans & Van Haaren : Strategy update required
>Strong core versus weak non-core results - H1 results up 17%. AvH has improved its 24H1 reported net result by 17% y-o-y to € 200.4m (AAOB € 218m post results listed subsidiaries), equivalent to an EPS of € 6.13 per share, and up from € 5.16 per share in 23H1. Key drivers: DEME and Private Banking. The Contribution from AvH’s core segments rose by 50% to € 224.2m (AAOB € 215.0m post results listed subsidiaries), with DEME yesterday clearly beating all analyst e...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
- Sharad Kumar S.P
Ackermans & van Haaren 1H FY24: Marine & Private Banking Post Strong P...
During 1H FY24, net result before capital gains/losses rose by 38% to €224.2 thanks to the strong performances of both the marine & private banking, which together make up 92% (€206.6). Compared to 1H FY23, the private banking division posted impressive results across the board with op. income rising 27% YoY to €420m, net result rising by 22.5% YoY to €147m, ROE at 14.2%, AuM reaching a record level of ~€71b while managing to further lower cost-income ratio to 48%. High activity levels and stron...
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Recticel FIRST LOOK: 1H adj EBITDA +38%, FY guidance slightly below co...
On the back of double digit underlying volume growth, 1H Adj EBITDA jumped by 38% to € 25.1m, which was roughly in line with our forecast and c 3m above consensus. Although Recticel expects to have seen the market bottom in Western Europe whilst noting an improvement in the UK, FY guidance of around € 50m adjusted EBITDA is slightly below our and consensus forecasts of respectively € 52m and € 54m. Although we do believe in the longer term growth prospects of the insulation market, short term mu...
- Thomas Vranken
mdxhealth Strong growth outlook (Model Update)
Following mdxhealth's 1H24 results, we updated our model to incorporate the new segment reporting. Overall, our topline estimates remain largely unchanged, as we remain optimistic on the company's long-term growth perspectives. We have slightly adjusted our FY24 gross margin estimates downward, but maintain confidence in adjusted EBITDA profitability by 1H25. Our new TP lands at $ 5.70 (previously $ 6.00), while we reiterate a Buy rating.
Ackermans & van Haaren: Outstanding results in core participations res...
Ackermans & van Haaren: Outstanding results in core participations result in a strong increase of AvH's net profit for 1H2024 to EUR 200 million (+17%) Dear shareholder, Dear Madam, Dear Sir, Please find attached our Half-Year Report 2024. Best regards Ackermans & van Haaren Attachment
Ackermans & van Haaren : Des résultats exceptionnels dans les particip...
Ackermans & van Haaren : Des résultats exceptionnels dans les participations principales entraînent une forte augmentation du bénéfice net qui atteint € 200 millions (+17%) Cher actionnaire, Monsieur, Madame, veuillez trouver ci-joint notre communiqué. Meilleures salutations, Ackermans & van Haaren Pièce jointe
Ackermans & van Haaren: Uitstekende resultaten van kernparticipaties z...
Ackermans & van Haaren: Uitstekende resultaten van kernparticipaties zorg voor sterke stijging van nettowinst van AvH in 1H2024 tot 200 miljoen euro (+17%) Geachte aandeelhouder, Geachte mevrouw, geachte heer, gelieve bijgevoegd ons halfjaarverslag 2024 te vinden. Met vriendelijke groeten, Ackermans & van Haaren Bijlage
- Hans D’Haese
- Jason Kalamboussis
Ackermans & van Haaren/1H24 preview and model update/BUY
After underperforming the market by 2% in 2023, Ackermans & van Haaren's (AvH) share price has continued to underperform in 2024 - with 10% total return YTD vs. 14% for the BEL20 Index. We argue that this still does not reflect the good performance and earnings momentum of AvH's main participations and that AvH remains undervalued on various metrics. At the current price, the company is trading at a FY24F PER of 11.8x, below the 10-year average (14.6x), FY24F P/B of 1.0x, below the 10-year avera...
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
mdxhealth FIRST LOOK: 1H24 results continue impressive topline growth
In line with previously reported preliminary results, mdxhealth's 1H24 results feature a strong +32% y/y uptake in revenues, while cash burn gradually comes down. Management reiterates its recently upped $ 85-87m FY24 revenue guidance and it still foresees adjusted EBITDA profitability by 1H25. We see mdxhealth as a uniquely positioned player in the urology diagnostics space, and reiterate a $ 6.0 TP and Buy rating.
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