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Jacob Mekhael ... (+6)
  • Jacob Mekhael
  • Lynn Hautekeete
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thomas Vranken
  • Wim Hoste
Oliver Metzger ... (+3)
  • Oliver Metzger
  • Thomas Zlowodzki
  • Wim Gille

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2024

Les députés ont supprimé vendredi dernier la surtaxe d’Impôt sur les Sociétés proposée par le gouvernement français dans son PLF 2025. Il serait, selon nous, hasardeux de crier victoire trop tôt, et cette disposition pourrait faire son retour durant la suite du débat budgétaire, sous la forme initialement proposée par le gouvernement ou sous une autre. Nous restons prudents sur les actions françaises, le débat budgétaire restant chaotique et pas à la hauteur des enjeux, comme le souli...

Oliver Metzger ... (+3)
  • Oliver Metzger
  • Thomas Zlowodzki
  • Wim Gille

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2024

Last Friday, MEPs scrapped the exceptional additional corporate tax proposed by the French government in its PLF 2025. In our view, it would be risky to claim victory prematurely, and this provision could make a comeback during the remainder of the budget debate, in the form initially proposed by the government or in another form. We remain cautious on French equities, as the budget debate remains chaotic and fails to live up to the stakes, as underlined by Moody's downgrade of the so...

Russell Waller
  • Russell Waller

KPN (Neutral, TP: €3.8, +1%) Q3 24: Solid quarter, but slowing B2C fi...

KPN has reported a solid set of numbers with EBITDAaL c+1% ahead of consensus expectations and although FCF has missed, we expect the miss to be made up in Q4 as the timing of an interest payment has changed quarter.

Konrad Zomer
  • Konrad Zomer

KPN : Ongoing solid execution of a sound strategy

>3Q results a touch ahead of consensus with FY guidance maintained - KPN reported a strong set of results. Adjusted revenue growth was 4.2% at € 1,420m (consensus € 1,405m) and adjusted EBITDAaL came in at € 643m, +2.3% (+1.9% adjusted for Youfone). This was a touch ahead of consensus and our forecast (€ 639m). Capex was € 281m (consensus € 301m), down 8% yoy as a result of the timing of investments. FCF was disappointing at €178m (-10% YoY) and 20% below consensus at...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

bpost: Stamp/Parcel prices for 2025 announced KPN: Solid 3Q24 on better business and wholesale, managing down expectations on 2025/2026 FCF growth Philips: 3Q24 results, Prolonged China pain Vopak: A bit cautious on 3Q24 Events Calendar

Hilde Van Boxstael ... (+4)
  • Hilde Van Boxstael
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thomas Couvreur
 PRESS RELEASE

KPN delivers organic growth in all segments and confirms guidance

KPN delivers organic growth in all segments and confirms guidance Group service revenue growth (+3.7% y-on-y, or +3.4% organic)Consumer service revenue growth (+6.1% y-on-y, or +2.7% organic)Ongoing commercial momentum in Consumer postpaid (+45k); positive net adds broadband (+3k)Continued Business service revenue growth (+5.0% y-on-y, or +5.9% organic)Wholesale service revenues returned to growth on an organic basis (+1.1% y-on-y)Adj. EBITDA AL grew 2.3% y-on-y, or +1.9% excl. Youfone in Q3 2024; YTD FCF generation broadly stable y-on-yExpanded fiber footprint with +110k HP in Q3 2024 (+13...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Cofinimmo: Dividend and investment neutrality reconfirmed. KPN: 3Q24 preview. Melexis: 3Q24 Preview, some auto weakness expected. Montea: Sound results, no sign of tenants slow down. Proximus: Small 3Q24 beat and guidance increase on Domestic, DIGI late arrival; Data centers sold in sale and lease back. Signify: 3Q24 results, some sequential improvement Wereldhave: Strong Dutch LFL growth, guidance confirmed Xior Student Housing: Stronger organic trends

Maissa Keskes ... (+3)
  • Maissa Keskes
  • Stephane Houri
  • Thomas Zlowodzki
REL RELX PLC
FP TOTAL SE ... (+46)

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024

We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...

Maissa Keskes ... (+3)
  • Maissa Keskes
  • Stephane Houri
  • Thomas Zlowodzki
REL RELX PLC
FP TOTAL SE ... (+46)

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2024

Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...

Konrad Zomer
  • Konrad Zomer

KPN : Q3 growth not as buoyant as Q2 but on track to meet FY guidance

>On track to meet FY guidance - KPN is set to reports its Q3 results on 28 October. We expect the company to report adjusted revenue and adjusted EBITDAaL of €1,401m and €639m respectively, which reflects 2.8% and 1.6% YoY growth. These numbers compare with consensus revenue and adjusted EBITDAaL of €1,405m and €639m respectively so we are in line. We expect management to reiterate its FY24 guidance of approximately 3% revenue growth, adjusted EBITDAaL of approx. €2,5...

Sharad Kumar S.P
  • Sharad Kumar S.P

Holdings Report - September 2024 Exor Added To The KBC Securities Hold...

1M Performance - Absolute: During Sept'24 (1M period), the KBCS Holdings Universe posted a return of -0.2% which was mainly driven by multi-asset holdings (-1.2%) while single-asset holdings posted a positive return of 2.0%. The 3 top performers during the period were Sofina (+15.3%), Financière de Tubize (+8.4%), and Brederode (+7.2%) while the 3 worst performers were Exor (-4.4%), Compagnie du Bois Sauvage (-5.5%), and D'Ieteren Group (-7.2%). YTD Performance - Relative: On a YTD basis (as o...

Guy Sips ... (+5)
  • Guy Sips
  • Hilde Van Boxstael
  • Sharad Kumar S.P
  • Thomas Vranken
  • Wim Lewi
 PRESS RELEASE

Ackermans & van Haaren invests an additional 5 million euros in Biotal...

Ackermans & van Haaren invests an additional 5 million euros in Biotalys Dear shareholder, Dear Madam, Dear Sir, please find attached our press release. Best regards Ackermans & van Haaren Attachment

 PRESS RELEASE

Ackermans & van Haaren investit 5 millions d’euros supplémentaires dan...

Ackermans & van Haaren investit 5 millions d’euros supplémentaires dans Biotalys Cher actionnaire, Monsieur, Madame, veuillez trouver ci-joint notre communiqué. Meilleures salutations, Ackermans & van Haaren Pièce jointe

 PRESS RELEASE

Ackermans & van Haaren investeert bijkomend 5 miljoen euro in Biotalys

Ackermans & van Haaren investeert bijkomend 5 miljoen euro in Biotalys Geachte aandeelhouder, Geachte mevrouw, geachte heer, gelieve bijgevoegd ons persbericht te vinden. Met vriendelijke groeten, Ackermans & van Haaren Bijlage

Jan Frederik Slijkerman
  • Jan Frederik Slijkerman

KPN/Building out the franchise

KPN continues to report good results and we like the KPN notes. Despite a challenging market, we expect the company to achieve its FY24 outlook. Its sound performance lowers the risk of a leveraged buyout.

Guy Sips ... (+11)
  • 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 October 2024 – Adding NN Group

We maintain a defensive stance on the market for 2H24. The long anticipated expectations for interest rate cuts by central banks will finally come to pass. The election fever in the US is reaching boiling point and the conversations are becoming more polarised than before. Also corporate profit growth in Europe slows and the French elections have cast a negative spell. In Germany by-elections in the Eastern part showed a shift to extreme right and left that will make budget decisions even more ...

 PRESS RELEASE

KPN EGM approves appointment of Rob Shuter to Supervisory Board

KPN EGM approves appointment of Rob Shuter to Supervisory Board Today, Royal KPN N.V. (“KPN”) hosted an Extraordinary General Meeting of Shareholders (“EGM”) where KPN shareholders approved the appointment of Mr Rob Shuter to the Supervisory Board. The appointment is effective immediately and is made for a period of three and a half years, up to and including the Annual General Meeting of Shareholders to be held in 2028.   Detailed information about the approved resolution and other agenda items, is now available on the KPN website (). For more information:Royal KPN N.V. Investor Relati...

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