reports
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: FY24 results, disappointing outlook
Yesterday, Alfen published FY24 revenues (down 3.3% YoY at EUR487.6m) broadly in line with consensus and BGe expectations (respectively EUR483.0m and EUR485.2m). Gross margin, however, came in at 23.7% (-6.3ppt vs. 30.0% in FY23) and was affected by significant one-off items whereas adjusted EBITDA
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
XIL XILAM ANIMATION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
ALFEN ALFEN NV
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FLOW FLOW TRADERS LTD
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
XIL XILAM ANIMATION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
ALFEN ALFEN NV
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FLOW FLOW TRADERS LTD
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- Wim Hoste
DSM-Firmenich Feedback conference call
Below are the highlights from the 4Q24 results conference call. 4Q adj EBITDA jumped by 37% and was about 2% better than our and consensus forecasts. Dsm-firmenich guides for at least 13% adj. EBITDA growth in FY25, on the back of a combination of synergies, savings and continued benefit from temporary high vitamin prices. The company is still looking to exit the ANH business and, reflecting the strong balance sheet, has announced a € 1bn share buyback program. We still appreciate dsm-firmenich ...
- Julian Dobrovolschi
- Cor Kluis
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Acquisition of boutique wealth manager Petram & Co. Alfen: Takes care of costs and debt, guidance misses. Arcadis: Solid backlog growth provides comfort. BAM: A friend of ours, 10% yield. CM.com: 2H24 results – FCF positive, capital restructuring. dsm-firmenich: Cash in, cash back. Flow Traders: Roller Coaster. KBC: Encouraging outlook to 2027, poor dividend. RELX: FY24 results – in line, £1.5bn buyback in 2025. Talabat: A beat at its maiden 4Q24 results...
- Stefano Toffano
- Kristof Samoy
Arcadis Clear beat on EBITA and margins, FCF slightly weaker, nice bol...
FY24 net revs grew 4.5% org. to €3880m (vs. our €3901m and css of €3914m). Operating EBITA landed at €447m (vs. our €435m and css of € 443m) discounting an 11.5% margin up from 10.4% in FY23. The backlog rose to €3673m up 16.3% organically y/y. 4Q order intake of €998m was particularly strong in Resilience & Places with overall book-to-bill ratio of 1.04x down from 1.3x in 3Q24. However the latter quarter experienced exceptional order intake in Mobility. A €1 dps (€0.95 est.) is proposed.
- Sharad Kumar S.P
Ackermans & van Haaren Delen Private Bank Deepens Presence In The Neth...
Enter Private Bank has reached an agreement to acquire 100% of Petram & Co., an asset manager based in Utrecht, Netherlands. This is Delen's 6th acquisition (over the last 9 years) in the Netherlands since it entered the Dutch market in 2016 with the acquisition of Oyens & Van Eeghen. While we do welcome the news of Delen's growth, we are not entirely surprised. AvH management, over the last 2 years, has already mentioned that for the Private Banking Division, the Netherlands offers sufficient o...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Martijn Den Drijver
- Damien Choplain
- Martial Descoutures
- Jacob Mekhael
Galapagos FY24 update outlines path to market for lead CAR-T
Galapagos reported FY24 results which came with a pipeline prioritisation providing clarity on the path to market lead program GLPG5101 (CD19 CAR-T). With pivotal development planned for 2026 in 8 B-cell malignancies and a first approval targeted for 2028, Galapagos' CAR-T plans are shaping up. YE24 cash came in at € 3.3b and Galapagos will have 500m following the business split announced in January, sufficient to fund the company to reach its next inflection milestones and we expect renewed int...
- Wim Hoste
DSM-Firmenich FIRST LOOK: 4Q adj EBITDA +37%, FY25 guidance of at leas...
4Q adj EBITDA jumped by 37% and was about 2% better than our and consensus forecasts. Dsm-firmenich guides for at least 13% adj. EBITDA growth in FY25, on the back of a combination of synergies, savings and continued benefit from temporary high vitamin prices. The company is still looking to exit the ANH business and, reflecting the strong balance sheet, has announced a € 1bn share buyback program. We still appreciate dsm-firmenich for its broad portfolio and market leading positions. The upcomi...
- Damien Choplain
- Martial Descoutures
- Thijs Berkelder
Arcadis Q4 and Full Year 2024 Results: Record earnings per share, reco...
Arcadis Q4 and Full Year 2024 Results: Record earnings per share, record backlog, enhanced long term visibility PRESS RELEASE | Arcadis Fourth Quarter and Full Year Results 2024 Record earnings per share, record backlog, enhanced long term visibility FOURTH QUARTER Strong Order Intake of €1.0 billion resulting in Book to Bill of 1.04xRecord fourth quarter operating EBITA margin of 12.6% (Q4‘23: 11.4%)Free Cash Flow generation of €183 million (Q4‘23: €208 million)Bolt-on acquisition of Data Center Design business in Germany FULL YEAR Record backlog of €3.7 billion, organic growt...
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