reports
- 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
- Guy Sips
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
GBL 1Q FY24: NAV rises 2%; Adidas Stake Trimmed To 6.9%
During 1Q FY24, GBL posted a NAVps of €115.9ps, up 2.0% vs €113.6ps during FY23-end. GBL crystallized value on a portion of its Adidas stake by trimming its position from 7.9% to 6.9% - this generated €258.0m in cash proceeds of which €155.0m was capital gains. Both healthcare participations reported strong top line growth which was complimented by M&A while private assets cumulatively rose by €36.0m in FV. GBL Capital generated €94.0m in value and €37.0m in cash earnings. Sienna IM recorded inf...
- Sharad Kumar S.P
Tubize Financiere Model Update: We raise our TP to €135.0
Since the start of year, UCB has rallied 53.5% from €79.2 to €121.0+ thanks to positive momentum on Bimzelx' commercial uptake. UCB has entered a new growth phase as it turns the page on the loss of exclusivity of several of its mature assets. The new chapter will focus strongly on five growth drivers: Bimzelx, Rystiggo, Zilbrysq, Fintepla and Evenity. Jointly, these assets could deliver significant topline growth and margin improvements in the coming years – we updated our model and raised our ...
- Kris Kippers
GBL - Q1 24: NAV +2% and stable dividend guided
• Q1 NAV at EUR 115.9 p/s, up 2% YTD, was in line. Pro-forma for the share cancellation approved on May 2, NAV would have been EUR 118.6• Partial sale of Adidas shares, cutting its stake to 6.9% and Affidea and Sanoptis continue their growth streak, whereas Canyon continues to struggle• Dividend guided to be ‘at least stable at EUR 2.75' for FY24• We estimate today's NAV to be EUR 118.2 p/s, implying a 41.1% discount. This remains elevated and above the long-term discount of about 27%....
Announcement of the total number of voting rights as at 30 April 2024
Announcement of the total number of voting rights as at 30 April 2024 Regulated information, Leuven, 2 May 2024 (17.40 hrs CET) Announcement of the total number of voting rights as at 30 April 2024 In application of Article 15 of the Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market, KBC Ancora publishes on its website and via a press release on a monthly basis the total capital, the movements in the total number of voting shares and the total number of voting rights, in so far as these particulars have changed...
Annonce du nombre total des droits de vote au 30 avril 2024
Annonce du nombre total des droits de vote au 30 avril 2024 Information réglementée, 2 mai 2024 (17.40 CET) Annonce du nombre total des droits de vote au 30 avril 2024 En application de l'article 15 de la loi du 2 mai 2007 relative à la publicité des participations importantes dans des émetteurs dont les actions sont admises à la négociation sur un marché réglementé, KBC Ancora publie mensuellement sur son site web et par le biais d'un communiqué de presse le capital total, ainsi que l'évolution du nombre total de titres avec droit de vote et du nombre total des droits de vote, dans la me...
Bekendmaking van het totaal aantal stemrechten per 30 april 2024
Bekendmaking van het totaal aantal stemrechten per 30 april 2024 Gereglementeerde informatie, Leuven, 2 mei 2024 (17.40 CET) Bekendmaking van het totaal aantal stemrechten per 30 april 2024 In toepassing van artikel 15 van de wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen in emittenten waarvan aandelen zijn toegelaten tot de verhandeling op een gereglementeerde markt, maakt KBC Ancora maandelijks op haar website en via een persbericht het totaal kapitaal, en de evolutie van het totaal aantal stemrechtverlenende effecten en het totaal aantal stemrechten bekend, voor z...
- 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 May 2024 : Adding Fugro, Removing Arcadis
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Michiel Declercq
D'Ieteren The engine that keeps on running
D'Ieteren's engine keeps on running, with the adj. PBT (gs) up 28.1% in 2023, driven by a strong performance at Belron, Auto, and the full consolidation of PHE. Going forward, we expect the adj. PBT (gs) to grow 9% in 2024, and to accelerate to +15.7% in 2025 driven by the completion of the transformation programme at Belron. With D'Ieteren trading at only 13.9x the adj. fwd P/E, we believe investors are not giving D'Ieteren enough credit for its excellent track record and growth prospects. In a...
- Joren Van Aken
TINC - New investment: Water-as-a-Service (WaaS)
• TINC will invest EUR 8m for a 33.33% stake in Azulatis, which is a spin-off of De Watergroep. We believe this is an interesting investment with a profile that fits in the infrastructure portfolio of TINC• We estimate today's NAV to be EUR 13.82, implying a discount of 11.4%.• Since our upgrade to Buy, the stock rallied 11.3%, mainly thanks to a discount narrowing from 19.1% in March to 11.4% today. We deem today's discount to be more appropriate for TINC's portfolio and as the u...
- ING Helpdesk
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