Whitestone reported its full year results on 29th April 2024 which showed that NAV had grown by a healthy 10.3% (to €14.3ps) which was mainly driven by growth of portfolio companies and the deal with Multifin SA. The deal brought in new assets into the portfolio and as a result, Whitestone Group reshuffled its portfolio and now reports under 3 main platforms namely “Specific Materials”, “SMEs” and “Energy Transition”. Added to this, the group also bought a 10.0% stake in Tilman Laboratory (herba...
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 ...
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 ...
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 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 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...
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...
During FY23, Whitestone Group saw its NAV increase by 10.3% from €13.0ps to €14.3ps (€52.1m) – the increase in NAV was mainly driven by upward revisions of the value of portfolio companies and due to the €17.8 Mutifin SA deal which enabled Whitestone to bring onboard an experienced partner and to gain ownership interests in Energy Solutions Group, Clay Capital fund (€1.3m), Sibelco (€3.2m) and Abbove (€1.0m). The aim of the partnership is to strengthen certain existing holdings and make new inve...
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...
• 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...
• Whitestone's FY23 NAV amounted to EUR 34.3m or EUR 15.1 p/s• Since the start of 2024, Whitestone announced both a deal with Multifin and a capital raise, which would bring the portfolio towards a size of EUR 80m• The Group has significantly improved its communication, clarified its investment strategy and is implementing best practices in terms of governance including several initiatives on ESG• We estimate today's NAV at EUR 14.7 p/s, implying a discount of 12.1%. We raise our targe...
During 1Q24, Quest for Growth booked a net loss of –€1.4m while return on equity for the period was -1.0%. NAVps remained stable at €7.4ps (vs. €7.46ps during FY23-end). Within quoted assets, ABO Wind returned +42.0%, Tubize returned +25% and EVS Broadcasting returned +15% during 1Q24. Tubize and EVS are the largest positions in the portfolio as of 1Q24-end. On the other hand, LEM Holdings fell -18%, Melexis fell -18% and Equasens fell -16%; QfG added to their Equasens position during 1Q24. Har...
Q1-24 NAV came in at EUR 7.44 p/s but already pre-announced.Loss of EUR -1.4m in Q1, despite a strong performance of the listed portfolio, implies that QfG still needs to recover about EUR 7.7m or ~+5.5% before it can pay out a dividend.We estimate today's NAV to be EUR 7.44 p/s, implying an elevated discount of 38.5%. Unfortunately, QfG's discount is highly dependent on whether it can pay out a dividend. At the moment, this does not yet seem to be in the cards and hence we expect it t...
Since the start of March 2024, Syensqo has risen by 8.0% while Solvay has rallied 28.0%. However, in stark contrast to its underlying investments, Solvac has declined by -2.8% during the same time period. As a result, we estimate Solvac's discount to have widened to 38.4% which is much higher that the 2yr and 5yr average discount(s) of 24.3% and 20.7% respectively. While lower volumes in the name could be one reason, we also believe that the market has not fully re-calibrated its view of Solvac ...
Heineken Holding N.V. reports on 2024 first-quarter trading Amsterdam, 24 April 2024 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) publishes its trading update for the first quarter of 2024. Key Highlights Revenue €8,184 million, up 7.2%Net revenue (beia) organic growth 9.4%; per hectolitre 4.9%Beer volume organic growth 4.7%Premium beer volume organic growth 7.3%Heineken® volume growth 12.9%Gross merchandise value captured via eB2B platforms +17%Outlook for the full year unchanged; operating profit (beia) expected to grow organically low- to high-single-digit....
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