reports
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment The pipeline looks promising to ensure a stron...
EVS started FY24 with a strong 1Q24, despite the reserved production capacity dedicated to this years Big Events (Olympics, EK). We welcome EVS indicated that at the same time the pipeline looks promising to ensure a strong FY24. EVS reiterated its revenue guidance of €180m to € 195m (KBCSe € 189.2m) and now expects FY24 EBIT to land between € 38.0m and € 45.0m (KBCSe € 43.6m). We maintain our Buy but increased our Target Price from € 37.5 to € 39, in line with our updated DCF.
- Wim Lewi
Xior Balance Sheet recovery is priority nr1, for real
Xior explained that patching up the balance sheet takes priority over EPS growth. Despite rising debt costs, the EPRA EPS stabilised with new deliveries, strong lfl growth and some exceptionals. Thanks to a strong underlying market, Xior opts not to take low-ball bids for its large assets/projects. It also extended the bridge loan to 3Q24. Selling smaller non-core assets takes more time, but will eventually push the LTV% below 50%. The next 2 years will show slow EPS growth, but the LTV% decline...
- Sharad Kumar S.P
Holdings Report - April 2024 KBCS Holdings Universe Up 0.6% Thanks To ...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +0.6% which was mainly driven by single-asset holdings (+1.8%) while multi-asset holdings posted a negative return of -0.1%. The 3 top performers during the period were Financière de Tubize (+8.1%), Brederode (+7.4%), and Texaf (+6.9%) while the 3 worst performers were HAL Trust (-4.6%), Gimv (-1.5%), and D'Ieteren Group (-1.2%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univer...
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
- Michael Roeg
Points sur résultats de l’activité du 1er trimestre 2024 d’EVS
Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Publication le 16 mai 2024 à 18:30 CET après la clôture des marchésInformation réglementée et privilégéeEVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Liège, Belgique, le 16 mai 2024 En marche vers une année 2024 solide EVS démarre l'année 2024 avec un chiffre d'affaires solide au premier trimestre, malgré la capacité de production réservée dédiée aux grands événements de l'année. Dans le même temps, le pipelin...
EVS Q1 2024 business update
EVS Q1 2024 business update Publication on May 16, 2024 at 18:30 CET after market closeRegulated / Inside information – Business update 1Q24EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) EVS Q1 2024 business update Liège, Belgium, May 16th, 2024 Building towards a strong 2024 EVS starts the year 2024 with a strong revenue result in the first quarter, despite the reserved production capacity dedicated to the Big Events of the year. At the same time the pipeline looks promising to ensure a strong 2024. Highlights Revenue achievement...
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
- Stijn Demeester
Bekaert/To catch up following slow start to 2024F/HOLD
Following Bekaert's 1Q24 trading update, we trim our estimates and reiterate our HOLD rating on a lowered target price of €49 per share. While Bekaert management upheld its guidance of ‘modest sales growth' and ‘at least stable' margins for 2024F, we believe the company has to step up its performance in the next three quarters to compensate for a slower start to the year, marked by an organic decline of 13% YoY.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
PROX PROXIMUS SA DE DROIT PUBLIC
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
RAND RANDSTAD NV
MONT MONTEA SCA
AALB AALBERTS N.V.
BRNL BRUNEL INTERNATIONAL N.V.
TWEKA TKH GROUP N.V. CERT
OBEL ORANGE BELGIUM SA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
AGN AEGON N.V.
- Salome Charamalet
- Stefano Toffano
Azelis Group NV : Slightly more conservative, but improving end-market...
>Pricing pressures on a very healthy base - Azelis reported weak Q1 24 results a.o. due to pricing pressures, resulting in an organic growth of -8.1% yoy for the group. For the third sequential quarter, Azelis is showing a yoy decrease of the conversion margin (EBITA / gross profit). The company is now mentioning 'pricing pressures across the board' on the back of clear positive volume developments, the latter driven by very low inventories at end-clients and green sh...
UCB SA: 2 directors
Two Directors at UCB SA sold/bought 4,187 shares at 129.920USD. The significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
Progress on share buyback programme
Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 21,801,401 shares during the week of 6 May 2024 up to and including 10 May 2024. The shares were repurchased at an average price of €16.06 for a total amount of €350,058,858.66. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capital of I...
- Martijn Den Drijver
Bekaert : Staying on the side lines (no material positive catalysts)
>Reiterating our Neutral rating, TP unchanged - Bekaert is doing the sensible thing. Focus on margins, restructure where possible, make small or medium sized acquisitions (planned) and give new products sufficient funding and management attention so that they have a good chance of generating a material revenue stream with a robust margins. We assume solid growth and margins for Dramix and Currento (and potentially Armofor), the key growth drivers and the true sustaina...
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