reports
- Delphine Brault
- Quentin Borie
ALFOC FOCUS HOME INTERACTIVE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
POM PLASTIC OMNIUM SE
VIRP VIRBAC SA
ALLAN LANSON-BCC
ALO ALSTOM SA
MBB MBB INDUSTRIES SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
COFB COFINIMMO SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ARG ARGAN SA
CSM CORBION NV
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
FAST FASTNED
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ALFOC FOCUS HOME INTERACTIVE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
POM PLASTIC OMNIUM SE
VIRP VIRBAC SA
ALLAN LANSON-BCC
ALO ALSTOM SA
MBB MBB INDUSTRIES SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
COFB COFINIMMO SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ARG ARGAN SA
CSM CORBION NV
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
FAST FASTNED
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Cor Kluis
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Usama Tariq
- Usama Tariq
- Cor Kluis
Van Lanschot Kempen : 1H24 results better, good net inflow in private ...
>Conclusion: 1H24 results better, good net inflow in private banking continuing - In 1H24 the net profit was higher than we expected by better commission income and one-off/volatile items. The better commission income was mostly driven by private clients. In H1 the net inflow in private clients was again better than expected, they also expect a good net inflow in PC Belgium for 2H24. The net interest income was marginally less in 1H24, but the outlook 2H24 was margina...
- Jason Kalamboussis
Van Lanschot Kempen/Unfolding momentum/BUY
VLK results came with a lot more disclosure and showed a strong continued momentum in inflows and fees. Belgium continues to thrive, while the lower margins in the Netherlands are more a reflection of the ROBECO integration and some unfavourable mix, but management is working on new products to enhance those margins. Capital CET1 Basel 4 was stable at c.18.5%, so investors should expect excess capital distributions to the 17.5% target at YE24. Costs will continue to be the focus, and the dip bel...
- ING Helpdesk
- Cor Kluis
Van Lanschot Kempen : Results better in 1H24, good net inflows in priv...
>Conclusion: Results better in 1H24, good net inflow in private banking - The 1H24 results were marginally better than expected as a result of a higher than expected commission income driven by private banking. Also the result from the non-strategic investments were better than expected. We remain positive on VLK.Net profit better in 1H24 - The net profit before minorities was € 75m vs our € 64m (consensus € 64m). This higher result was driven by a hi...
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
AMS AMS AG
SZG SALZGITTER AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
ARM ARM HOLDINGS PLC
AMS AMS AG
SZG SALZGITTER AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WOLF SOCIETE LDC SOCIETE ANONYME
ALKAL KALRAY SA
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
ARM ARM HOLDINGS PLC
- Cor Kluis
Van Lanschot Kempen : Higher net profit targets, continuing good inflo...
>Conclusion: Higher net profit targets, good inflows, makes up increase our TP - At the CMD VLK increased its financial targets, and we updated our VLK model based on this. With the update targets a) VLK will operate with about € 35m more capital, b) about € 55m excess capital will be returned by end 2024 (3.3% of market cap), and c) we estimate a net profit of € 158m by 2027. VLK has been winning market share with annually net inflow of about +6% the last few years, ...
- Emira Sagaama
- Thijs Berkelder
- Emira Sagaama
- Thijs Berkelder
- ING Helpdesk
- Cor Kluis
Van Lanschot Kempen : CMD implicit profit target higher, capital retur...
>Conclusion: CMD profit target higher, capital return more/faster than expected - The VLK cash net profit target after coupons of implicitly > € 143m is mid-single digit higher than our estimates. The capital return policy is somewhat higher than we expected. And the return of excess capital will go faster than expected. We expect share to outperform today. We have an Outperform recommendation on the stock.More ambitious updated financial targets - Th...
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