reports
- ING Helpdesk
- 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
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Martijn Den Drijver
Arcadis : Stronger than expected EBITA margin expansion and FCF in Q1
>Slight miss on organic growth but better than expected EBITA margin expansion - Arcadis reported sales of € 968m which represents a miss of 2% vs css. Organic growth came in at 4.4%, which is marginally below css (4.6%, AOe 4.9%) with Arcadis mentioning 1.2 less working days. Order intake grew organically by 6.0% (leading to a record backlog and a book to bill of 1.17x) with CEO Brooks mentioning continued high demand in environmental remediation (Resilience), energy...
- ING Helpdesk
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
Arcadis Trading Update Q1 2024: Continued client demand driving strong...
Arcadis Trading Update Q1 2024: Continued client demand driving strong pipeline while delivering significant margin expansion Arcadis First Quarter 2024 Trading UpdateContinued client demand driving strong pipeline while delivering significant margin expansion Significant multi-year project wins resulted in an order intake of €1,129 million, organically up by 6.0%, with investment programs increasingly contributingRecord backlog net revenues at €3,316 millionNet revenues of €968 million, organically up by 4.4% despite 1.2 fewer working daysOperating EBITA margin increased to 10.7% (Q...
- Luuk Van Beek
Arcadis - Solid Q1 with good margin
Solid Q1 results, broadly in line with expectations, solid backlog and pipeline, reiterates 2026 strategic targetsThese results confirm that Arcadis is well-positioned to benefit from the current stream of large investment programsWe raise our target price from EUR 60 to EUR 65, but downgrade from Buy to Hold after a >60% rally since our upgrade due to limited remaining upside
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Martijn Den Drijver
Arcadis : Preview Q1 2024: continued progress in EBITA margin
>Solid organic growth (c. 5%) and EBITA margin progression (60 bps) - Arcadis will publish its Q1 2024 results on April 30 before the close. We forecast organic growth of 4.9% (css at 4.6%, difficult comps given 12.3% in Q1 2023, negative impact working days), driven by robust growth in Resilience (8.5%) and Mobility (9.0%), offset partially by Places (-2.1%, winddown Middle East, focus on margins at DPS, change in market focus China) and some FX headwind. Despite wag...
- 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 April 2024: Adding TINC
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
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
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Martijn Den Drijver
Arcadis : Don’t unbuckle just yet: upward potential remains material
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come...
- 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 March 2024 : Replacing UCB by Tubize
We replace UCB by Tubize in our KBC Securities Dynamic Top Pick List. Over the past few weeks, UCB has seen a strong rally in its share price, markedly outperforming the BEL-20 index. The rally came on the back of renewed investor confidence in its flagship product Bimzelx, which gained FDA approval for psoriasis in October 2023 albeit with unexpected warnings and precautions. In the meantime, we see that commercial traction is growing in line with our expectations, as phyicians and caregivers ...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
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
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Kristof Samoy
Arcadis Solid execution
Full year results positively surprised on the recurring margin front. FCF beat expectations thanks to solid net working capital management. High 4Q order intake at GBA Places and Mobility is supportive for further margin growth. The repositioning of Places seems on track. We believe the likelihood of realising both timing and magnitude of the CMD margin target has increased compared to last November.
- Emmanuel Matot
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ALCLA CLASQUIN SA
GXI GERRESHEIMER AG
ISS ISS A/S
WHA WERELDHAVE N.V.
ISP INTESA SANPAOLO S.P.A.
ERA ERAMET SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
VGP VGP NV
ASS APPLUS SERVICES S.A.
FFARM FORFARMERS
HOME NEINOR HOMES SA
VRLA VERALLIA SAS
- Emmanuel Matot
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ALCLA CLASQUIN SA
GXI GERRESHEIMER AG
ISS ISS A/S
WHA WERELDHAVE N.V.
ISP INTESA SANPAOLO S.P.A.
ERA ERAMET SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
VGP VGP NV
ASS APPLUS SERVICES S.A.
FFARM FORFARMERS
HOME NEINOR HOMES SA
VRLA VERALLIA SAS
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