reports
- ING Helpdesk
- 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
- Quirijn Mulder
Arcadis/Nicely on track for FY26 targets/BUY
With especially strong 2Q24 margins up 170bp YoY, we have adjusted our estimates. Expecting organic growth to accelerate from 2H24 onwards, we foresee double-digit growth of its EBITDA and EBITA from operations in FY24-26F. With Arcadis at an EV/EBIT 2024-26F discount of 18% to its peer group, we believe the valuation continues to be too low. Risks have certainly diminished on the back of well financed and better performing acquired companies but on margins Arcadis still can win and therefore we...
- Julian Dobrovolschi
- Wim Gille
- Julian Dobrovolschi
- Wim Gille
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Margins and FCF disappoint in H1
>H1 well short of expectations margin-wise - Stadler’s H1 2024 results, reported yesterday morning, fell nearly 35% short of expectations for EBIT (see our first take). Order intake came in at CHF 2.55bn (vs css at CHF 2.72bn), down 45% after a strong showing in H1 2023 (CHF 4.7bn). Revenues came in slightly higher (+0.3%, +1.3% on constant currencies) at CHF1,293m, in line with expectations. EBIT and FCF were the two main negative aspects with this release....
- Delphine Brault
- Quentin Borie
Stadler Rail AG : La marge et le FCF déçoivent au premier semestre
>Un S1 2024 largement en-dessous des attentes sur la marge - Stadler a publié hier matin des résultats S1 2024 inférieurs de près de 35% aux attentes au niveau de l’EBIT (cf. notre first take). Les prises de commandes atteignent 2.55 MdCHF (vs css à 2.72 MdCHF), en baisse de 45% après un S1 2023 élevé (4.7 MdCHF). Le chiffre d’affaires est en légère hausse (+0.3%, +1.3% à changes constants) à 1 293 MCHF, en ligne avec les attentes. L’EBIT et le FCF sont les ...
- Kristof Samoy
NX Filtration 1H24 results & analyst call key take-aways
Mid July NXFIL already informed the markets on its 1H24 revenues when it communicated the appointment of a new CEO. 1H24 revenues landed at €5.9m growing 56% with gross margins maintained at a high 59%. FTE's were flat vs. year end 2023. EBITDA stood at €-6.4m (vs. €-5.3m in 1H23). Guidance remained unchanged calling for revenues >€16m.
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 08/28/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 28/08/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : H1 results miss expectations, 2024 guidance confirme...
>H1 results lower than expected, notably on the margin - Stadler this morning reported H1 2024 results that came in below expectations. Orders were down 45% to CHF 2.55bn (css at CHF 2.72bn). The level of orders remains relatively high with the book-to-bill reaching 2x, but the group said that some orders were postponed to H2.Revenues were stable (+0.3% with +1.3% at constant exchange rates) at CHF 1,293m, in line with expectations (CHF 1,289m). The group un...
- Guy Sips
- Kristof Samoy
- Thomas Couvreur
- Usama Tariq
- Wim Gille
NX Filtration : No surprises as NX Filtration reports H1 results
>H1 results in line with previous indication - As indicated before in July 2024, NX Filtration reported its official half-year 2024 revenues which came at €5.9m, an increase of 57% year on year (yoy) and around 21% below our estimate of €7.1m, largely driven by conversion of pilots into full scale projects, repeat orders and new clients. On a segment level, Clean Municipal Water grew sales 90% yoy to €2.71m (we had at €3.7m) whereas Sustainable Industrial Water sales ...
- Delphine Brault
- Quentin Borie
Stadler Rail AG : Un S1 inférieur aux attentes, la guidance 2024 est c...
>Un S1 2024 inférieur aux attentes, notamment sur la marge - Stadler a publié ce matin des résultats S1 2024 inférieurs aux attentes. Les commandes sont en baisse de 45% à 2.55 MdCHF (css à 2.72 MdCHF). Le niveau de commandes reste relativement élevé avec un book-to-bill atteignant 2x, mais le groupe indique que des commandes potentielles ont été reportées au S2.Le chiffre d’affaires est stable (+0.3% dont +1.3% à change constant) à 1 293 MCHF, en ligne avec...
- Martijn Den Drijver
Arcadis : Post results note: upping estimates and TP on back of strong...
>Upping organic growth, EBITA and EBITA margin estimates - Both organic growth, EBITA and the EBITA margin were better than expected in Q2 2024 with the latter still not seeing any impact yet from the digitisation/automation program and only a headwind from the GEC program (strong FTE additions and thus opex but without the benefit of increased billability), which will start to have a material impact as of 2025. Due to the acceleration of the backlog growth (from 4.8%...
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Martijn Den Drijver
Arcadis : Focus on margins shows, FCF weaker than expected
>Operating EBITA margin very strong, good organic growth, FCF disappoints - Q2 sales missed css by 1%, mainly driven by Places. Organic growth was better than expected at 6.0% vs css at 5.3%. The focus on EBITA margins shows with operating EBITA beating css by 7%. The operating EBITA margin in Q2 came in at 11.5% vs 10.8% css (AOe 10.7%) and Q2 2023 at 8.7%. So that selectiveness in Places (DPS) and Resilience has paid off more than we assumed and this is still withou...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Numbers broadly in line with expectations. Air France-KLM: Costs hurt. Arcadis: Nice beat in 2Q24 and good prospects to continue. BAM: Strong EBITDA, cash flow somewhat weak. BE Semiconductor Industries: 2Q24 results; High-end offsets mainstream. Econocom: Large 1H24 miss, change in management, governance. UCB: Strong 1H24 with slight increase in FY revenue guidance. Unilever: Steadfast. Universal Music Group: Okay headline figures cannot hide serious questions for music label...
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
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