reports
- Michiel Declercq
PostNL Conference call feedback + model update
1Q24 revenues decreased 2% y/y to € 765m, or 3.9% below expectations. The revenue decline was driven by a softer than expected parcels volume growth of 4.6% and mail volume decline of 12.5%, as well a negative mix effects at parcels. Together with an uptick in organic costs (mainly labour), the normalized EBIT of € -9m came in below kbcs and css expectation of € -2m. However, given that most of the outlook will be driven by 4Q24, PNL reiterated its FY24 guidance. We reiterate our Hold rating and...
- Carole Braudeau
- Carole Braudeau
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
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.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- ING Helpdesk
Benelux Morning Notes
Kinepolis: Weak US/Canada box office and France attendance in April. NSI: FS NL Holdings acquires c.10% from ICAMAP for c.€43m. PostNL: 1Q24 touch below; FY24 outlook reiterated and parcel volumes accelerate. Staffing: US temp volume trend still soft but stable, NFP jobs miss. TKH Group: A weak quarter indeed
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
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.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stefano Toffano
- Wim Gille
PostNL : A tough start of the year
>Q1 24 revenues and normalised EBIT below ccs and AAOBe - Today’s results highlight once again the tough trading environment and PostNL’s low visibility. Q1 24 group results were lower than ccs and our expectations. Group revenue for the quarter came in at € 765m and normalised EBIT at € -9m (€ 7m for Q1 23). Free cash flow generation was negative during the quarter at € -7m, an improvement vs Q1 23 (€ -31m) mainly due to lower capex and the impact of the final settle...
- Frank Claassen
PostNL - An unconvincing start
• The Q1-24 missed on EBIT due to a steeper decline at Mail and unfavorable mix at Parcels.• Nevertheless, PostNL sticks to its FY24 guidance range, which has now become even more dependent on Q4. We will lower our estimates towards the lower-end of this guidance range.• We stick to Hold and lower our TP to EUR 1.25 (was EUR 1.35 p/s), based on our 2025E SOTP.
- Wim Hoste
Ontex Conference call feedback
Below are the highlights from the conference call. Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings mom...
- Carole Braudeau
- Carole Braudeau
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 03/05/2024
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 05/03/2024
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
- ING Helpdesk
Benelux Morning Notes
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 ...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Robert Jan Vos
- Salome Charamalet
Ontex : Getting stronger and better
>+100bps of adjusted EBITDA margin vs FY2023 - Overall in Q1 2024, Ontex realised € 551.3m in sales which is 2% lower with consensus and 15% lower than Q1 2023 (lfl: +3%). For Core markets (continued operations) revenue, there was a 0.5% beat on consensus (css: € 458m) and 3% higher than Q1 2024 (lfl: +4%). The last includes a volume and mix of +5% yoy driven by double digit in selected categories in North America, largely based on new contracts signed in H2 2023 and ...
- Wim Hoste
Ontex FIRST LOOK: 1Q beating on top line & EBITDA, FY guidance maintai...
Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings momentum, solid growth prospects/ambitions in North Am...
Strong Q1 2024 results with continued revenue growth and margin improv...
Strong Q1 2024 results with continued revenue growth and margin improvement Revenue grew 4% like for like, driven by volumes in North America;Adjusted EBITDA margin rose 2.4pp to 11.5%, fueled by cost transformation program;Leverage ratio reduced from 3.3x to 2.8x over quarter;Full year outlook confirmed. Q1 2024 results Revenue [1] was €460 million, up 4% like for like. Volume and mix was up 5%, driven by double-digit growth in North America and other selected categories. Prices were down slightly on the basis of lower raw material prices. Including slightly adverse forex, revenue grow...
Sterke resultaten in het 1ste kwartaal van 2024 met voortzetting van o...
Sterke resultaten in het 1ste kwartaal van 2024 met voortzetting van omzetgroei en margeverbetering Omzet groeide 4% op vergelijkbare basis, dankzij volumes in Noord-Amerika;Aangepaste EBITDA-marge steeg met 24,4 procentpunt tot 11,5%, aangedreven door het kostentransformatieprogramma;Hefboomratio daalde van 3,3x tot 2,8x over het kwartaal;Vooruitzichten voor het hele jaar zijn bevestigd. Resultaten van het 1ste kwartaal van 2024 De omzet [1] bedroeg 460 miljoen €, een stijging van 4% op vergelijkbare basis. Volume en mix leidde tot een stijging van 5%, dankzij een dubbelcijferige g...
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