reports
- 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
- Thijs Berkelder
Vopak : Corporate action will bring valuation more in-line with peers ...
>Feedback Vopak conference call: performance key is portfolio restructuring - Early in the morning before the AGM on April 26, CEO Dick Richelle and CFO Michiel Gilsing hosted the 24Q1 analyst call with only four analysts present. Main analyst focus in the call was on getting more grip on the drivers which made Vopak deliver a better then expected Q1 performance.Proportional EBITDA up 10% y-o-y to € 298m. Excluding the contributions from its 2023 divestments (imp...
Resolutions passed by Vopak’s Annual General Meeting
Resolutions passed by Vopak’s Annual General Meeting Resolutions passed by Vopak’s Annual General Meeting Rotterdam, the Netherlands, 24 April 2024 The Annual General Meeting of Koninklijke Vopak N.V. (Royal Vopak) held on 24 April 2024 passed the following resolutions: Positive advisory vote implementation remuneration policy for the 2023 financial year.Adoption of the financial statements for the 2023 financial year. Approval of the proposed dividend. A dividend of EUR 1.50 per ordinary share with a nominal value of EUR 0.50 will be distributed wholly in cash on 3 May 2024. As from...
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- ING Helpdesk
Benelux Morning Notes
ASM International: 1Q24 results - better on all fronts. Heineken: Uphill from here. KPN: 1Q24 in line, guidance slightly increased on Youfone acquisition. Melexis: 1Q24 results in line a relief. Universal Music Group: Spotify 1Q24 Results and guidance beat on margins. Vopak: Good progress to start the year. Wereldhave: 1Q24 LFL slows sharply
- Thijs Berkelder
Vopak : Solid beat of consensus expectations and outlook uplift
>Proportional results up 8-9% y-o-y and c. 5% ahead of consensus - Proportional 24Q1 results:Proportional revenues € 477.9m = adjusted for divestments (€ 44m) a rise by 8% y-o-yProportional EBITDA € 297.8m (consensus € 278.6m) = adjusted 9% increase y-o-y and with proportional occupancy 93% whereby Europoort capacity has been taken out for the calculation as it is labelled for redevelopment.Proportional EBIT € 181.2m = adjusted for divestments (€ 21m) a...
Vopak reports strong Q1 2024 results and increases FY 2024 outlook
Vopak reports strong Q1 2024 results and increases FY 2024 outlook The Netherlands, 24 April 2024 Vopak reports strong Q1 2024 results and increases FY 2024 outlook Key highlights Q1 2024 Improve Increased net profit -including exceptional items1- in Q1 2024 to EUR 106 million, an improvement of 3% year-on-year, driven by favorable storage demand across different geographies and marketsIncreased proportional EBITDA -excluding exceptional items1- in Q1 2024 to EUR 298 million, an improvement of 9% year-on-year when adjusted for divestment impacts of EUR 21 millionFurther strength...
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Thijs Berkelder
Vopak : Back on the radar for GARP, dividend and infrastructure invest...
>Leading the world in transition towards LNG, LPG, biofuels, SAF and ammonia - Vopak is world market leader in independent liquid bulk storage. It operates 75 marine terminals in 23 countries, with a combined storage capacity of 35m cbm. Where its storage footprint used to be focused on oil & chemicals, it now is (1) exiting from low yielding chemicals; (2) strongly growing its LNG, LPG, biofuel and ammonia, while (3) harvesting its oil terminals. With Gas & New Energ...
- Luis de Toledo Heras
- Luis de Toledo Heras
- Thijs Berkelder
Vopak : Strong lift in shareholder returns: 8% SBB + 5% dividend = 13%...
>2024 outlook will probably be perceived as a mixed bag - Returning more cash to shareholders. Vopak surprises this morning with two shareholder return actions: (1) a € 300m share buy-back is announced which will start on 15 February 2024 and will run until the end of 2024 = 8% on current market cap; (2) dividend is lifted by 15% to € 1.50 per share (consensus was lift to € 1.35 from € 1.30) = > 5% on current market cap.Q4 consolidated results. Note quite some d...
Vopak reports FY 2023 and Q4 2023 financial results
Vopak reports FY 2023 and Q4 2023 financial results The Netherlands, 14 February 2024 Vopak reports strong FY 2023 results, announces substantial progress on strategy execution and increases shareholder distribution Key highlights FY 2023 Improve EBITDA in FY2023 increased to EUR 964 million, proportional EBITDA to EUR 1,154 million and operating cash return to 14% Reduced our CO2 footprint by 25% compared to our baseline of 2021 and further improved our safety performanceActively managed our portfolio with strategic divestments completed and EUR 523 million proceeds receivedEP...
Vopak announces share buyback program to return up to EUR 300 million ...
Vopak announces share buyback program to return up to EUR 300 million to shareholders Vopak announces share buyback program to return up to EUR 300 million to shareholders Rotterdam, the Netherlands, 14th February 2024 Today, Vopak announces the start of a share buyback program to return up to EUR 300 million to shareholders. The share buyback program will start 15 February 2024 and will run until the end of 2024, barring unforeseen circumstances. Vopak will cancel these shares subject to the relevant board and shareholder approvals. The share buyback program will be executed pursuant to ...
- Thijs Berkelder
Vopak : Marine infrastructure market leader on profitable energy trans...
Over the past few months, Vopak’s share price has fallen back below € 29 from a € 35+ high mid 2023, and its valuation back from 11-12x 2023e earnings, to just 9x 2024e. New Vopak management as such is not rewarded for the return improvements delivered (cash returns back above 12%, from c. 9% two years ago), not for divesting its low yielding chemical terminals for 20x FCF, nor for its expansions in lower carbon products. The financial market in our view seems primarily scared fo...
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/09/2024 Date Performance sin...
Defensives are sharply outperforming cyclicals at the start of 2024. We think investors should start to gear portfolios towards our more cautious strategic allocation for 2024, while also taking account of the likely continuation of volatility on rates. Within defensives, we prefer utilities, telecoms, personal care & grocery stores and insurance. We think that the recent sell-off for technology offers an entry point, particularly in the semiconductors segment. We remain cautious on d...
- Thijs Berkelder
Vopak : LNG import Colombia back on growth track
>SPEC LNG to increase capacity by 30+% and contract lengthened to 2031 - American newswires reported over the weekend that Colombia will increase its LNG import capacity by a third under an agreement reached between local terminal operator Sociedad Portuaria El Cayao (SPEC LNG) and Norway's Hoegh LNG.Under the terms of the agreement, SPEC LNG will regasify up to 533Mf3/d (million cubic feet a day) via the Hoegh Grace FSRU facility off Cartagena, up from a current...
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