reports
AVTL filed draft red herring prospectus with Securities and Exchange B...
AVTL filed draft red herring prospectus with Securities and Exchange Board of India AVTL filed draft red herring prospectus with Securities and Exchange Board of India19 November 2024, Rotterdam, the Netherlands Following the publication of the and the , AVTL has now filed the draft red herring prospectus with the Securities and Exchange Board of India (‘SEBI’). The formal approval process with SEBI is expected to take several months.AVTL is the largest Indian third-party owner and operator of tank storage terminals for liquified petroleum gas and liquid products in terms of storage capaci...
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Thijs Berkelder
Vopak : India potential should far outweigh temporary issues Groningen
>Feedback analyst conference call: new 3-year strategic plan at CMD - Vopak’s Q3 conference call was hosted by CEO Dick Richelle and CFO Michiel Gilsing. Prime topics discussed in the Q&A session were:India JV - 47% Vopak. CFO confirms that 2.5 years ago Vopak acquired into the Indian JV at c. 12x EBITDA (€ 226m for c. 50%) and that the market value of this JV now is significantly higher (€ 2.6bn for 100% = € 1.22bn for 47%), because the Indian market is in dem...
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
- ING Helpdesk
Benelux Morning Notes
Aedifica: Good top line, portfolio stabilising, guidance marginally revised upward. Ageas: China Taiping Life 3Q Solvency remains strong. ASM: 3Q24 results – That's a relief - FY25 guide narrowed upwards. Belgian Telecoms: Peer Telenet 3Q24 results, still losing shares. Fugro: Focus on EBITDA and orderbook. GBL: Kicking off its trainers and cashing in €0.6bn. Colruyt: To operate 100 OKay City stores by 2032F. Heijmans: Preview - Progressing well. KPN: VodafoneZiggo 3Q24 show still weak pe...
GBLB GROUPE BRUXELLES LAMBERT SA
MDLZ MONDELEZ INTERNATIONAL INC. CLASS A
AGS AGEAS SA/NV
WKL WOLTERS KLUWER NV
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
LOTB LOTUS BAKERIES NV
HEIJM HEIJMANS N.V. CERT
AED ROYAL VOPAK NV
MELE AEDIFICA SA
ASML MELEXIS NV
OBEL ASML HOLDING NV
FUR ORANGE BELGIUM SA
FUGRO NV
- Thijs Berkelder
Vopak : Indian JV unlocks € 1bn market value
>Q3 EPS 8% above consensus, and FY24 EBITDA guidance raised by c. 1.5% - Q3 results. Revenues € 325.0m (consensus € 323.5m, AAOB € 326.4m), Q3 proportional EBITDA € 294.1m, 3.6% above consensus of € 283.9m (AAOB € 295.3m) and Q3 consolidated group EBITDA € 233.3m, 1.2% above consensus of € 230.6m (AAOB € 236.3m). Q3 net earnings € 99.3m, 3.0% above consensus of € 96.4m (AAOB € 105.7m), Q3 EPS € 0.83, 8.4% above consensus of € 0.77 (AAOB € 0.89)Breakdown per regio...
AVTL in India undertakes primary equity issue
AVTL in India undertakes primary equity issue AVTL in India undertakes primary equity issue 29 October 2024, Rotterdam, the Netherlands Today, we announce an update regarding funding in the joint venture AVTL in follow up of our . AVTL has reached an agreement for a primary equity issue to investors for an amount of INR 8.0 billion equivalent to EUR 88 million. The proceeds of the Issue are proposed to be utilised for repayment of all, or a portion, of the outstanding unsecured borrowings of AVTL and for the purpose of execution of various projects including growth projects and/or o...
- ING Helpdesk
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 10/23/2024
28 October could mark a crucial step forward in the resolution of the asbestos litigation. The hearing set on this date at the Delaware court could lead to the launch of the plaintiffs’ vote on the reorganisation plan (agreement if 75% of plaintiffs vote in favour of the plan). We think that this vote is highly likely to materialise, notably with the integration of J&J into the plan (hearing of 8 October). The intrinsic valuation of the group’s assets (TQC, the Beauvoir/Saint-Austell ...
MF WENDEL SE
IDL ID LOGISTICS GROUP
ITP INTERPARFUMS
NRG NRJ GROUP SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
BAMNB KONINKLIJKE BAM GROEP NV
ROYAL VOPAK NV
RIEN RIETER HOLDING AG
TECN TECAN GROUP AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
RBO ROCHE BOBOIS INTERNATIONAL SAS
VRLA VERALLIA SAS
KTA KNAUS TABBERT
ALLFG ALLFUNDS (UK) LTD
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 23/10/2024
Le 28 octobre prochain pourrait marquer une avancée cruciale dans la résolution des litiges amiante. L’audience prévue pour cette date dans l’agenda du tribunal du Delaware pourrait conduire au lancement du vote des plaignants sur le plan de réorganisation (accord si 75% des plaignants votent le plan). Nous pensons que ce vote a de grandes chances d’aboutir avec l’intégration de J&J dans le plan (décision du 8 octobre dernier). La valorisation intrinsèque des actifs du groupe reviendr...
DAI DAIMLER AG
MF WENDEL SE
IDL ID LOGISTICS GROUP
ITP INTERPARFUMS
NRG NRJ GROUP SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
BAMNB KONINKLIJKE BAM GROEP NV
ROYAL VOPAK NV
RIEN RIETER HOLDING AG
TECN TECAN GROUP AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
RBO ROCHE BOBOIS INTERNATIONAL SAS
VRLA VERALLIA SAS
KTA KNAUS TABBERT
ALLFG ALLFUNDS (UK) LTD
- Thijs Berkelder
Vopak : Plenty further upside surprise potential
>Q3 results will be published on 30 October - Vopak will publish its Q3 trading update on Wednesday 30 October at 7.00h CET. An analyst conference call will start at 9.30h, hosted by CEO Dick Richelle and CFO Michiel Gilsing.2024 outlook. After H1, Vopak lifted its FY24 outlook range for proportional EBITDA to € 1,150-1,180m (from € 1,140-1,180m) and for its IFRS consolidated EBITDA to € 920-950m (from € 900-940m). The mid-point of the guidance range implies unde...
- Thijs Berkelder
Vopak : Plenty further upside surprise potential
>Q3 results will be published on 30 October - Vopak will publish its Q3 trading update on Wednesday 30 October at 7.00h CET. An analyst conference call will start at 9.30h, hosted by CEO Dick Richelle and CFO Michiel Gilsing.2024 outlook. After H1, Vopak lifted its FY24 outlook range for proportional EBITDA to € 1,150-1,180m (from € 1,140-1,180m) and for its IFRS consolidated EBITDA to € 920-950m (from € 900-940m). The mid-point of the guidance range implies unde...
- Thijs Berkelder
Vopak : Market underestimates gas terminal growth potential
>New LNG & LPG projects form key driver for higher earnings estimates - Today we are updating our earnings forecasts on the back of the H1 results and specifically lift our expectations for (1) REEF phase 1, a new 50/50 JV propane export facility in West Canada which is expected to contribute around € 70m of proportional EBITDA per annum as from end of 2026; and for (2) EemsEnergy, the 50/50 JV LNG import terminal in the North of Netherlands, which is to rec...
- Quirijn Mulder
Vopak/Expect more catalysts/BUY
Vopak's 2Q24 results were in line with expectations but in the underlying story we discerned a couple of upcoming catalysts that gave us reason to raise the target multiple. One is that next year we forecast Vopak announcing its investments in “Growth” until 2030 doubling from €1bn to €2bn. This is positive as “Growth” delivers good rewarding projects. CF generation allows such an ambition. We also believe Vopak will raise its CFFO target. Another catalyst we see is that there is the possibility...
The Northern Territory Government and Vopak sign MoU to cooperate on c...
The Northern Territory Government and Vopak sign MoU to cooperate on common user CO2 infrastructure hub in Australia The Northern Territory Government and Vopak sign MoU to cooperate on common user CO2 infrastructure hub in Australia 5 August 2024, Australia On 31 July 2024, the Northern Territory Government and Vopak signed a memorandum of understanding (MoU), to develop a common-user infrastructure including a CO2 import terminal in the Middle Arm Sustainable Development Precinct - Northern Territory, Australia. The MoU frames how the government and Vopak will cooperate to progress the...
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Thijs Berkelder
Vopak : Adjusting for all special items, EBITDA still c. 4-5% ahead of...
>Official H1 results much better than expected but include special items - Vopak just published its Q2 results:Occupancy. On a group storage capacity of 34.7m cbm and proportional storage capacity of 20.1m cbm, 0.1m cbm less than in Q1, Vopak kept its occupancy rates stable q-o-q at 92%.Consolidated revenues in 24Q2 come in at € 325.5m (consensus € 329.6m, AAOB € 326.9m), as we expected slightly below Q1 (€ 328.2m), a normal seasonal pattern. Reason why Q2 c...
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