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Benelux Morning Notes
ALD: Risk to upside for CSR guidance Aperam: Small beat, confident outlook Avantium: Flowing along nicely ArcelorMittal: 8% EBITDA beat and favourable outlook DSM: More nutrition required Fugro: Results better than expected, cash flow in waiting room GBL: Business as usual Nyrstar: Zinc hedges at US$3,000 should give comfort on 2019 earnings Takeaway.com: Continues to deliver Telenet: €600m extraordinary dividend, 2Q beat WDP: Execution good as always, no market rent growth
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/ArcelorMittal, DSM, Wolters Kluwer and Veo...
Industrials: • ArcelorMittal (MTNA) reported strong 2Q18 numbers this morning. EBITDA came in at US$3.07bn, versus US$2.11bn in the same period a year earlier and US$2.51bn in 1Q18. Revenue stood at c.US$20.0bn, as compared to US$17.2bn in 2Q17 and US$19.2bn in the first 3 month period of the year. We view this report card as supportive for spreads and have a preference for the MTNA3 4/21. (For full story, download report) Net debt stood at US$10.5bn at quarter end, versus US$11.1bn at 1Q18. T...
- Jean-Christophe Dourret
- Jean-Christophe Dourret
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/Rabobank, Orange, ArcelorMittal and Total
Moody's has assigned an A3 rating for Rabobank's (RABOBK) non-preferred senior unsecured paper. The non-preferred rating is thus one notch above the bank's subordinated rating (Baa1) at Moody's. Rabobank's non-preferred notes are rated A- and AA- at S&P and Fitch. (For complete story, please download full report)
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/EDF: split-up scenario resurgence
Nicolas Hulot, French Energy minister, commented on EDF SA (EDF)'s Hinkley Point project costs and the economical sustainability of nuclear energy in the future. The Energy minister, who has been pushing for more renewable energy development in the country, has indirectly criticized EDF's management for a lack of business model adaptation. With constant falling costs, renewable energy offers better opportunities than nuclear power according to Nicolas Hulot. Equity investors saw the resurgence o...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/ArcelorMittal reports strong 1Q18 numbers
ArcelorMittal (MTNA) released a strong set of results this morning. Sales came in at $19.2bn in 1Q18, 8.3% higher than in 4Q17 and up 19.3% versus 1Q17. EBITDA amounted to a better than expected $2.5bn in the first 3 months of the year, as compared to $2.1bn in in 4Q17 and $2.2bn in the same period a year earlier. We view this report card as supportive for spreads. Management reiterated to prioritize deleveraging and believes a net debt level of $6bn is an appropriate net debt target that will...
- Hendrik Wiersma
- Job Veenendaal
- Marina Le Blanc
- Maureen Schuller
- Nadège Tillier
- Suvi Platerink Kosonen
108W ARCELORMITTAL SOUTH AFRICA LTD
FLUX FLUXYS BELGIUM
LIGHT SIGNIFY NV
RENX REED ELSEVIER N.V. ADS
ASML ASML HOLDING N.V.
HEINY HEINEKEN N.V
UNLC UNILEVER COTE D`IVORE
ABNRY ABN AMRO GROUP N.V
KKPNY ROYAL KPN N.V. ADS
NNGRY NN GROUP NV
TLGHY TELENET GROUP HOLDING N.V. ADS
UCBJY UCB SA
BGAOY PROXIMUS ADR
BVT RELIANCE INFRASTRUCTURE LTD. GDR
WDISD WORDSMITH MEDIA INC.
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Gasunie: 2017 results impacted by regulati...
Utilities • Nederlandse Gasunie (NEGANV) reported 2017 revenue at €1,241m, €307m lower than in 2016 due to the new regulatory period that started at the beginning of the year. The company reported an EBITDA at €753m, significantly lower than a year earlier (2016: €1,038m). Reported operating result (EBIT) grew €48m to €331 thanks to much lower depreciation. Our preliminary calculations point to an FFO at c.€770m and a net debt at €3,445m, FFO/net debt stood at 22%, a ratio in ...
A director bought 80,000 shares at 3.563ZAR and
A director at Arcelormittal South Africa Ltd bought 80,000 shares at 3.563ZAR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Deutsche Bank disappoints, Danske surprise...
Deutsche Bank (DB) reported a net loss of €0.5bn for the full year 2017, but it managed to turn its pretax earnings into a profit for the first time in three years. The bank had already highlighted to book a loss due to the tax reform, but while also its peers have reported weak revenue growth the bank's revenue development comes as a disappointment. Danske Bank (DANBNK) reported a net income of DKK5.6bn, beating market expectations of around DKK4.9bn. The capital position clearly improved. ...
- ING Helpdesk
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Strong Arcelor and satisfactory KPN result...
ArcelorMittal (MTNA) released a strong set of 4Q17 results. Sales improved 0.4% to $17.7bn in 4Q17 versus 3Q17 and were 25.4% higher compared to 4Q16. EBITDA came in at $2.1bn in 4Q17, while it stood at $1.9bn in 3Q17 and $1.7bn in the same period a year earlier. Management continues to prioritize deleveraging and believes a net debt level of $6bn is an appropriate target that will sustain investment grade metrics. Net debt stood at $10.1bn at year-end (3Q17: $12bn). We view this report card as ...
- ING Helpdesk
Benelux Morning Notes
a.s.r.: (interim) dividend proposal in focus ABN AMRO: 4Q17 preview – capital update postponed Aperam: 3% EBITDA beat and boosted cash returns ArcelorMittal: 4Q17 EBITDA beats 4.6%, higher cash needs for 2018F BinckBank: FY17 preview KBC: Preview 4Q17 – capital deployment plan in focus KPN: In line results, FCF beats by 9%. Guidance in line with consensus NSI: becoming a fully-fledged office player Ontex: Pay as you go
- Please Change Name Allemani
ArcelorMittal: Update Following Recent Upgrade of the CFR
CORPORATES CREDIT OPINION 10 March 2017 Update RATINGS ArcelorMittal Domicile Luxembourg Long Term Rating Ba1 Type LT Corporate Family Ratings - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Hubert Allemani 44-20-7772-1785
- Please Change Name Allemani
- Please Change Name Allemani
- Please Change Name Hubert Allemani
Moody's upgrades ArcelorMittal's CFR to Ba1; stable outlook
London, 24 February 2017-- Moody's Investors Service has upgraded to Ba1 from Ba2 the corporate family rating and to Ba1-PD from Ba2-PD the probability of default rating of ArcelorMittal, the world's largest steel producing company. At the same time, Moody's upgraded to Ba1 from Ba2 the company's senior unsecured ratings and affirmed its Not Prime short-term ratings. The outlook on all the ratings is stable.
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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