reports
- Jørgen Lian
CMB.TECH (Hold, TP: USD14.10) - Diversification at a cost
CMB.TECH’s diversified and ‘future-proof’ approach may prove attractive in steadily managing shipping cycles, changing fundamentals and stricter environmental regulations. However, diversification also comes at a price, and its heavy newbuild programme is straining its balance sheet and the outlook for dividends. Thus, we currently see greater upside potential in its pure crude tanker peers. We reiterate our HOLD and have lowered our target price to USD14.1 (16.3).
- ING Helpdesk
Benelux Morning Notes
Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Kristof Samoy
- Thomas Vranken
- Wim Hoste
- Kristof Samoy
- Sharad Kumar S.P
- Kristof Samoy
CMB.Tech Supplementary payment of $0.52 on former bid price and bid re...
On September 6th the market court of Brussels ruled on a case between CMB (reference shareholder of CMB.Tech, formerly Euronav) and FourWorld. The court found that the pricing of certain vessels sold by Euronav to Frontline last November implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 per Euronav share. In connection with CMB's mandatory takeover bid for Euronav (presently CMB.Tech) earlier this year, the FSMA now made public its decision to require...
- Kristof Samoy
- Sharad Kumar S.P
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Kristof Samoy
CMB.Tech Market court ruling opening door to $0.52 MTO bid price incre...
In a press release Euronav (soon to be renamed CMB.TECH) informed that the Market Court in Belgium has largely rejected the claims brought forward by FourWorld in connection with CMB's mandatory public bid for the Euronav shares that ended March 15, 2024. However, the Court did find that the pricing of certain vessels sold by Euronav to Frontline implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 p.s.. The judgment indicates that the FSMA retains discr...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- Jørgen Lian
Euronav (Hold, TP: USD16.30) - Charting a new course
Crude tankers remain the main earnings driver for now, but Euronav is steadily steering towards diversified shipping, with particular focus on sustainable solutions. A by-product of this is increasingly diversified cash flows supporting through-the-cycle investments – but also significant capex needs potentially straining the balance sheet and curtailing shareholder distributions medium-term. We reiterate our HOLD and have lowered our target price to USD16.3 (17.9).
- Kristof Samoy
CMB.Tech Key take-aways analyst call
Following this morning's publication of the 2Q release herewith key elements from Q&A with management during this afternoons analyst call. This morning we already published a FRN on the earnings release itself. All in all CMBT posted nice results showing diversifications pays off. The newly formed company is successfully disposing older vessels at high prices, reinvesting crude tanker cash flows and concluding LT contracts to finance its massive fleet transformation.
- Kristof Samoy
CMB.Tech Good 2Q24 results, swift execution of fleet rejuvenation plan...
Over 2Q24 CMB.Tech reported adjusted EBITDA (excl. capital gains) of $164m above our $129m estimate. The company is swiftly executing its new build programme and recycling cash through disposals of older vessels. Favourable dynamics in the Euronav tanker fleet finance the transformation towards a sustainable shipping platform. Following the recent $6.72 p.s. distribution bonanza no further distribution over 2Q was declared as we expected given CMBT' s discretionary dividend policy. Company manag...
- ING Helpdesk
Benelux Morning Notes
Corbion: Swings and roundabouts. CTP: Good operational trends, guidance reiterated. dsm-firmenich: Another cheque from BASF. Euronav: 2Q beats expectations. KBC: 2Q well above, NII guidance up, ready for 3Q State Bond release of c.€22bn. SBM Offshore: Strong set of 1H24 results, more to come. TKH Group: 2Q is not going to be the quarter. Xior Student Housing: Positive portfolio revaluation
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Quirijn Mulder
Euronav/Leading edge in shipping transition/BUY
We believe Euronav, soon to be renamed CMB.TECH, has a good outlook on the back of cash flow from its existing crude tankers, future cash flow from the build-up of a diversified eco-fleet and fixed contracts worth US$2bn in the pocket. The markets Euronav operates in are in general attractive with some demand growth. More important is limited supply in the years to come. So, a good outlook both for cash flow and value. Currently, we estimate that Euronav's share price has a 10% premium to its ad...
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
NEX NEXANS SA
ERA ERAMET SA
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
PLX PLUXEE NV
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Thijs Berkelder
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
NEX NEXANS SA
ERA ERAMET SA
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
PLX PLUXEE NV
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/04/2024
Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...
AKRBP AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
RI PERNOD RICARD SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ADEN ADECCO GROUP AG
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EVK EVONIK INDUSTRIES AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/07/2024
Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...
AKRBP AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
RI PERNOD RICARD SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ADEN ADECCO GROUP AG
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EVK EVONIK INDUSTRIES AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
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