reports
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Emmanuel Matot
- Emmanuel Matot
- Martijn Den Drijver
TKH GROUP NV : Not 100% de-risked yet, estimates and TP lowered again
>Lowering estimates modestly, 2024 EBITA guidance still at risk - We have updated our estimates after the Q3 2024 earnings release, which disappointed and caused the full year EBITA guidance to be lowered, as we had feared. We are lowering our 2024-2026 sales estimates by 2%-3% and our 2024-2026 EBITAe by 3%, reflecting a continued cautious stance on Smart Vision and several businesses in Smart Connectivity. For 2024, we are now forecasting an EBITAe of €203m, which i...
- ING Helpdesk
Benelux Morning Notes
Agfa-Geveart: Material miss on Healthcare activities. ASML: Long-term guidance confirmed. CVC Capital Partners: Comfortably on track. DEME Group: Raises outlook, lowers capex guidance. Proximus: Pressure on CEO from another possible coalition party. SBM Offshore: Again delivering
- Tijs Hollestelle
TKH Group/We can only change our expectations/BUY
TKH published yet another disappointing set of results. 3Q24 EBITA was around 16% below our forecast and TKH lowered its FY24 EBITA guidance by roughly 5% taking the mid-point of the guidance. Our previous forecasts were rather optimistic as we anticipated significantly higher revenue in the Connectivity division from offshore cable production, covering the already increased fixed cost base. But TKH had to postpone the ramp up of the new offshore wind cable factory in 3Q due to start-up issues. ...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Jacob Mekhael
- Thibault Leneeuw
- Martijn Den Drijver
TKH GROUP NV : Weak Q3, 2024 EBITA guidance lowered
>Weak sales, EBITA and EBITA margins in Q3 - Continued setbacks in Smart Connectivity and Smart Vision are the key reason for a weak Q3 for TKH. Sales came in at €393m or a miss of 9% versus our estimates (no css) with organic growth coming in at -6.2% where we had anticipated positive growth of 1.2%. Due to the lower sales volumes and start-up costs in Smart Connectivity and despite good progress on the €15m cost savings program, EBITA came in at €42.1m or a miss of ...
- Jan Frederik Slijkerman
Liberty Global operating companies/3Q24 Earnings: UPCB, TNETBB, ZIGGO ...
The 3Q24 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global[a] were mixed. 3Q24 adj. EBITDA performance was strong at VodafoneZiggo and Telenet, slightly better at Sunrise, and weak at Virgin Media O2. We currently prefer Sunrise and Ziggo. Given similar credit profiles, we expect limited spread dispersion across the four companies. However, we expect that Liberty Global will look different one year from now, after (partial) network sales.
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Martijn Den Drijver
TKH GROUP NV : Preview Q3 + lowered 2024-2026 estimates and TP
>Cautiousness Vision + Manufacturing results in lower 2024-2026 estimates - We had not updated our forecast for TKH since the Q1 2024 trading update and H1 2024 results release: mea culpa. So although not ideal, we are using this preview to update our estimates. Given the disappointing H1 2024 results and 2024 guidance, we lower our estimates materially. We lower our 2024 to 2026 sales forecast by 3% to 8% and our EBITA estimates by 16% to 19%. For 2024, we now forec...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
- Sharad Kumar S.P
Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...
1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Jean Danjou
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
OSE OSE IMMUNOTHERAPEUTICS SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
PNL POSTNL NV
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
FIE FIELMANN AG
TUB TUBACEX S.A.
AIXA AIXTRON SE
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
JEN JENOPTIK AG
FUR FUGRO NV
- Bruno Cavalier
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ABI ANHEUSER-BUSCH INBEV SA/NV
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
STMN STRAUMANN HOLDING AG
- Bruno Cavalier
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
DTE DEUTSCHE TELEKOM AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ABI ANHEUSER-BUSCH INBEV SA/NV
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
STMN STRAUMANN HOLDING AG
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