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
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment FY24 revenue and EBIT guidance firming up towa...
EVS indicated that after 3Q24 they are on track to achieve FY24 revenue and profit at the higher end range of its guidance (revenue guidance of € 190 to €200m (KBCSe € 197.1m) and EBIT guidance €40 to 46m (KBCSe € 44.1m)). Next to the positive impact of its revenue performance on its gross profit, EVS sees an increasing gross margin performance on all its solutions. For this EVS refers to a well balanced pricing strategy. Without giving exact numbers, they highlight that this results in an overa...
- Wim Lewi
Elia Group Politics cloud the need for investments, but no turning bac...
Elia suffers from negative downdraft as politics cast doubt on the expected RAB growth outlined in the grid development plans. In Belgium, there is currently a standstill in the government formation and in Germany an early election has been called. Also the rhetoric of president-elect Mr Trump does not bode well for US energy transition investments. For Elia specific, the Elisabeth Island and its budget have been subject of discussions that juggle with figures that are taken out of context. As t...
EVS Q3 2024 business update
EVS Q3 2024 business update EVS Q3 2024 business update Reaffirming growth expectations for 2024, setting a new revenue high for EVS, while actively building the future Liège, Belgium | November 14th, 2024 EVS’ financial results are firming up in line with expectations. While the final weeks of production and deliveries are being planned, we primarily focus on building the future. Order intake for the fourth quarter looks promising, ensuring a kick start in 2025. We have significant commercial opportunities in the pipeline, which are bound to play a substantial role in our future suc...
- Reg Watson
- CFA
dsm-firmenich/Take your vitamins/BUY
dsm-firmenich expects to separate its Animal Nutrition and Health (ANH) business in 2025 which will complete the company's transformation into a flavours and fragrances business to rival Givaudan and Symrise. We model the impact of this on valuation and forecast the expected short-term boost from vitamin pricing. The outcome is that our adj. EBITDA forecasts for 2024-25F rise by c.10% each year but our valuation declines slightly to €146 per share, based on the disposal of ANH. We maintain our B...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November 2024 – Adding Azelis – Removing ...
With 2 changes in our Dynamic Top Pick list (we add Azelis and we remove Solvay) we maintain a defensive stance on the market for 2H24. The long anticipated interest rate cuts by central banks have finally started. The Trump election victory in the US does not bode well for European stocks as he favours a protectionist course. Although industrial companies with a US base could actually benefit. Cleantech names with exposure to the US could also suffer (unless owned by E.Musk). We expect the US ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
TINC TINC COMM. VA
FUR FUGRO NV
AZE AZELIS GROUP NV
SYENS SYENSQO
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
FDR FLUIDRA S.A.
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Wim Hoste
DSM-Firmenich Conference call feedback
Below are the highlights from the 3Q results conference call. 3Q adjusted EBITDA jumped 32% and beat our and consensus by respectively 3% and 1%. Dsm-firmenich increased FY24 adj EBITDA guidance from c € 2bn to towards € 2.1bn, citing disruption in the vitamin market. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH) are similar to the targets of the current group, ie 5-7% organic sales growth and an 22-23% adjusted EBITDA margin, which represent a si...
- Wim Hoste
DSM-Firmenich FIRST LOOK: 3Q adj.EBITDA +32%, FY guidance up to ‘towar...
3Q adjusted EBITDA jumped 32% and beat our and consensus by respectively 3% and 1%. Dsm-firmenich increased FY24 adj EBITDA guidance from c € 2bn to towards € 2.1bn, citing disruption in the vitamin market. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH) are similar to the targets of the current group, ie 5-7% organic sales growth and an 22-23% adjusted EBITDA margin, which represent a sizeable step-up to the FY23 margin level of c. 18% (ex ANH). We...
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
- Stefano Toffano
DSM-Firmenich : Further signs of broad end-market normalisation
>Continued demand recovery - dsm-firmenich’s Q3 24 results once again confirmed the improving business momentum. The company posted another sequential good quarter on the back of a.o. easing comps, improving demand and the continued realisation of self-help benefits. While the strong positive impact on vitamin prices is temporary and will take some time to fully feed through, the higher vitamin pricing environment (a.o.) pushed ANH profitability higher, albeit from a ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2024
Les députés ont supprimé vendredi dernier la surtaxe d’Impôt sur les Sociétés proposée par le gouvernement français dans son PLF 2025. Il serait, selon nous, hasardeux de crier victoire trop tôt, et cette disposition pourrait faire son retour durant la suite du débat budgétaire, sous la forme initialement proposée par le gouvernement ou sous une autre. Nous restons prudents sur les actions françaises, le débat budgétaire restant chaotique et pas à la hauteur des enjeux, comme le souli...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2024
Last Friday, MEPs scrapped the exceptional additional corporate tax proposed by the French government in its PLF 2025. In our view, it would be risky to claim victory prematurely, and this provision could make a comeback during the remainder of the budget debate, in the form initially proposed by the government or in another form. We remain cautious on French equities, as the budget debate remains chaotic and fails to live up to the stakes, as underlined by Moody's downgrade of the so...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Thijs Berkelder
Elia Group : Gas network operator Fluxys to support Elia’s equity need...
>Fluxys agreement with reference shareholder Publi-T (44.79% in Elia Group) - Fluxys announces that Elia Group’s reference shareholder Publi-T signed a Heads of Agreement with Fluxys SA/NV to enable Publi-T to follow future capital increases of Elia Group. Together, they will create a new subsidiary to which Publi-T will contribute its 44.79% stake in Elia Group. When needed, Publi-T and Fluxys SA/NV will contribute additional capital to the subsidiary to fund its sha...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
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