reports
- Wim Lewi
Elia Group Analyst Day Take-Aways
Elia hosted its first Analyst day on the site of its National Control Center (NCC) in Vilvoorde (BXL). Elia intended mainly to educate Analysts on its operations, but also provided a Q&A session with the (interim) CEO and CFO. A new CEO is expected before the year end. Elia is examining different scenario's on the equity needs. There is a lot of noise at the moment with a new government shift in BE, potential early elections in GE and the pending sale of Tennet. The visit to the NCC gave a perfe...
- Baptiste Salaville
- Charlotte Vaisse
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/10/2024
Rechutant début septembre à cause des inquiétudes sur un risque de récession aux USA, les marchés actions se sont ensuite repris grâce au pivot de la Fed et au plan de relance chinois qu’on n’attendait plus. La baisse des taux courts permet de mettre fin à l’inversion de la courbe sur les rendements souverains. Autos, Energy et Healthcare ont nettement sous-performé le Stoxx 600. Demain, la Golden Week, l’élection US et le budget français seront clés pour une poursuite de la progressi...
- Baptiste Salaville
- Charlotte Vaisse
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/02/2024
Falling back sharply in early September due to concerns about a risk of recession in the US, equity markets then recovered thanks to the Fed's pivot and the Chinese stimulus plan that was no longer expected. The fall in short-term rates did put an end to the inversion of the curve on sovereign yields. Autos, energy and healthcare significantly underperformed the Stoxx 600. To come, Golden Week, the US election and the French budget will be key to a continued market progress. With, of ...
- Thijs Berkelder
Elia Group : Not yet a new CEO but on track to deliver on its growth p...
>Feedback analyst day - Yesterday, Elia Group held its Analyst Day in its Belgian National Control Centre in Schaerbeek, near Brussel. Next to the expanded IR team also present were interim-CEO Catherine Vandenborre and interim-CFO Marco Nix. Selection new CEO takes more time. Where analysts were hoping for a surprise CEO reveal party, reality is that Elia is still busy with the selection of a new CEO preferable having experience in an international industrial gr...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- David Vagman
- CFA
- Francesca Ferragina
- Hans D’Haese
- Jason Kalamboussis
- Javier Campos Unda
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Quirijn Mulder
- Reg Watson
- CFA
- Stijn Demeester
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/ASM, ASR, D'Ieteren, EVS, Fugro, Randstad, SBM ...
We refresh our ING Benelux Favourites list. We still apply a fundamental bottom up approach in which we select stocks that provide the best (relative) upside within our Benelux coverage universe and these stocks need clear catalysts. Besides this, we screen our ING Benelux coverage universe on some key investment themes that are topical and which could affect earnings potential and thus a stock's share price performance: (1) interest rate/refinancing opportunity in a lower rates environment; (2)...
- Quirijn Mulder
Elia/Rapid growth/HOLD
Elia is a good company in the sweetspot of the EU's ambitious plans to have one European electricity network and with Germany-specific plans to replace nuclear power with wind. Elia's asset base is growing fast, with €31bn in capex until FY28 being more than quadruple the FY19-23 level. This is good for profitability in its regulatory framework. While its growth means that the company deserves a premium to its peers, at the same time Elia falls >60% short of the dividend yield offered by peers. ...
- Nadège Tillier
Elia/Holding tight
The Elia Group's results for the first six months of 2024 showed some growth and management upgraded its bottom-line guidance for year-end 2024. The group's capital expenditure reached €1,736m and should total €4,700m by the end of the year. A substantial part of the investments requires new financial debt and mitigating measures, such as additional capital increases. We expect new bond issuance on the € market to be regular in order to finance capex and redemptions. Elia issues bonds at three e...
- Nadège Tillier
Eurogrid/Fairly valued
Part of the Elia Group, Eurogrid is one of the electricity transmission utilities in Germany. We look back at the company's 1H24 results published earlier during the summer. 1H24 financials saw some cash flow generation expansion but also a swelling debt. With capital expenditure of €1.3bn in the first six months of 2024, the utility expects to spend a total of €3.3bn in investments by the end of the year. At LTM 1H24, capex represented 332% of EBITDA, reflecting the gap between cash flow genera...
- 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 September 2024 –Cofinimmo & Kinepolis in;...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
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
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Thijs Berkelder
Elia Group : Time is right to look at upside potential again
Elia Group is on track with its large capex (€ 4.7bn) and funding roll-out for 2024, making it also lift in its earnings outlook for the year. Having underperformed the general equity market year-to-date by around 23%, the time in our view now is right to start looking again at the Elia Group share. Assuming that (1) the new CEO will be presented before end of 24Q3, (2) an updated larger capex plan in 24Q4, and (3) the long awaited equity raise to be government supported in 25H1...
- David Vagman
- CFA
EVS/Earning back its growth credentials/BUY
After weak 1Q orders, the stock lost 13% and did not recover post 2Q, despite the guidance increase, very strong 2Q orders (2x 1Q24) and pipeline, +44% YoY, on new product ViaMap taking off. We see an attractive entry point into a mid-high single digit growth story that deserves a rerating, trading at 7x EV/EBIT, 10% FCF yield, with a solid track record of management beating its guidance. EVS transforms from a one trick pony, the replacement cycle of XT servers, into a provider of digital workfl...
- ING Helpdesk
- Guy Sips
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment FY24 revenue guidance upped to €190-200m and E...
In 1H24 we saw a very nice order intake of €87.0m, incl. € 7.8m for FY24 Big Event Rental, demonstrating a growth of 7.1%. 1H24 revenue up y/y 12.2% to €98.1m, including €4.5m for Big Event Rental. We welcome that -based on the end 1H24 secured revenues for FY24 of €172.2m (+8.5% y/y), and based on the strong profit performance- EVS is confident to achieve its ambitions of profitable growth for FY24. Out of this total secured revenue number, €14.4m is linked to Big Event Rentals. We updated our ...
EVS reports first half 2024 results
EVS reports first half 2024 results Publication on August 13, 2024 at 18:30 CEST after market closingRegulated / Inside informationEVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) EVS reports first half 2024 results Liège, Belgium, August 13th, 2024 – Today EVS (Euronext Brussels: EVS.BR; Bloomberg: EVS BB; Reuters: EVSB.BR) announced results for the six-month period ended 30 June 20241. Half year results confirm profitable growth ambition for 2024 The financial performance of the first semester of 2024 confirms the growth track set out...
- 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
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment Busy days at EVS House in Paris : 2 nice trans...
EVS is acquiring MOG Technologies and becoming shareholder of TinkerList. We welcome EVS acquiring MOG Technologies to enhance its portfolio and to expand its market reach. EVS sees this as a strategic acquisition to further support the extension of MediaCeption workflows. EVS indicated that the strengthening of EVS's cloud-based services aligns perfectly with the evolving expectations of the market, ensuring that they remain at the forefront of technological advancements in live and near-live ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.