Holdings Report - January 2025 KBCS Holdings Universe Returns 3.1% Dur...

1M Performance - Absolute: During Jan'25 (1M period), the KBCS Holdings Universe posted a return of +3.1% which was mainly driven by multi-asset holdings (+3.3%) while single-asset holdings posted a slightly lower return of +2.7%. The 3 top performers during the period were Sofina (+10.6%), Financière de Tubize (+7.5%) and Whitestone Group (+6.4%) while the 3 worst performers were Gimv (-2.0%), The Infrastructure Company (TINC; -3.4%) and Texaf (-5.1%). YTD Performance - Relative: On a YTD bas...

Morning Notes : COFB BB, DSFIR NA, IVA FP, MTLS US, ONTEX BB, PNL NA

: COFB BB, DSFIR NA, IVA FP, MTLS US, ONTEX BB, PNL NA

Ontex Successful transformation story but some uncertainty on US tarif...

The acceleration of volume growth to 9% in 4Q24 is another testimony of the potential growth in North America. After recent divestment agreements on the Brazilian and Turkish businesses, Ontex will soon complete its strategic transformation and become a private-label focussed personal hygiene player in Europe and North America. Whilst Ontex is an established market leader in Europe, it is a challenger in North America which is characterized by much lower penetration of private label products. Wh...

Gimv/Rolling in the dough and ambitious growth/HOLD

Gimv revealed ambitious growth projects when launching a €247m financing round, setting its sights on additional value creation with the following key objectives: (1) double the portfolio size from €1.7bn to €3.5bn; (2) increase the portfolio return target from 15.0% to 17.5%; and (3) maximise value creation by extending the investment horizon through Anchor investments. The combined effect of an increased target IRR on the portfolio, the dilutive effect of the capital increase at a significan...

Ontex - Earnings Flash - FY 2024 Results - Lucror Analytics

Ontex has released its FY 2024 numbers. The company continued to deliver on its transformation plan, with credit stats improving further. Ontex guided for a constructive FY 2025. This should be driven by volumes, on the back of continuing positive momentum. We expect modest earnings improvement and disposals to support further improvement in the credit profile this year. We believe Ontex will refinance the HY bonds in the coming months.

Credit Morning 02/20/2025

Carrefour: full-year earnings and launch of strategic assets review|OPmobility: solid 2024 results and positive outlook in a challenging environment|Groupe Bruxelles Lambert (GBL) said to be mulling Imerys minority buyout (Bloomberg)|Verallia recovers slightly in Q4 and takes a cautious view of 2025|

Morning Crédit 20/02/2025

Carrefour : résultats annuels et lancement d’une revue des actifs stratégiques|OPmobility : résultats 2024 solides et perspectives positives dans un environnement difficile|GBL étudierait un rachat des parts des minoritaires d’Imerys (Bloomberg)|Verallia se redresse légèrement au T4 et entrevoit 2025 avec prudence|

Morning Notes : AGN NA, BESI NA, FAGR BB, GIMB BB, KIN BB, NN NA, VGP ...

: AGN NA, BESI NA, FAGR BB, GIMB BB, KIN BB, NN NA, VGP BB, AZE BB, ZEAL DC

Aedifica/Growth is on the table again/BUY

After two years of uncertainties around operators, there is finally some good news: occupancy and profitability are gradually improving, tenants are looking again for growth. We like the €250m investments that Aedifica announced for FY25 that will come combined with €190m disposals with the intent to optimise capital allocation. We like also the maximum €500m firepower that leaves room for some surprise. We confirm our BUY rating on Aedifica. Newsflow is improving and the stock is appealing on m...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, TK Elevator, The Very Group, Liberty Global, Tereos, Ontex, Recordati, TI Fluid Systems, THOM Europe, Borr Drilling, Klockner Pentaplast, Casino Guichard-Perrachon

Ontex Feedback conference call

Below are the highlights from the conference call. We remind that like-for-like revenue growth picked up in 4Q24 on the back up of the ramp-up of new contracts in North America, resulting in a 3% better than expected adjusted EBITDA. Ontex guides for 4-7% adj EBITDA growth in 2025 with consensus roughly at the midpoint of the range and KBCS slightly above. After recent divestment agreements on the Brazilian and Turkish businesses, Ontex will soon complete its strategic transformation and become ...

Aedifica Feedback FY24 analyst call

The message from the management during the FY24 analyst call was clear: Portfolio yields have stabilised, operators have recovered from the 2022/2023 downcycle and new investments will be added to the re-set pipeline. Analysts on the other hand were still sharp on operators indicating the sentiment has not yet changed. CMD announced in Ireland on May 7/8.

Credit Morning 02/19/2025

Tereos : 9M 24/25 results in line with expectations|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|KKR clashes with Fibercop management over a difference in EBTDA forecasts (FT)|SES : Moody’s revises the outlook to Negative from Stable, SES says FY24 results are better than expected|

ODDO BHF Small & MIDCAP MORNING NEWS – 02/19/2025

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/19/2025

Morning Crédit 19/02/2025

Tereos : Résultats 9M 24/25 conforme aux attentes|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|FiberCop : conflit entre KKR et le management concernant les prévisions d’EBITDA (FT)|SES : Moody’s révise la perspective de Stable à Négative, SES indique que les résultats 2024 devraient être meilleurs que prévu|

ODDO BHF Small & MIDCAP MORNING NEWS – 19/02/2025

Ontex : Ontex reports a strong set of (Q4) FY24 results.

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/02/2025

ASR : H2 Solvency, Capital generation, and Non life all better than ex...