reports
- Michiel Declercq
PostNL Conference call feedback + model update
1Q24 revenues decreased 2% y/y to € 765m, or 3.9% below expectations. The revenue decline was driven by a softer than expected parcels volume growth of 4.6% and mail volume decline of 12.5%, as well a negative mix effects at parcels. Together with an uptick in organic costs (mainly labour), the normalized EBIT of € -9m came in below kbcs and css expectation of € -2m. However, given that most of the outlook will be driven by 4Q24, PNL reiterated its FY24 guidance. We reiterate our Hold rating and...
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- ING Helpdesk
Benelux Morning Notes
Kinepolis: Weak US/Canada box office and France attendance in April. NSI: FS NL Holdings acquires c.10% from ICAMAP for c.€43m. PostNL: 1Q24 touch below; FY24 outlook reiterated and parcel volumes accelerate. Staffing: US temp volume trend still soft but stable, NFP jobs miss. TKH Group: A weak quarter indeed
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stefano Toffano
- Wim Gille
PostNL : A tough start of the year
>Q1 24 revenues and normalised EBIT below ccs and AAOBe - Today’s results highlight once again the tough trading environment and PostNL’s low visibility. Q1 24 group results were lower than ccs and our expectations. Group revenue for the quarter came in at € 765m and normalised EBIT at € -9m (€ 7m for Q1 23). Free cash flow generation was negative during the quarter at € -7m, an improvement vs Q1 23 (€ -31m) mainly due to lower capex and the impact of the final settle...
- Laura Roba
Agfa-Gevaert - 2024 also to be H2-weighted - Q1 preview
In 2023, 42% of the EBITDA was delivered in Q4, reflecting the seasonality of the business. Management emphasized that growth in ‘24 will again be back-end loaded. Hence, we expect Q1 to be broadly in line with last year.Growth engines are expected to continue their progression in '24 with significant top-line and profitability growth in DPC. Profitability will continue to improve in Healthcare IT although we should not see a huge step up yet. Radiology, however, is not expected to recover ...
- Frank Claassen
PostNL - An unconvincing start
• The Q1-24 missed on EBIT due to a steeper decline at Mail and unfavorable mix at Parcels.• Nevertheless, PostNL sticks to its FY24 guidance range, which has now become even more dependent on Q4. We will lower our estimates towards the lower-end of this guidance range.• We stick to Hold and lower our TP to EUR 1.25 (was EUR 1.35 p/s), based on our 2025E SOTP.
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 03/05/2024
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 05/03/2024
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
- ING Helpdesk
Benelux Morning Notes
Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...
- Martijn Den Drijver
Royal BAM Group : Q1 2024 a soft quarter but investment case stands
>Lowering 2024 estimates, 2025-2026 unchanged, investment case stands - We maintain our Outperform rating and price target after the mixed/disappointing Q1 2024 results. We lower our 2024 adj. EBITDA by 6% (adj. EBITDA margin 4.6% instead of 4.8%) but keep our 2025 and 2026 largely unchanged. Despite the disappointment over the Q1 profitability levels, our investment case stands with slowly but surely improving operational and financial performance as the old lower ma...
- Francesca Ferragina
Aedifica/Portfolio stabilisation is good/BUY
The year has started well with a top line organic growth of 3.3% and bottom line EPRA earnings increase of 8% in 1Q. LTV is safe at 39.6% (we would not be surprised to see the company finalising an acquisition). Aedifica stated that these results were a bit ahead of its internal budget and we confirm our current estimates, which are in line with latest guidance. What we like most about this set of results is the small positive LFL revaluation of the portfolio, positive for the first time in five...
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2024
Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. - ...
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Martijn Den Drijver
Royal BAM Group : Not the expected start of the year in Q1
>Miss on EBITDA, faster deterioration trade working capital - BAM reported Q1 sales of €1.4bn, exactly in line with our estimate (no css available). Adj. EBITDA came in at €44m, a clear miss versus our expectation of €59m (Q1 2023 €58m), representing a margin of just 3.1% versus 4.2% expected (Q1 2023 4.1%). The orderbook came in at €10.7bn, roughly €1bn higher than our estimate, which was more or less in line with the orderbook at year-end. This is encouraging as it ...
- Gerardo Ibanez
- Steven Boumans
Aedifica SA : Q1 2024 results: Stable fair values after five quarters ...
>Outlook reiterated, stable fair values, negative rent negotiations and pipeline continues to decline - FY2024 outlook EPRA EPS 4.70 or €223m EPRA earnings reiterated.Rental income +3.3% on a like-for-like basis (FY2023: 5.2% and 3% in FY2024 budget) broken down by +3.4% indexation, -0.7% rent negotiations and +0.6% fx changes.Fair value of investment portfolio increased +0.02%, after five consecutive quarters of negative portfolio valuations. Belgian (-0.5%...
- ING Helpdesk
Benelux Morning Notes
Aedifica: First sign of portfolio valuation stabilization. ArcelorMittal: Solid 1Q24 EBITDA beat, softer FCF reflects WC and CAPEX phasing. Belgian telcos: Peer Telenet 1Q24 results, still weak commercial performance. dsm-firmenich AG: Vita-still not-min. IBA: Contract to install a P1 system in Connecticut. KPN: VodafoneZiggo 1Q24 results confirm fixed losses, mobile weaker QoQ. Shell plc: Good start to the year
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Aedifica EPRA result slightly ahead of guidance
Aedifica reports 1Q24 results and beats our EPRA earnings estimates on the back of slightly lower financial charges and mainly lower taxes. The FY24 guidance remains unchanged so the lower taxes are likely due to timing differences. Over FY24-26 we forecast flat earnings growth based on the current communicated pipeline. In 1Q24 Aedifica continued its wait and see modus at a debt ratio close to 40%. Over the past 1.5 month the share price recovered by approximately 17%, beating the ERPRA index. ...
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