reports
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Usama Tariq
- Usama Tariq
- Manuel Martin
- CEFA
- CREA
Branicks : Final Q2 2024 results broadly in the range of expectations ...
>FY 2024 guidance confirmed - This morning, Branicks´ reported soft final Q2 2024 figures which were broadly in the range of expectations, except an impairment charge, overall confirming its preliminary key figures released on 19 August (net rental income and FFO, amongst others). Management confirmed its FY 2024e FFO guidance of € 40-55m.Q2 2024 net rental income of € 38.6m was basically unchanged vs € 38.5m in Q1 2024 and down -5.8% y-o-y. The decline is mainly...
- Usama Tariq
Cabka NV : Lowering estimates in line with (FY24) guidance, Outperform...
>Slightly lowering estimates in line with management’s new (FY24) guidance - Cabka recently reported its H1 sales at €92.3m, which was 10% year on year (yoy) and 5% below our expectations, whereas the key saving grace was a 4 percentage point (pp) increase in gross margins, a trend we expect to continue albeit with less relative change. With regards to guidance, the company indicates that it expects customer demand in some end markets (especially U.S) to remain muted ...
- Martijn Den Drijver
AALBERTS : Positive possible catalysts outweigh (priced in) negatives
>Outperform retained, price target modestly lowered - We retain our Outperform rating on Aalberts as the negatives have been priced in (2024 EBITA margins slightly lower than in 2023 due to continued weak markets for Building and Surface Tech). We lower estimates and our price target modestly but see the upcoming CMD as a key catalyst for the shares while there is still a chance (not modelled in) that volumes could turn positive in H2 2024 or early 2025 in Building Te...
- Cor Kluis
Van Lanschot Kempen : 1H24 results better, good net inflow in private ...
>Conclusion: 1H24 results better, good net inflow in private banking continuing - In 1H24 the net profit was higher than we expected by better commission income and one-off/volatile items. The better commission income was mostly driven by private clients. In H1 the net inflow in private clients was again better than expected, they also expect a good net inflow in PC Belgium for 2H24. The net interest income was marginally less in 1H24, but the outlook 2H24 was margina...
EQS-News: Branicks Group AG: operational strength and significant debt...
EQS-News: Branicks Group AG / Key word(s): Real Estate/Half Year Results Branicks Group AG: operational strength and significant debt reduction in the first half of 2024 27.08.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Frankfurt am Main, August 27, 2024 Press release of the Branicks Group AG Branicks Group AG: operational strength and significant debt reduction in the first half of 2024 Bridge financing reduced in three steps to EUR 40 million by mid-August Active transaction business with 15 property sales Another...
EQS-News: Branicks Group AG: Operative Stärke und deutliche Entschuldu...
EQS-News: Branicks Group AG / Schlagwort(e): Immobilien/Halbjahresergebnis Branicks Group AG: Operative Stärke und deutliche Entschuldung im ersten Halbjahr 2024 27.08.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Frankfurt am Main, 27. August 2024 Presseinformation der Branicks Group AG Branicks Group AG: Operative Stärke und deutliche Entschuldung im ersten Halbjahr 2024 Brückenfinanzierung in drei Schritten bis Mitte August auf 40 Mio. Euro verringert Aktives Transaktionsgeschäft mit 15 Immobilienverkäufen Er...
- Jason Kalamboussis
Van Lanschot Kempen/Unfolding momentum/BUY
VLK results came with a lot more disclosure and showed a strong continued momentum in inflows and fees. Belgium continues to thrive, while the lower margins in the Netherlands are more a reflection of the ROBECO integration and some unfavourable mix, but management is working on new products to enhance those margins. Capital CET1 Basel 4 was stable at c.18.5%, so investors should expect excess capital distributions to the 17.5% target at YE24. Costs will continue to be the focus, and the dip bel...
EQS-News: Branicks Group AG: Annual General Meeting approves all agend...
EQS-News: Branicks Group AG / Key word(s): Real Estate/AGM/EGM Branicks Group AG: Annual General Meeting approves all agenda items with large majorities 22.08.2024 / 15:58 CET/CEST The issuer is solely responsible for the content of this announcement. Frankfurt am Main, August 22, 2024 Press release of the Branicks Group AG Branicks Group AG: Annual General Meeting approves all agenda items with large majorities Jürgen Josef Overath elected to the Supervisory Board as successor to Prof. Dr. Ulrich Reuter Frankfurt am Main, August 22, 2024: The today’s ordinary Annua...
EQS-News: Branicks Group AG: Ordentliche Hauptversammlung stimmt allen...
EQS-News: Branicks Group AG / Schlagwort(e): Immobilien/Hauptversammlung Branicks Group AG: Ordentliche Hauptversammlung stimmt allen Tagesordnungspunkten mit großen Mehrheiten zu 22.08.2024 / 15:58 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Frankfurt am Main, 22. August 2024 Presseinformation der Branicks Group AG Branicks Group AG: Ordentliche Hauptversammlung stimmt allen Tagesordnungspunkten mit großen Mehrheiten zu Jürgen Josef Overath als Nachfolger von Prof. Dr. Ulrich Reuter in den Aufsichtsrat gewählt Frankfurt am ...
- ING Helpdesk
- Cor Kluis
Van Lanschot Kempen : Results better in 1H24, good net inflows in priv...
>Conclusion: Results better in 1H24, good net inflow in private banking - The 1H24 results were marginally better than expected as a result of a higher than expected commission income driven by private banking. Also the result from the non-strategic investments were better than expected. We remain positive on VLK.Net profit better in 1H24 - The net profit before minorities was € 75m vs our € 64m (consensus € 64m). This higher result was driven by a hi...
- Manuel Martin
- CEFA
- CREA
Branicks : Preliminary Q2 2024 key figures in the range of expectation...
>Decline in net rental income mainly due to property disposals - This morning, Branicks unexpectedly reported preliminary key figures for H1 2024 which were in the range of expectations. Net rental income of € 77.1m for H1 2024 translates into € 38.6m in Q2 2024 which is basically unchanged vs € 38.5m in Q1 2024 and down -5.8% y-o-y. The decline is mainly due to the conducted property sales. During H1 2024, Branicks recorded a FFO of € 19.4m translating into...
- Carole Braudeau
Morning Crédit 19/08/2024
Ceconomy: 5.2% LfL growth in Q3 24, raise of sales guidance; EUR 144m 2026 bond remains outstanding 2026 bondholder will take over 2029 bond, Accentro publishes business plan updateTechem: potential IPO in September Brenntag: weak Q2 24 results, company revises down guidance again Avantor divests its clinical services business for USD 650m, aims to reduce indebtedness>...
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