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...
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 ...
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
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
>Better than expected H1 results, but outlook maintained - Revenue is down 6% y-o-y to € 600.7m (AAOB € 532m): "The residential and office market remains disrupted by the 2022-2023 interest rate hike."EBITDA is up 8.4% y-o-y to € 21.7m (= 3.6% margin, up from 3.1% in 23H1), and above our AAOB expectation (€ 14.9m)EBIT is down 73% y-o-y to € 4.6m (= 0.7% margin, down from 2.7%), also above our AAOB expectation (€ 3.6m): "The significantly improved contributi...
>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...
>Feedback analyst conference call - No new equity needed. CEO confirms Alfen does not expect it will need new capitalGuidance Q3 revenues per segment. Now guiding for EV Charging Q3 lower than Q2 (previously sequential rise) and stronger Q4, for Energy Storage Q3 similar as Q1 and stronger Q4 again, for Smart Grids a Q3 similar to Q2 and stronger Q4. Our view: impression of lower outlook for EV Charging and Smart Grids vs. higher in Energy Storage.Ramp-up su...
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