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Soomit Datta
  • Soomit Datta

ADYEN US (BUY, TP: EUR1,700, +28%) Adyen - Q3 and a volatile day; cal...

After a rollercoaster day, the stock seems to have landed in a sensible place: small miss, small down. We thought the earnings call was solid, as good as we were likely to get, management sounding confident on accelerating growth into FY 25.

Martijn Den Drijver
  • Martijn Den Drijver

AALBERTS : Building Tech moving in the right direction, Industrial Tec...

>Positive development in Building Tech, Semicon solid - In the mainly qualitative trading update Aalberts reported organic growth for 10M 2024 of -2.9% whereas we had expected -3.5%. That is better than expected and an improvement over the -3.9% reported in H1 2024. Building Tech organic growth was -4.7% versus our expectation of -5.4% which also means that in the four months of July to October, organic growth was -1.8% versus our expectation of -3.5%. Clearly, Aalbe...

Cor Kluis
  • Cor Kluis

Adyen NV : Net revenue growth +21% cc being -just- 1% less than expect...

>Conclusion: Net revenue growth +21% cc being -just- 1% less than expected - The 3Q24 net revenue growth was +21% cc being -just- 1% less than expected. We understand that with a high growth company even 1% less is relevant but we do not have to change our revenue estimates for the future in any material way. We keep our Outperform as the +21% constant revenue growth show the business model is working well. Net revenue growth Q3 +21% at cc vs +22% expect...

Kristof Samoy
  • Kristof Samoy

Aalberts 10m24 trading update

Aalberts just issued a trading update on the first ten months of the year. As usual the update was brief, mainly qualitative and only commenting on segmental organic growth rates. Overall organic growth over 10m24 landed at ‘-2.9%' a slight improvement compared to the ‘-3.9%' reported at 1H24. As last year, the added value margin was labelled ‘good'. In an environment of negative topline growth, company is working hard on its cost base to sustain margins. A disposal occurred in US Piping and res...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...

Thomas Couvreur
  • Thomas Couvreur

GBL 3Q24: NAV Up 3.6% To €118 & Capital Markets Day Today

As of 3Q-end, GBL's NAVps stood at €117.99, up 3.6% compared to 1H FY24 (€113.9). On a YTD basis, GBL's disposals of listed assets has helped crystallise capital gains of €1.1b (€630.0m during 9M'24 and €422.0m coming from forward sales that matured on 24th Oct'24). Notably, the stake in Adidas has been cut in half from 7.6% to 3.51%. GBL continues to have an attractive overall liquidity profile of €4.3b, which should be sufficient to seize an opportunities over the short to medium-term. We note...

Jacob Mekhael
  • Jacob Mekhael

mdxhealth FIRST LOOK: 3Q24 results come with upgraded FY24 guidance

mdxhealth reported 3Q24 revenue growth of 21% y/y, while management upgraded FY24 guidance to $ 87-89m (previously $ 85-87m) reflecting increased confidence in utilisation from healthcare providers. The goal to reach positive adjusted EBITDA by 1H25 remains on track, and now starts to come into view, while management guided for 20% topline growth for FY25. We reiterate our $ 4.2 TP and Buy rating.

Mahaut Arnaud ... (+3)
  • Mahaut Arnaud
  • Paul de Froment
  • Thomas Mordelle

Alfen: Q3 results, big Q4 ahead

Alfen published Q3 2024 figures yesterday. Revenue came in at EUR106m (-18% QoQ vs. EUR129m in Q2 2024, -22% YoY vs. EUR136m in Q3 2023) pointing to EUR352m YTD (vs. cons. eyeing EUR489m for FY24). Q3 numbers were mostly impacted by modest revenue growth in Smart Grids (+1% YoY) and a sluggish pace

Thijs Berkelder
  • Thijs Berkelder

Alfen : Outlook for Q4 and 2025 seems weaker than before

>Q3 better than consensus FY24 outlook slightly weaker = weaker Q4 - Revenues in-line, with strength in Smart Grids offsetting weakness in EV Charging. Revenues in 24Q3 were down 22% y-o-y to € 106.2m (1% below consensus of € 107.4m) with Smart Grid Solutions up 1% to € 50.3m (14% above consensus of € 44.3m), EV Charging Equipment down 6% to € 32.9m (14% below consensus of € 38.3m), and Energy Storage Systems down 55% to € 23.1m (consensus € 23.5m). Profitabil...

Hilde Van Boxstael ... (+8)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Hoste

Morning Notes : AALB NA, ADYEN NA, CPINV BB, CMBT BB, GBLB BB, MDXH BB...

: AALB NA, ADYEN NA, CPINV BB, CMBT BB, GBLB BB, MDXH BB, TESB BB, ALFEN NA

Lynn Hautekeete
  • Lynn Hautekeete

Care Property Invest 3Q24 results: +2% guidance increase

Care Property invest reports its 3Q24 slightly above our expectations and increases its FY24 guidance by 2% The dividend guidance remains stable at 1.0 DPS as the pay-out ratio is high. Operationally the company is performing in line with our expectations. The difference comes from slightly lower other opex (including settlement with a developer in 1Q24) and slightly lower financing costs. The debt ratio of CPINV remains high at 48.2% (excl leases at FV) or 45.5% LTV (incl leases at FV). This li...

Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans

Care Property Invest : Q3 2024 results: Upgraded EPS guidance, with st...

>EPS outlook 2% up; cost of debt down; underlying metrics remain solid - FY 2024 outlook raised +2.4%, now being adj. EPRA EPS of € 1.05 (vs €1.025 before) and the company maintains the intention to pay a gross dividend of €1.00/sh.Variations in fair value of investment properties were -/- €2.1m for 9M 2024 and flat for Q3.Indexation (like-for-like rental growth) was 1.7%, similar to H1 given the majority of leases having added indexation in January.EPR...

 PRESS RELEASE

Aalberts N.V.: Aalberts realises organic revenue growth in line with e...

Aalberts N.V.: Aalberts realises organic revenue growth in line with expectations Utrecht, 7 November 2024 trading update - first ten months 2024 In the first ten months Aalberts realised -2.9% organic revenue growth compared to last year, for building technology segment -4.7% and industrial technology segment -0.7%. The added value margin remained on a good level. Productivity improvement, cost savings and inventory reduction plans are in place to manage cost inflation and lower volumes. We are deploying our strategic initiatives with our long-term business pl...

 PRESS RELEASE

MDxHealth Reports Results for the Third Quarter and Nine-Month Period ...

MDxHealth Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2024 Tissue-based test volumes increase by 36%, liquid-based test volumes by 24% Company raises 2024 revenue guidance to $87-89 million, representing 25% growth Pro-forma cash of $53.5 million Conference call and webcast today at 4:30pm ET IRVINE, CA – November 6, 2024 () – MDxHealth SA (NASDAQ: MDXH) (the "Company" or "mdxhealth"), a leading precision diagnostics company, today announced its financial results for the third quarter and nine-month period ended September 30, 2024. Michael K. McGar...

Soomit Datta
  • Soomit Datta

ADYEN (BUY, TP: EUR1,700, +25%) Adyen Q3 outlook: Maintain BUY on bea...

Following solid H1s, and a rare and supportive near-term steer for H2, consensus expectations have stayed pretty rooted to the bottom of the guide range for revenue for both Q3 (reported Thursday/tomorrow) and Q4 (21%, 20% y/y respectively). Downside risk to estimates for H2 looks limited.

Sharad Kumar S.P
  • Sharad Kumar S.P

Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...

1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings  posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...

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