reports
- Stefano Toffano
- Wim Gille
Bpost : A very busy quarter (despite being relatively small)
>New reporting structure and integration of Staci - Bpost continues to experience pressures from all the volatility at the company as well as weakish end-market (mainly North America). Group operating income (i.c. revenue) for the quarter came in at € 1,025m, +4.7% yoy and -2% vs ccs and AAOBe. Adjusted EBIT came in at € 10m, in line with css. Bpost’s results were mainly driven by the new International 3PL division which now includes Staci. Pressure remains from the c...
- ING Helpdesk
Benelux Morning Notes
Aperam: 3Q24 results solid, reassuring 4Q24 guidance. bpost: 3Q24 results and FY24 outlook in line. Eurocommercial Properties: Solid results, guidance confirmed at the top of the range. Euronext: A €300m buyback is next. IMCD: In line 3Q24. SBM Offshore: Prosperity taken out. Sif Group: Line 2 now also reporting for duty
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Michiel Declercq
bpost Staci, a make or break story
Running up the 3Q24 results on November 8th, we have adjusted our estimates and incorporated the Staci acquisition in our model. We now estimate the Adj. EBIT for FY24 to come in at the low end of the guided range, as we expect 3Q24 to be a softer quarter than usual driven by the impact of the press concession and though environment in the US. Looking at 2025, we expect some of these headwinds to continue. Additionally, the high transaction multiple that was paid for Staci will significantly inc...
- ING Helpdesk
- Klaus Breitenbach
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
ATO ATOS SE
TPE PVA TEPLA AG
WIZZ WIZZ AIR HOLDINGS PLC
BON BONDUELLE SCA
BCP BANCO COMERCIAL PORTUGUES S.A.
NEX NEXANS SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
BPOST BPOST SA
BRNL BRUNEL INTERNATIONAL N.V.
GLPG GALAPAGOS NV
ALKAL KALRAY SA
CLA CLARANOVA SE
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
BLV BELIEVE SA
FUR FUGRO NV
EBUS EBUSCO HLDG NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Michiel Declercq
bpost 2Q24 Conference call feedback
Bpost reported a solid set of 2Q24 results, with the adj. EBIT of € 57.8m coming in above kbcse & css expectations of € 56.9m and € 51.8m respectively. The beat was largely driven by a better performance in Belgium, which still included press remuneration from the BE government. This was however partially countered by ongoing pressure in N-A. bpost further announced that it completed the Staci acquisition, which will now be consolidated from August onward. We reiterate our Buy and € 5.0 TP.
- Klaus Breitenbach
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/08/2024
Le Stoxx 600 ne progresse que de 1,1% en juillet après sa baisse de 1,3% en juin, tiré par le SMI (+2,5%) et le Footsie 100 (+2,7%). Avec la poursuite du fléchissement des indicateurs de climat des affaires, les défensives ont surperformé les cycliques en juillet, et de nombreuses valeurs Santé sont présentes parmi les meilleures performances du Stoxx 600. Les taux d’intérêt longs ont nettement reflué (sans doute trop) sans que cela profite aux valeurs de la Tech ou du Luxe qui ont s...
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
ATO ATOS SE
TPE PVA TEPLA AG
WIZZ WIZZ AIR HOLDINGS PLC
BON BONDUELLE SCA
BCP BANCO COMERCIAL PORTUGUES S.A.
NEX NEXANS SA
GLB GLANBIA PLC
INH INDUS HOLDING AG
BPOST BPOST SA
BRNL BRUNEL INTERNATIONAL N.V.
GLPG GALAPAGOS NV
ALKAL KALRAY SA
CLA CLARANOVA SE
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
BLV BELIEVE SA
FUR FUGRO NV
EBUS EBUSCO HLDG NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Stefano Toffano
- Wim Gille
Bpost : Relatively good operating performance. Staci now part of the g...
>Better adj. EBIT than anticipated - Bpost posted a relatively good set of results. Group operating income (i.c. revenue) for the quarter came in at € 988m, roughly in line with ccs and AAOBe. Adjusted EBIT came in at € 58m, +12% vs. css and +8% vs. our estimates. Bpost’s results continue to be driven by resilient Belgium operations and good performance at E-Logistics Eurasia, while E-Logistics NA performed poorly once again due to challenging market conditions. bpost...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Michiel Declercq
bpost Analyst call feedback post outlook update & model revision
Following the closing of the press negotiations, bpost expects the adj. EBIT for 2024 to come in between € 165 – € 185m including the press impact. Although no group guidance was available previously, the new guidance comes in below our estimate of € 215m. Next to the press impact, the new outlook also includes further unfavourable market conditions in N-A. Additionally, bpost mentioned that the Staci acquisition is expected to close in the coming weeks. After revisiting our estimates, we reiter...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2024
In June, European equities were buffeted by the political risk in France and the downturn in business climate indicators (PMI), which erased the effect of the ECB's first, widely anticipated, rate cut and the continuing upward revision of the consensus. French indices and stocks - in particular small caps - were the ones that gave up the most ground. In sector terms, within the Stoxx 600, technology, healthcare and media were the only sectors to advance, while real estate, banks, basi...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2024
En juin, les actions européennes ont pâti du risque politique français et du fléchissement des indicateurs de climat des affaires (PMI) qui ont effacé l’effet de la 1ère baisse des taux de la BCE, largement anticipée, et la poursuite de la révision à la hausse du consensus. Les indices et valeurs françaises – en particulier small caps - sont celles qui ont le plus reculé. En termes sectoriels, sur le Stoxx 600, la technologie, la santé et les médias ont été les seuls secteurs à progre...
- ING Helpdesk
- Michiel Declercq
bpost Downgrades outlook following press impact and though N-A market
Following the closing of the press negotiations, bpost expects the adj. EBIT for 2024 to come in between € 165 – € 185m including the press impact. Although no group guidance was available previously, the new guidance comes in below our estimate of € 215m. Next to the press impact, the new outlook also includes further unfavourable market conditions in N-A. Additionally, bpost mentioned that the Staci acquisition is expected to close in the coming weeks. After revisiting our estimates, we reiter...
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Stefano Toffano
- Wim Gille
Bpost : New agreements provide for increased visibility
>The new guidance is roughly in line with ccs and AAOBe - Bpost recently announced agreement with Flemish newspaper publishers on the delivery of newspapers. The ongoing service concession ended as at July 1. Given the recent announcements and agreements reached with Dutch and French-speaking newspaper editors, bpost is now able to provide guidance for the FY24 group EBIT.Overall, bpost now expects the FY24 group total operating income to decrease by a low single...
- Hilde Van Boxstael
- Michiel Declercq
- Wim Lewi
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