reports
- Jerôme Bodin
ALLIX WALLIX GROUP SA
APAML APERAM SA
DEC JCDECAUX SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
BAMNB KONINKLIJKE BAM GROEP NV
BON BONDUELLE SCA
ADV ADVA AG OPTICAL NETWORKING
AALB AALBERTS N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VGP VGP NV
SIFG SIF HOLDING NV
FNTN FREENET AG
ALFEN ALFEN NV
COP COMPUGROUP MEDICAL SE & CO. KGAA
TCH TECHNICOLOR SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
IVG IVECO GROUP
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
BRE BREMBO S.P.A.
- 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
- Sharad Kumar S.P
GBL Capital Markets Day
Yesterday, GBL hosted its CMD which included some 2027E targets for the approximate allocations to different sub-portfolios – what stood out was that the weight of listed assets would reduce from 60.0%+ currently to approximately 50.0% while private assets (direct private + GBL capital) could reach a weight of 55.0% (upper-end) within GBL's portfolio. We think that a private asset weight of more than 50.0% would make GBL more attractive since its portfolio will be only one of the few ways to gai...
- Stefano Toffano
IMCD GROUP : Organic growth solidly back into the positive (on easy co...
>Steady recovery of organic growth - IMCD reported operating results that were in line with ccs and our estimates. Q3 24 group revenues came in at € 1,199m, +10% yoy and +1% vs ccs. M&A continued to play an important role (+7% yoy impact on revenues in Q3 24). Importantly, group organic growth accelerated to +5% yoy during the quarter (marginally positive in Q2 24 on AAOBe). Gross margins remain relatively resilient, at 25.2% in Q3 24, up from 25.0% in Q3 23. IMCD’s Q...
- Roy Külter
- Steven Boumans
VGP NV : 10M 2024 trading update: a minor slowdown in leasing; a small...
>Leasing decelerated slightly, projects U/C and pre-letting up slightly - New and renewed leases: € 64.9m (H1 2024: €45.6m) for 10M24, of which €39.6 new leases, €8.1m indexation, €1.1m amendments and 5.4m in termination, bringing the annualised committed leases to €394.3m (H1 2024: € 384.7m), up +12.4% YoY (H1 2024: up +17.3%). In addition, VGP agreed for >€16m in rental income on new leases since 31 October 2024, increasing annualised leases to >€410m to date (+16.8...
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
VGP 10m Results, pre-let recovers to 76% in November
The 10m24 statement came in line with our estimates on new developments. The important data point of pre-let% in the pipeline recovered from 70.1% at the 1H24 to 72.5% at 10m24, but already increased to 76.3% after signing additional leases for 16m since. The market recently panicked on negative economic news, mainly on GE. We believe that the market anticipates a further decline in Pre-let, which is not the case. VGP re-accelerated its development activity to new geographies like Spain and Ita...
- Julian Dobrovolschi
Euronext : Solid beat to the bottom line of 8.1%, however cautious on ...
>Q3 results bang in-line on revenue, however material beat to the bottom line - ENX came out with Q3 results which were bang in-line with consensus forecast on revenue (€ 396.3m), however 8.1% ahead of net profits (€ 159.5m) which is strong. The company also announced € 300m in buybacks (12 months program). Revenue grew 10% YoY driven by a strong pick-up in the volume business (i.e. trading). On balance, the revenue mix has positives and negatives, with positives stem...
- Wim Lewi
Xior CMD Feedback, Basecamp DNA is an upgrade for Xior
Xior invited us to Copenhagen and Malmo to visit 3 properties out of the ex-Basecamp portfolio and presentations on other regions. The Basecamp deal transforms the DNA of Xior that can be replicated on a large part of the old portfolio. It also serves as an integration platform for acquisitions. While the timing of the deal hurt the company badly, there is an amount of goodwill (knowledge) that can be further monetized in higher rents and margins. The Basecamp “by Xior” platform caters largely ...
IMCD reports EBITA of EUR 403 million in the first nine months of 2024
IMCD reports EBITA of EUR 403 million in the first nine months of 2024 Rotterdam, The Netherlands (8 November 2024) - IMCD N.V. (“IMCD” or “Company”), a global leading distribution partner, and formulator of speciality chemicals and ingredients, today announces its first nine months 2024 results.HIGHLIGHTS• Gross profit increase of 6% to EUR 909 million (+8% on a constant currency basis)• Operating EBITA increase of 1% to EUR 403 million (+3% on a constant currency basis)• Free cash flow of EUR 299 million (first nine months of 2023: EUR 364 million)• Cash earnings of EUR 4.67 (first nine m...
VGP Trading Update
VGP Trading Update PRESS RELEASERegulated Information – inside information 8 November 2024, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first ten months of ‘24, reporting a record of new and renewed leases: € 64.9 million of new and renewed leases signed during the first ten months of ‘24 (a YTD record, of which € 19.2 million was signed during the past 4 months) bringing the annualised committed leases for the first ten months to € 394.3 million1 (+ € 43.5 million compared to 31 December 2023, which is +12.4% YTD). In add...
VGP Trading Update
VGP Trading Update PERSBERICHT Gereguleerde Informatie - Voorwetenschap 8 november 2024, 7:00 uur, Antwerpen, België: VGP NV ('VGP' of 'de Groep') heeft vandaag haar handelsupdate voor de eerste tien maanden van 2024 gepubliceerd, waarin zij een record aan nieuwe en vernieuwde huurovereenkomsten rapporteert: In de eerste 10 maanden werd voor € 64,9 miljoen aan nieuwe en vernieuwde huurovereenkomsten ondertekend (een YTD record, waarvan € 19,2 miljoen in de afgelopen 4 maanden werd getekend), waardoor het jaarlijkse gecontracteerde huurinkomen op € 394,3 miljoen1 komt...
Euronext publishes Q3 2024 results
Euronext publishes Q3 2024 results Euronext publishes Q3 2024 results In Q3 2024, Euronext delivered a strong performance, driven by a diversified business model, the successful expansion of Euronext Clearing and continued cost discipline. Euronext reached its “Growth for Impact 2024” strategic plan targets one full quarter in advance. Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 7 November 2024 – Euronext, the leading pan-European market infrastructure, today publishes its results for the third quarter 2024. Q3 2024 revenue and income was up +10.0% at €396.3 million: Str...
Euronext announces its new strategic plan, “Innovate for Growth 2027”
Euronext announces its new strategic plan, “Innovate for Growth 2027” Euronext announces its new strategic plan, “Innovate for Growth 2027” “Innovate for Growth 2027” targets the acceleration of Euronext’s revenue growth through innovation and diversification Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 7 November 2024 – Euronext, the leading European capital market infrastructure, today released its new three-year strategic plan, “Innovate for Growth 2027”. “Innovate for Growth 2027” sets out the Group’s ambition to leverage Euronext’s presence on the entire capital ...
Euronext announces launch of a share repurchase programme of €300 mill...
Euronext announces launch of a share repurchase programme of €300 million Euronext announces launch of a share repurchase programme of €300 million Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 7 November 2024 – Euronext today announces a share repurchase programme (the ‘Programme’) for a maximum amount of €300 million. This Programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. The Programme will not change the deleveraging path of Euronext, nor its credit rating. The Programme will also be...
- 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
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...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November 2024 – Adding Azelis – Removing ...
With 2 changes in our Dynamic Top Pick list (we add Azelis and we remove Solvay) we maintain a defensive stance on the market for 2H24. The long anticipated interest rate cuts by central banks have finally started. The Trump election victory in the US does not bode well for European stocks as he favours a protectionist course. Although industrial companies with a US base could actually benefit. Cleantech names with exposure to the US could also suffer (unless owned by E.Musk). We expect the US ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
TINC TINC COMM. VA
FUR FUGRO NV
AZE AZELIS GROUP NV
SYENS SYENSQO
- 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 ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
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