reports
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FIRST LOOK: Bart Sap to become new CEO
Umicore has nominated its Catalysis head Bart Sap as new group CEO, in succession of Mathias Miedreich, who is stepping down in mutual agreement with the Board. The press release points out that capex spend will be re-evaluated under the new CEO, suggesting that the company might slow down its growth plans somewhat in light of the slower battery materials market growth and taking into account the balance sheet implications of the initial capex plans. We continue to believe Umicore is well placed...
- Frank Claassen
Umicore - CEO leaving raises even more question marks
• As of today CEO Mathias Miedreich will be replaced by Bart Sap, who was leading the Catalysis division. • Priority of the new CEO will be to review all the developments plans in Battery materials.• We always had our question marks and doubts on all these investments and the return profile of Battery materials and this is only further increased by this surprising news. We put our rating (Hold), estimates and TP (was EUR 23) under review.
Corbion General Shareholders Meeting approves Board (re)appointments a...
Corbion General Shareholders Meeting approves Board (re)appointments and dividend The annual Corbion General Shareholders Meeting held on 15 May 2024 approved the reappointment of Ilona Haaijer and Steen Riisgaard as members of the Supervisory Board. Peter Kazius was appointed as CFO. He will succeed Eddy van Rhede van Kloot, and will form the Board of Management together with CEO Olivier Rigaud. At the shareholders meeting the proposed dividend of € 0.61 per ordinary share for the financial year 2023 was also approved. Dividends will be all-cash and will in principle be subject to Dutch ...
- Stephane Beyazian
- Stephane Beyazian
- Martijn Den Drijver
Umicore : SFPIM takes 5% stake, likely to defend and influence Umicore
>Belgian sovereign wealth fund takes 5% stake via public market purchases - The Belgian sovereign wealth fund SFPIM has announced it has built up a stake of 5% in Umicore. The unit acquired the shares in the market (3% threshold crossed on May 3rd, 5% threshold crossed on May 8), explaining the unexplained run up in the shares last week. For those that do not know SFPIM, it is an investment fund that takes stakes in listed and unlisted companies with a mission that is...
- Guy Sips
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
Corbion reports the progress of its € 20 million share buyback program...
Corbion reports the progress of its € 20 million share buyback program 6 May – 10 May 2024 Corbion hereby reports the transaction details related to its € 20 million share buyback program announced on 26 April 2024. During the week of 6 May up to and including 10 May 2024 a total of 56,299 shares were repurchased at an average price of €21.3620 for a total amount of €1,202,658.73. To date, the total consideration for shares repurchased amounts to €1,999,484.52 representing 10.00% of the overall share buyback program. Corbion publishes on a weekly basis every Monday, an overview of the pr...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Michiel Declercq
PostNL Conference call feedback + model update
1Q24 revenues decreased 2% y/y to € 765m, or 3.9% below expectations. The revenue decline was driven by a softer than expected parcels volume growth of 4.6% and mail volume decline of 12.5%, as well a negative mix effects at parcels. Together with an uptick in organic costs (mainly labour), the normalized EBIT of € -9m came in below kbcs and css expectation of € -2m. However, given that most of the outlook will be driven by 4Q24, PNL reiterated its FY24 guidance. We reiterate our Hold rating and...
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- ING Helpdesk
Benelux Morning Notes
Kinepolis: Weak US/Canada box office and France attendance in April. NSI: FS NL Holdings acquires c.10% from ICAMAP for c.€43m. PostNL: 1Q24 touch below; FY24 outlook reiterated and parcel volumes accelerate. Staffing: US temp volume trend still soft but stable, NFP jobs miss. TKH Group: A weak quarter indeed
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stefano Toffano
- Wim Gille
PostNL : A tough start of the year
>Q1 24 revenues and normalised EBIT below ccs and AAOBe - Today’s results highlight once again the tough trading environment and PostNL’s low visibility. Q1 24 group results were lower than ccs and our expectations. Group revenue for the quarter came in at € 765m and normalised EBIT at € -9m (€ 7m for Q1 23). Free cash flow generation was negative during the quarter at € -7m, an improvement vs Q1 23 (€ -31m) mainly due to lower capex and the impact of the final settle...
Corbion reports the progress of its € 20 million share buyback program...
Corbion reports the progress of its € 20 million share buyback program 29 April – 3 May 2024 Corbion hereby reports the transaction details related to its € 20 million share buyback program announced on 26 April 2024. During the week of 29 April up to and including 3 May 2024 a total of 38,702 shares were repurchased at an average price of €20.5887 for a total amount of €796,825.79. To date, the total consideration for shares repurchased amounts to €796,825.79 representing 3.98% of the overall share buyback program. Corbion publishes on a weekly basis every Monday, an overview of the pro...
- Frank Claassen
PostNL - An unconvincing start
• The Q1-24 missed on EBIT due to a steeper decline at Mail and unfavorable mix at Parcels.• Nevertheless, PostNL sticks to its FY24 guidance range, which has now become even more dependent on Q4. We will lower our estimates towards the lower-end of this guidance range.• We stick to Hold and lower our TP to EUR 1.25 (was EUR 1.35 p/s), based on our 2025E SOTP.
- Michiel Declercq
bpost 1Q24 Conference call feedback
1Q24 sales decreased 5.3% to € 993m, or 3.2% below CSS expectations driven by soft results in N-A. Although the 1Q24 adj. EBIT of € 62.1m came in below expectations (kbcse: € 71.6m, css: € 69.7m), we want to highlight that the adj. EBIT was impacted by € 7.7m in M&A costs related to the Staci acquisition. Excluding this effect, profitability was in line with expectations driven by solid cost savings in E-logistics. Additionally, bpost mentioned that it does not expect any restructuring costs in ...
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