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Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Jacob Mekhael
Inventiva FIRST LOOK: 3Q24 update holds no surprises, NATiV3 timelines...
Inventiva provided a 3Q24 update which holds no surprises, reporting a cash position of € 13.9m. Following the € 94m in gross proceeds from the tranched equity raise (up to € 348m) announced in October 2024 and € 10m milestone from China partner CTTQ, Inventiva has a cash runway until the end of 2Q25 – this can be further extended with subsequent tranches based on certain conditions being met. With the financing overhang lifted, the focus is on recruitment for the phase 3 (NATiV3) trial of lani...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
Inventiva reports 2024 Third Quarter Financial Information¹
Inventiva reports 2024 Third Quarter Financial Information¹ Cash and cash equivalents at €13.9 million, as of September 30, 2024.Revenues of €1.3 million for the first nine months of 2024.On July 18, 2024, Inventiva issued royalty certificates for an amount of €20.1 million.Considering the receipt of €94.1 million in gross proceeds from the closing of the first part of the first tranche of the equity raise announced on October 14, 20242 and the receipt of the $10 million milestone payment under the amended license and collaboration agreement with CTTQ on November 18, 2024, the Company estim...
Inventiva publie ses informations financières du 3ème trimestre 2024¹
Inventiva publie ses informations financières du 3ème trimestre 2024¹ Trésorerie et équivalents de trésorerie à 13,9 millions d’euros au 30 septembre 2023.Chiffre d’affaires de 1,3 millions d’euros sur les neuf premiers mois de 2024.Emission de certificats de redevance le 18 juillet 2024, pour un montant de 20,1 millions d'euros. En tenant compte de la réception de €94.1 million brut à la suite de la réalisation de la première partie de la première tranche de la levée de fonds annoncée le 14 octobre 20242, et le versement du paiement d’étape par CTTQ reçu le 18 novembre 2024, la Société est...
- Emmanuel Matot
- Emmanuel Matot
- Martijn Den Drijver
TKH GROUP NV : Not 100% de-risked yet, estimates and TP lowered again
>Lowering estimates modestly, 2024 EBITA guidance still at risk - We have updated our estimates after the Q3 2024 earnings release, which disappointed and caused the full year EBITA guidance to be lowered, as we had feared. We are lowering our 2024-2026 sales estimates by 2%-3% and our 2024-2026 EBITAe by 3%, reflecting a continued cautious stance on Smart Vision and several businesses in Smart Connectivity. For 2024, we are now forecasting an EBITAe of €203m, which i...
Combined General Meeting of December 11, 2024 - Availability of the p...
Combined General Meeting of December 11, 2024 - Availability of the preparatory documents Daix (France), Long Island City (New York, United States), November 20, 2024 – Inventiva (Euronext Paris and Nasdaq: IVA), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”), also known as non-alcoholic steatohepatitis (“NASH”), and other diseases with significant unmet medical needs, today announced the availability of the preparatory documents for the Combined General Me...
Assemblée Générale Mixte du 11 décembre 2024 - Modalités de mise à di...
Assemblée Générale Mixte du 11 décembre 2024 - Modalités de mise à disposition des documents préparatoires Daix (France), Long Island City (New York, Etats-Unis), le 20 novembre 2024 – Inventiva (Euronext Paris et Nasdaq : IVA), société́ biopharmaceutique spécialisée dans le développement clinique de petites molécules administrées par voie orale pour le traitement de la stéatohépatite associée à un dysfonctionnement métabolique (« MASH »), également connue sous le nom de stéatohépatite non alcoolique (« NASH ») et d’autres maladies avec un besoin médical non satisfait significatif, annonce...
Statement of total voting rights and shares forming the company’s shar...
Statement of total voting rights and shares forming the company’s share capital as of November 4, 2024 Article R. 22-10-23 of the French Commercial Code Market : Euronext ParisISIN code / Mnemo : FR0013233012 / IVAWeb site : Date Number of Shares Outstanding Total voting rights,gross (1) Total voting rights,net (2) November 4, 2024 87 077 695 100 059 052 99 938 530 The total number of gross (or “theoretical”) voting rights is used as the basis for calculating threshold crossings. In accordance with Article 223-11 of the AMF General Regulations, this number is calculate...
Information relative au nombre total de droits de vote et d’actions co...
Information relative au nombre total de droits de vote et d’actions composant le capital social au 4 novembre 2024 Article R. 22-10-23 du Code de commerce Place de cotation : Euronext ParisCode ISIN / Mnémo : FR0013233012 / IVASite web : Date Nombre de titres composant le capital en circulation Nombre total de droitsde vote bruts(1) Nombre total de droits de vote nets(2) 4 novembre 2024 87 077 695 100 059 052 99 938 530 Le nombre de droits de vote bruts (ou droits de vote « théoriques ») sert de base de calcul pour les franchissements de seuil. Conformément à l’ar...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Lewi
- Tijs Hollestelle
TKH Group/We can only change our expectations/BUY
TKH published yet another disappointing set of results. 3Q24 EBITA was around 16% below our forecast and TKH lowered its FY24 EBITA guidance by roughly 5% taking the mid-point of the guidance. Our previous forecasts were rather optimistic as we anticipated significantly higher revenue in the Connectivity division from offshore cable production, covering the already increased fixed cost base. But TKH had to postpone the ramp up of the new offshore wind cable factory in 3Q due to start-up issues. ...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Jacob Mekhael
- Thibault Leneeuw
- Martijn Den Drijver
TKH GROUP NV : Weak Q3, 2024 EBITA guidance lowered
>Weak sales, EBITA and EBITA margins in Q3 - Continued setbacks in Smart Connectivity and Smart Vision are the key reason for a weak Q3 for TKH. Sales came in at €393m or a miss of 9% versus our estimates (no css) with organic growth coming in at -6.2% where we had anticipated positive growth of 1.2%. Due to the lower sales volumes and start-up costs in Smart Connectivity and despite good progress on the €15m cost savings program, EBITA came in at €42.1m or a miss of ...
- Kristof Samoy
EXMAR 9m24 results
Exmar published a good set of 9m24 results last Friday after close. EBITDA (IFRS) landed at $95.7m (up from $54.4m in 9m23). Corrected for the $19.6m capital gain on the Bexco disposal, EBITDA grew from $54.4m to $76.1m with growth realised in all three divisions. EBIT (IFRS) landed at $68m (vs. $25m in 9m23) and net debt (prop. conso) fell to $227m (vs. $252m per 4Q23). As the share is trading close to our €7.4 TP we upgrade from Reduce to Hold.
- Jørgen Lian
CMB.TECH (Hold, TP: USD14.10) - Diversification at a cost
CMB.TECH’s diversified and ‘future-proof’ approach may prove attractive in steadily managing shipping cycles, changing fundamentals and stricter environmental regulations. However, diversification also comes at a price, and its heavy newbuild programme is straining its balance sheet and the outlook for dividends. Thus, we currently see greater upside potential in its pure crude tanker peers. We reiterate our HOLD and have lowered our target price to USD14.1 (16.3).
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