reports
- Marc Zwartsenburg
- CEFA
Brunel International/Comforting 1Q24/BUY
We reiterate our BUY rating and leave our TP of €15.50 unchanged. Brunel reported a comforting set of 1Q24 results with a beat of 5% on EBIT. Germany was a positive surprise being more resilient than feared while offshore wind perm also recovered sharply. We do leave our estimates unchanged given that we remain cautious with regard to some expected gross margin pressure when new contract terms kick in as from 1 April while Brunel sees some phasing of (large) projects into FY25F. We thus see limi...
Brunel AGM 2024
Brunel AGM 2024 Amsterdam, 16 May 2024 – Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise, today announced the voting results of the Annual General Meeting of Shareholders (AGM) of 16 May 2024. On 16 May 2024, the AGM approved all voting items that were on the agenda. As a result, Ms Margret Kleinsman was appointed as a member of the Supervisory Board for a term of four years. The shareholders adopted the financial statements for the financial year 2023 and approved the proposal to distribute a dividend of € 0.55 per share for the f...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
PROX PROXIMUS SA DE DROIT PUBLIC
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
RAND RANDSTAD NV
MONT MONTEA SCA
AALB AALBERTS N.V.
BRNL BRUNEL INTERNATIONAL N.V.
TWEKA TKH GROUP N.V. CERT
OBEL ORANGE BELGIUM SA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
AGN AEGON N.V.
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 03/05/2024
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 05/03/2024
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
- ING Helpdesk
Benelux Morning Notes
Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...
- Konrad Zomer
Brunel : One day…one day….but probably not today
>13% organic revenue growth, fewer working days but perm recovering - Brunel reported 13% organic revenue growth in Q1, with EBIT down 9% at €14.3m, compared with our forecast of €13.7m. Organic EBIT growth was 14% but two fewer working days in Germany and one less working day in the Netherlands impacted EBIT growth by 24%, some €2m. Revenue growth was driven by growth in renewable energy (11% of group), conventional energy (40%), mining (10%) and life science (6%). P...
Brunel Q1: strong performance in key verticals supports continued grow...
Brunel Q1: strong performance in key verticals supports continued growth Amsterdam, 3 May 2024 – Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise, today announced its first quarter (Q1) 2024 results. Key points Q1 2024 Revenue of EUR 349.2 million, up 10% (up 13% organically) driven by the four global verticals renewable energy, conventional energy, mining and life science Revenue per working day in DACH region and NL up, despite continued challenging marketsRecovery of perm market in renewable energyAustralasia, Middle East &...
GENERAL MEETING OF SHAREHOLDERS BRUNEL INTERNATIONAL N.V.
GENERAL MEETING OF SHAREHOLDERS BRUNEL INTERNATIONAL N.V. Shareholders and other persons entitled to attend the meetings of Brunel International N.V. (‘Company’) are invited to attend the General Meeting of Shareholders that will take place on Thursday 16 May 2024 at 2.30 p.m. (CEST) at B. Amsterdam, Building B.3 at Johan Huizingalaan 400, 1066 JS Amsterdam. Agenda: OpeningReport of the Board of Directors for the financial year 2023 (for discussion)Implementation of the remuneration policy (advisory vote)Discussion and adoption of the annual accounts for the financial year 2023 (votin...
ALGEMENE VERGADERING VAN AANDEELHOUDERS BRUNEL INTERNATIONAL N.V.
ALGEMENE VERGADERING VAN AANDEELHOUDERS BRUNEL INTERNATIONAL N.V. Aandeelhouders en andere vergadergerechtigden van Brunel International N.V. (‘Vennootschap’) worden uitgenodigd tot het bijwonen van de algemene vergadering van aandeelhouders op donderdag 16 mei 2024 te 14:30 uur in Gebouw B.3 van B. Amsterdam aan de Johan Huizingalaan 400, 1066 JS Amsterdam. Agenda: OpeningVerslag van de raad van bestuur over het boekjaar 2023 (ter bespreking)Uitvoering van het bezoldigingsbeleid (ter adviserende stemming)Behandeling en vaststelling van de jaarrekening over het boekjaar 2023 (ter be...
- Juan Ros-Padilla
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
FII LISI SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
BRNL BRUNEL INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TEC TECHNIPFMC PLC
CASH PROSEGUR CASH SA
2CRSI 2CRSI SA
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Juan Ros-Padilla
NK IMERYS SA
SOP SOPRA STERIA GROUP SA
F3C SFC ENERGY AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
FII LISI SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ATE ALTEN SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
BRNL BRUNEL INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TEC TECHNIPFMC PLC
CASH PROSEGUR CASH SA
2CRSI 2CRSI SA
TMV TEAMVIEWER AG
HAG HENSOLDT AG
- Konrad Zomer
Brunel : Q4 results below (already reduced) estimates
>Q4 EBIT below already reduced guidance after the November warning - Brunel reported Q4 revenue and EBIT of €344m and €15.5m respectively, compared with our forecast of €343m and €16.9m. At the Q3 results, the company already warned that recent developments in offshore wind was going to impact the performance at Taylor Hopkinson (particularly in perm placement) which could impact Q4 gross profit by €3-4m. Also, a delayed start to a project in Qatar (from 2H23 to 1H24)...
Brunel Q4 and FY 2023 results: continued revenue growth; ready for the...
Brunel Q4 and FY 2023 results: continued revenue growth; ready for the next level Amsterdam, 23 February 2024 – Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise today announced its fourth quarter and full year 2023 results. Key points Q4 2023 Revenue of EUR 344 million, up 9% (14% organically)Underlying EBIT of EUR 15.5, down 13% (up 3% organically) Key points full year 2023 Revenue of EUR 1.3 billion, up 13% (18% organically) Underlying EBIT of EUR 61.1, 0% year-on-year (10% organically) Net cash position at EUR 31.8 millionEarn...
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/28/2023
The negative results from the phase III (ADVANCE-SC) study evaluating efgartigimod SC in the treatment of primary immune thrombocytopenia or ITP has prompted us to remove Argenx from our ODDO BHF European Large Cap Convictions List this morning to limit the impact of this bad news which will no doubt weigh on the share price in the short term. Our analyst covering the stock has cut the target price from € 600m to € 550 but is sticking with an Outperform recommendation. - ...
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 28/11/2023
Les résultats négatifs de l’étude de phase 3 (ADVANCE-SC) évaluant efgartigimod SC dans le traitement de la thrombopénie immunitaire primaire ou ITP nous conduisent à sortir ce matin ArgenX de notre liste de valeurs recommandées Larges Caps afin de limiter l’impact de cette mauvaise nouvelle qui ne manquera pas de peser sur les cours à court terme. Notre analyste baisse son OC de 600 € à 550 €, mais maintient sa recommandation Surperformance. - ...
- Konrad Zomer
Brunel : Progress in line with solid growth ahead – CMD this afternoon
>On track to achieve the current 2021-2025 targets - In anticipation of Brunel’s capital markets day later this afternoon, the company issued a short press release. Brunel confirms the 2021-2025 progress is in line with its previous plan, that the outlook for its core markets remains strong, that the improvement of its conversion rate continues and that specific targets will be released later today. CEO Jilko Andringa states that he expects that the slowdown in the of...
Brunel presents its 2024-2027 Strategy: The Next Level
Brunel presents its 2024-2027 Strategy: The Next Level Amsterdam, 28 November 2023 – Today at its Capital Markets Event, Brunel International N.V. (Brunel; BRNL), a global specialist delivering customised project and workforce solutions, will present an update on its strategy and growth plans for the period 2024-2027. Highlights Strategy Update 2024 – 2027 Progress 2021-2023 in line with previous planOutlook for core markets remains strongImprovement of conversion continuesUpdate on medium term objectives and key metrics to underline ambition Jilko Andringa, CEO of Brunel International ...
- Jean-Baptiste Rouphael
- Jean-François Granjon
- Thijs Berkelder
- Konrad Zomer
Brunel : Diversification has hardly lengthened earnings visibility
>A weakening offshore wind market and a project delay in Qatar - Brunel’s Q3 results were overshadowed by a decline in permanent placements in the offshore wind markets, particularly in the UK and the US, and by the delay of a large project in Qatar. Permanent placement fees represent some 10% of group gross profit, and as a result of lower demand in offshore wind, Taylor Hopkinson has seen perm placements decline fast, with an estimated impact on Q4 gross profit of s...
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