Below are the highlights from the conference call. Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings mom...
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...
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...
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 ...
>+100bps of adjusted EBITDA margin vs FY2023 - Overall in Q1 2024, Ontex realised € 551.3m in sales which is 2% lower with consensus and 15% lower than Q1 2023 (lfl: +3%). For Core markets (continued operations) revenue, there was a 0.5% beat on consensus (css: € 458m) and 3% higher than Q1 2024 (lfl: +4%). The last includes a volume and mix of +5% yoy driven by double digit in selected categories in North America, largely based on new contracts signed in H2 2023 and ...
Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings momentum, solid growth prospects/ambitions in North Am...
Strong Q1 2024 results with continued revenue growth and margin improvement Revenue grew 4% like for like, driven by volumes in North America;Adjusted EBITDA margin rose 2.4pp to 11.5%, fueled by cost transformation program;Leverage ratio reduced from 3.3x to 2.8x over quarter;Full year outlook confirmed. Q1 2024 results Revenue [1] was €460 million, up 4% like for like. Volume and mix was up 5%, driven by double-digit growth in North America and other selected categories. Prices were down slightly on the basis of lower raw material prices. Including slightly adverse forex, revenue grow...
Sterke resultaten in het 1ste kwartaal van 2024 met voortzetting van omzetgroei en margeverbetering Omzet groeide 4% op vergelijkbare basis, dankzij volumes in Noord-Amerika;Aangepaste EBITDA-marge steeg met 24,4 procentpunt tot 11,5%, aangedreven door het kostentransformatieprogramma;Hefboomratio daalde van 3,3x tot 2,8x over het kwartaal;Vooruitzichten voor het hele jaar zijn bevestigd. Resultaten van het 1ste kwartaal van 2024 De omzet [1] bedroeg 460 miljoen €, een stijging van 4% op vergelijkbare basis. Volume en mix leidde tot een stijging van 5%, dankzij een dubbelcijferige g...
LFL sales growth and EBITDA of continuing activities exceeded our and CSS estimates. In addition, for the first time since 2017 (Pre-IFRS 16), leverage dropped to below 3x. Guidance unchanged on sales growth and margins, where it could be argued that there is room to raise. However, we understand management remains cautious as market conditions stay challenging. We reiterate our Buy rating and TP of EUR 13.50
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
>Group sales € 13m (2%) lower than our forecast in Q1 2024 - Sligro reported net sales of € 652m, implying an organic increase of 2.7% in Q1 2024. We had forecast € 665m and company-compiled consensus was at € 654m. In the Netherlands, sales rose by 3.8% to € 554m, which, according to Sligro, was in line with the general trend in the market. We had expected growth of 2.7% for the Netherlands in Q1 2024. In Belgium, sales were down by 3.2% to € 98m. On the back of the ...
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