reports
- Wim Hoste
Syensqo Conference call feedback
Below are the highlights from the 3Q results conference call. 3Q underlying EBITDA declined by 8% organically and was about 2% better than our forecast and 4% above consensus. Syensqo narrowed down its FY guidance range with our and consensus forecasts roughly at the midpoint of the new range. Syensqo is embarking on a restructuring program that will eliminate 300-350 positions whilst it will create a couple of hundreds of new jobs to fully disentangle from Solvay (as agreed by end 2025). We sti...
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
VCT VICAT-CIMENTS VICAT SA
LEI LEIFHEIT AG
SZG SALZGITTER AG
ALDEL DELFINGEN INDUSTRY SA
ISS ISS A/S
NOEJ NORMA GROUP SE
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
BCHN BURCKHARDT COMPRESSION HOLDING AG
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
SAB BANCO DE SABADELL SA
S30 SOLUTIONS 30 SE
EXN EXCLUSIVE NETWORKS SA
SHUR SHURGARD SELF STORAGE LIMITED
- Juan Ros-Padilla
- Thomas Zlowodzki
ISS A/S : Growing visibility on short- to medium-term triggers leads t...
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
VCT VICAT-CIMENTS VICAT SA
LEI LEIFHEIT AG
SZG SALZGITTER AG
ALDEL DELFINGEN INDUSTRY SA
ISS ISS A/S
NOEJ NORMA GROUP SE
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
BCHN BURCKHARDT COMPRESSION HOLDING AG
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
SAB BANCO DE SABADELL SA
S30 SOLUTIONS 30 SE
EXN EXCLUSIVE NETWORKS SA
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Lewi
Shurgard 9m24 Conference Call Feedback, confident on LnS execution
The Conference call gave a short overview of the performance that beat our expectations, mainly on the re-financing conditions. Also the LnS integration is going smoothly as SHUR expects ex-LnS occupancy to increase by 1% every month to reach 90% by FY26-end. Most Q&A focussed on Capex and the need for equity raises. The answer was clear : “ no need at this moment”. The LTV% and Net debt/EBITDA allow for some bolt-on acquisitions as the low dividend pay-out and scrip dividend leave enough headro...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024
European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024
Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...
- Florent Laroche-Joubert
- Roy Külter
Shurgard : Q3: very strong operating performance with an increase in e...
>Acceleration in same store revenue growth in 9M 2024 to +5.2% - Shurgard’s 9M 2024 earnings release (i.e. revenues of € 295.2m; growth at constant scope and exchange rates of +10.8 %) reflects a particularly robust operating performance with an acceleration: Growth in same-store revenues accelerated in 9M 2024 to +5.2% vs +4.5% in H1 2024 with an average occupancy rate still close to the target of 90% at 89.8% (-0.4bp y-o-y, +0.6% q-o-q) and in place rent growth...
- Florent Laroche-Joubert
- Roy Külter
Shurgard : T3 : très forte performance opérationnelle avec relèvement ...
>Accélération de la croissance des revenus « same store » sur 9M24 à +5.2% - La publication de Shurgard sur 9M 24 (i.e. revenus à 295.2 M€ ; croissance à périmètre courant et taux de change constants à +10.8%) traduit une performance opérationnelle particulièrement solide et en accélération : La croissance des revenus « same store » est en accélération sur 9m 24 à +5.2% vs +4.5% sur le S1 24 avec un taux d’occupation moyen toujours proche de sa cible de 90% à 89....
- ING Helpdesk
Benelux Morning Notes
Adecco: 3Q24 miss; stabilising trends in 3Q24 and into 4Q24; accelerating cost savings. B&S Group: 3Q24 preview - liquor bottoming into 4Q24? Coca-Cola Europacific Partners: Almost the real thing. D'Ieteren: Belgian October car registrations down 5.5%, VW down 11%. Kinepolis: Oct US/Canada box office at 59% of pre Covid level, France recovery to 78%. Recticel: 3Q24 compares well with Kingspan. Renewi: 1H25 preview - battling cost inflation with self help. Syensqo: Slight beat on 3Q...
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Stefano Toffano
Syensqo : Resilient margins and new share buyback
>Steady (but slow) improvements - Overall a good set of Q3 24 results given the continuing macro-economic headwinds. Q3 group revenues were in line with ccs and came in at € 1,633m (+2% yoy organic growth, a good swing from -5% over Q2 24), mainly driven by higher volumes (a.o. Composite Materials and Novecare) and partially offset by lower pricing. Underlying EBITDA was € 374m (-8% yoy organically and c. +4% vs ccs), where volume growth was not sufficient to compensa...
- Wim Lewi
Shurgard 9M24 Results, slight increase of FY24 outlook, LnS is humming
Shurgard 9m24 results came above our cautious estimates after the LnS acquisition (2 months in 3Q24). Shurgard raised the FY24 guidance thanks to its financing activities on the deal. The occupancy impact from the LnS integration also has been well managed. The FY24 EPRA net will now be in line with pre-LnS consensus instead of down single digits. The 9 month lfl operating revenue growth of 4.7% matched our expectation. EPRA Earnings grew 7.8% yoy to EUR 123.5m vs. our exp. of 120.8m. The balan...
- Wim Hoste
Syensqo FIRST LOOK: 3Q EBITDA -8% org, FY guidance narrowed down-no su...
3Q underlying EBITDA declined by 8% organically and was about 2% better than our forecast and 4% above consensus. Syensqo narrowed down its FY guidance range with our and consensus forecasts roughly at the midpoint of the new range. Syensqo is embarking on a restructuring program that will eliminate 300-350 positions whilst it will create a couple of hundreds of new jobs to fully disentangle from Solvay (as agreed by end 2025). We still appreciate Syensqo, for its solid market positions, strong ...
Syensqo launches the first tranche of its new Share Buyback Program
Syensqo launches the first tranche of its new Share Buyback Program Syensqo launches the first tranche of its new Share Buyback Program Brussels, Belgium – November 5, 2024 07:10 CET SYENSQO SA (the “Company”) announces today that pursuant to its new Share Buyback Program (or the “Program”) announced on September 30, 2024, covering up to € 300 million, the Company launches the first tranche of this Program. The first tranche of the Program will start on November 5, 2024 and will run until December 31, 2024 at the latest, and will cover a maximum amount of up to € 50 million (of the € 30...
Syensqo accelerates efficiency measures to support long-term growth
Syensqo accelerates efficiency measures to support long-term growth Syensqo accelerates efficiency measures to support long-term growth The company aims to accelerate time to market and adapt to the economic environment Brussels, November 5, 2024 - 7:05 CET Syensqo is today announcing plans to adapt its organization to better meet the evolving needs of its customers and focus on projects that will accelerate growth. Following its split from Solvay at the end of 2023, the company has undertaken a comprehensive review of its structure and projects, to focus on growth opportunities and i...
Syensqo accélère les mesures d’efficacité pour soutenir sa croissance ...
Syensqo accélère les mesures d’efficacité pour soutenir sa croissance à long terme Syensqo accélère les mesures d’efficacité pour soutenir sa croissance à long terme La société vise à accélérer ses délais de commercialisation tout en s’adaptant à l'environnement économique Bruxelles, le 5 novembre 2024 - 7:05 CET Syensqo annonce aujourd'hui son intention d'adapter son organisation pour mieux répondre aux besoins de ses clients et de concentrer ses efforts sur des projets visant à accélérer sa croissance. Suite à sa scission de Solvay fin 2023, la société a entrepris une revue complète...
SYENSQO - Third Quarter 2024 Results
SYENSQO - Third Quarter 2024 Results SYENSQO THIRD QUARTER 2024 RESULTS Brussels, Belgium – November 05, 2024 - 07:00 CET RETURN TO VOLUME GROWTH WITH 5% YEAR-ON-YEAR INCREASE AND ROBUST MARGINS IN A CHALLENGING MARKET ENVIRONMENT Underlying (€ million) Q3 2024 Q3 2023 Q2 2024 YoY change YoY organic QoQ change 9M 2024 9M 2023 YoY change ...
SYENSQO - Résultats du troisième trimestre 2024
SYENSQO - Résultats du troisième trimestre 2024 RÉSULTATS DU TROISIÈME TRIMESTRE 2024 DE SYENSQO Bruxelles, Belgique – 05 Novembre, 2024 - 07:00 CET RETOUR À LA CROISSANCE DES VOLUMES AVEC UNE AUGMENTATION DE 5% EN GLISSEMENT ANNUEL ET DES MARGES SOLIDES DANS UN ENVIRONNEMENT DE MARCHÉ DIFFICILE Sous-jacents (millions €) T3 2024 T3 2023 T2 2024 Var. annuelle Var. organique Var. séquentielle 9M 2024 9M 2023 Var. annuelle Var. organique Chiffre d'affaires net ...
SYENSQO - Derde kwartaal 2024 resultaten
SYENSQO - Derde kwartaal 2024 resultaten SYENSQO DERDE KWARTAAL 2024 RESULTATEN Brussel, België - 05 november 2024 – 7u00 CET TERUGKEER NAAR VOLUMEGROEI MET 5% JAAR-OP-JAAR STIJGING MET ROBUUSTE MARGES IN EEN UITDAGENDE MARKTOMGEVING Onderliggend (in € mln) Kw3 2024 Kw3 2023 Kw2 2024 JoJ verandering JoJ organisch KwoKw verandering 9M 2024 9M 2023 JoJ verandering ...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
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