reports
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Reg Watson
- CFA
dsm-firmenich/Take your vitamins/BUY
dsm-firmenich expects to separate its Animal Nutrition and Health (ANH) business in 2025 which will complete the company's transformation into a flavours and fragrances business to rival Givaudan and Symrise. We model the impact of this on valuation and forecast the expected short-term boost from vitamin pricing. The outcome is that our adj. EBITDA forecasts for 2024-25F rise by c.10% each year but our valuation declines slightly to €146 per share, based on the disposal of ANH. We maintain our B...
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
FDR FLUIDRA S.A.
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Wim Hoste
DSM-Firmenich Conference call feedback
Below are the highlights from the 3Q results conference call. 3Q adjusted EBITDA jumped 32% and beat our and consensus by respectively 3% and 1%. Dsm-firmenich increased FY24 adj EBITDA guidance from c € 2bn to towards € 2.1bn, citing disruption in the vitamin market. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH) are similar to the targets of the current group, ie 5-7% organic sales growth and an 22-23% adjusted EBITDA margin, which represent a si...
- Wim Hoste
DSM-Firmenich FIRST LOOK: 3Q adj.EBITDA +32%, FY guidance up to ‘towar...
3Q adjusted EBITDA jumped 32% and beat our and consensus by respectively 3% and 1%. Dsm-firmenich increased FY24 adj EBITDA guidance from c € 2bn to towards € 2.1bn, citing disruption in the vitamin market. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH) are similar to the targets of the current group, ie 5-7% organic sales growth and an 22-23% adjusted EBITDA margin, which represent a sizeable step-up to the FY23 margin level of c. 18% (ex ANH). We...
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
- Stefano Toffano
DSM-Firmenich : Further signs of broad end-market normalisation
>Continued demand recovery - dsm-firmenich’s Q3 24 results once again confirmed the improving business momentum. The company posted another sequential good quarter on the back of a.o. easing comps, improving demand and the continued realisation of self-help benefits. While the strong positive impact on vitamin prices is temporary and will take some time to fully feed through, the higher vitamin pricing environment (a.o.) pushed ANH profitability higher, albeit from a ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
DSM-Firmenich Vitamin price recovery raises chances of successful ANH ...
A solid recovery of vitamin prices prompt us to raise our Animal Nutrition & Health (ANH) adjusted EBITDA forecasts for 2024-26 by 9-17% with our group forecasts over the period revised upwards by 1.5-3.9%. More importantly, we believe that the vitamin price recovery significantly increases the chances of a successful exit out of ANH with our exit price forecast increased from € 3.0-3.5bn to € 3.9-4.4bn, which corresponds to an EV/EBITDA25e multiple of 9-10x. We appreciate the core customer orie...
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/10/2024
With the recall behind us we believe its time to look forward. Ignoring the noise from the recall over the last years, we believe Philips performance was good. Moreover the company’s positioning in IGT, Monitoring, Cardio Ultrasound and MRI has never been better. There is a credible self-help plan to lift Adj EBITA by 70% over the coming 5 years which should position margins and returns at industry average. The discount to the sector is no longer warranted. We upgrade to outperform. - ...
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/15/2024
With the recall behind us we believe its time to look forward. Ignoring the noise from the recall over the last years, we believe Philips performance was good. Moreover the company’s positioning in IGT, Monitoring, Cardio Ultrasound and MRI has never been better. There is a credible self-help plan to lift Adj EBITA by 70% over the coming 5 years which should position margins and returns at industry average. The discount to the sector is no longer warranted. We upgrade to outperform. - ...
- Stefano Toffano
DSM-Firmenich : Q3 24 preview (31 October)
>Positive momentum continuing into Q3 24 - We expect continued momentum in DSM-Firmenich’s performance on the back of improving market developments and self-help initiatives. Q3 24 is another quarter with improving comps, and DSM-Firmenich should have been able to post another sequential quarter of positive yoy top-line growth. Easing end-markets pressures, stabilising (if not improving) destocking and pricing trends and continued focus on self-help initiatives should...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Corbion: Swings and roundabouts. CTP: Good operational trends, guidance reiterated. dsm-firmenich: Another cheque from BASF. Euronav: 2Q beats expectations. KBC: 2Q well above, NII guidance up, ready for 3Q State Bond release of c.€22bn. SBM Offshore: Strong set of 1H24 results, more to come. TKH Group: 2Q is not going to be the quarter. Xior Student Housing: Positive portfolio revaluation
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2024
With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2024
Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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