reports
- ING Helpdesk
Benelux Morning Notes
BAM: Preview - stable performance in difficult markets. Belgian telecoms: Telenet 3.5% price increase. Econocom: 1Q24 modest growth in line, sales guidance maintained. Philips: Preview 1Q24. Proximus: Acquires additional 5G spectrum from NRB. Signify: Preview 1Q24 - Slow start to the year. Staffing: Manpower - 1Q24 beats, 2Q24 outlook a touch above and trends stabilizing. WDP: No surprise
Signify appoints Zeljko Kosanovic as acting CFO
Signify appoints Zeljko Kosanovic as acting CFO Press Release April 3, 2024 Signify appoints Zeljko Kosanovic as acting CFO Eindhoven, the Netherlands – (Euronext: LIGHT), the world leader in lighting, announces the appointment of Signify’s group controller Zeljko Kosanovic as acting Chief Financial Officer (CFO), with effect from April 1, 2024. Kosanovic replaces Javier van Engelen, who stepped down on April 1, 2024 to pursue other interests. “I am very pleased that Zeljko has agreed to step up to the role of acting CFO,” said Eric Rondolat, CEO. “He brings a comprehensive knowledg...
- Marc Hesselink
- CFA
- Thymen Rundberg
Signify/Navigating rough waters/HOLD
Signify reported a broadly in-line 4Q23 update with slightly weaker organic growth but better margins. In our view, the update showed once again the challenging market in the lighting industry. High demand for energy efficient connected solutions cannot offset the cyclical weakness and weak dynamics of the non-connected segment. High FCF-yield remains an attraction of the case, but we do not believe it will trigger a re-rating. We slightly increase our target price to €28 (from €26) and reiterat...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/26/2024
Although Argentina was only an anecdotal factor in Puma's profit warning, it has rekindled investors' questions about the impact of the peso's (official) depreciation following the election of Javier Milei last November. Here we recap on the risks faced by the twenty or so companies and sectors with a presence in Argentina within our universe of coverage. While the potential impact is marginal in most cases, it is more significant for: Prosegur, Prosegur Cash, Tenaris, Verallia, Save...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 26/01/2024
Même si l’Argentine n’est qu’un élément accessoire du profit warning de Puma, il a ravivé les interrogations des investisseurs sur l’impact de la dépréciation du peso (officiel) à la suite de l’élection de Javier Milei en novembre dernier. Nous revenons ici sur les risques encourus par la vingtaine de sociétés et secteurs ayant une présence en Argentine au sein de notre univers de couverture. Si l’impact potentiel est le plus souvent marginal, il est plus matériel chez : Prosegur, Pro...
DEC JCDECAUX SA
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
MRN MERSEN SA
MTU MANITOU BF SA
GLO GL EVENTS SA
ATE ALTEN SA
ALLAN LANSON-BCC
PNL POSTNL NV
WIZZ WIZZ AIR HOLDINGS PLC
DLG DE'LONGHI S.P.A.
SIGHT GENSIGHT BIOLOGICS SA
BEZ BERENTZEN GRUPPE
LIGHT SIGNIFY NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
BAR BARCO NV
AERO MONTANA AEROSPACE AG
- Wim Gille
Signify : 4Q23 results in line with expectations, but slightly disappo...
>4Q23 results in line with consensus expectations - Results in line with consensus, which is slightly disappointing to us as we hoped for a sequential improvement taking the easing comparable base into account. Despite the lack of sequential progress on the top line we note that the rest of the release is in line with expectations. Top line CSG was in line with consensus and came in at minus 7.7%. However the FX impact was more severe than expected coming in at minus...
- ING Helpdesk
Benelux Morning Notes
Belgian telecoms: Wyre reached 44k homes passed at end 2023, below 100k ambition. Corbion: A long time coming. DWS: Promises, promises. PostNL: Preliminary 4Q23 - profit warning on weaker parcel volumes and fixed capacity. Signify: 4Q23 Results - weak top line, margins protected. WDP: 2024-27 ambitions revealed
Signify reports full-year sales of EUR 6.7 billion, operational profit...
Signify reports full-year sales of EUR 6.7 billion, operational profitability of 10.0% and a free cash flow of 8.7% of sales Press Release January 26, 2024 Signify reports full-year sales of EUR 6.7 billion, operational profitability of 10.0% and a free cash flow of 8.7% of sales Full year 20231 Signify's installed base of connected light points increased from 114 million at YE 22 to 124 million at YE 23On track for three Brighter Lives, Better World 2025 sustainability program commitmentsSales of EUR 6,704 million; nominal sales decline of -10.8% and CSG of -8.3%LED-based sales re...
- Frank Claassen
Signify - Visibility on top line remains low
• Q4-23 was roughly in line on adjusted EBITA.• FY24 guidance is light on margins (up to 50 bps increase) and FCF generation, due to EUR 150m one-offs on restructuring and pensions.• Valuation appears undemanding, but visibility remains low amidst macro-economic uncertainty. Hold maintained, with a TP of EUR 30.
- ING Helpdesk
Benelux Morning Notes
ASML: Preview of 4Q23 - towards regained order momentum. Deceuninck: Departure of CEO Bruno Humblet. Just Eat Takeaway.com: Gradually gaining share again in the UK. Marel: Third time a charm. Randstad: Preview 4Q23F results due 13 Feb, consensus released - ambitious, or not? Signify: 4Q23 preview – top line pressure, margin protected
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 01/18/2024 Date Performance sin...
2024 is set to be less impressive than 2023 (comparison bases, persistent inflation and tougher price hikes). We continue to play the green Capex theme and remain cautious on the construction segment. After the end-of-year rally, we see more limited re-rating potential. Based on our 2024 guidance scenarios, our Top Picks are Atlas Copco, Schneider Electric and Siemens (green Capex exposure, potential for earning upgrades over the course of the year). We have downgraded Rexel to Neutra...
- Martin Marandon-Carlhian
- Sinan Doganli
ODDO BHF Small & MIDCAP MORNING NEWS - 18/01/2024 Date Performance dep...
L’année 2024 sera moins flamboyante que 2023 (base de comparaison, inflation persistante et hausses de prix plus difficiles). Nous continuons de privilégier la thématique ‘Green Capex’ et restons prudents sur le segment de la construction. Après le rallye boursier de fin d’année, le potentiel de rerating nous semble plus limité. Sur la base de nos scénarios de guidances 2024, nos top picks sont Atlas Copco, Schneider Electric et Siemens (exposition Green Capex, potentiel de relèvement...
- Wim Gille
Signify : We doubt 4Q23 will be as bad as the company guided for
>We increase our estimates and target price by 5% - We keep our revenue fc broadly flat while we increase our underlying EBITDA estimates by some 5%. In line with this we increase our DCF based target price by 5% as well from €40 per share to €42 per share. Our new model includes the recently announced restructuring (taking €200m in annual cost out of the business, which is partially offset by higher restructuring cost in 4Q23 and 1Q24. We reiterate our outperform rat...
- ING Helpdesk
Signify proposes re-appointment of CEO and announces changes to the Bo...
Signify proposes re-appointment of CEO and announces changes to the Board of Management Press Release December 12, 2023 Signify proposes re-appointment of CEO and announces changes to the Board of Management Proposal to re-appoint Eric Rondolat as CEO at the Annual General Meeting of Shareholders to be held in May 2024CFO Javier van Engelen will leave the company on April 1, 2024CCO Maria Letizia Mariani will leave the company at the end of her term in May 2024 Eindhoven, the Netherlands – (Euronext: LIGHT), the world leader in lighting, proposes the following re-appointment ...
Signify proposes changes to its Supervisory Board
Signify proposes changes to its Supervisory Board Press Release December 12, 2023 Signify proposes changes to its Supervisory Board Chair of the Supervisory Board, Arthur van der Poel, will step down in May 2024Proposal to appoint Jeroen Drost as Supervisory Board memberProposal to re-appoint Pamela Knapp and Rita Lane as Supervisory Board members, Frank Lubnau is not available for another term Eindhoven, the Netherlands – (Euronext: LIGHT), the world leader in lighting, proposes the following appointment and re-appointments, and announces the following changes to its Supervisory Bo...
- ING Helpdesk
Signify announces new customer-centric organization and structural cos...
Signify announces new customer-centric organization and structural cost reductions Press Release December 1, 2023 Signify announces new customer-centric organization and structural cost reductions New operating model includes four verticalized businesses to enhance customer-centricity and speed of executionStructural measures to reduce non-manufacturing costs, generating expected annualized savings in excess of €200mChanges to be implemented through 2024 Eindhoven, the Netherlands – (Euronext: LIGHT), the world leader in lighting, announces it is adapting its organization to ...
- Frank Claassen
Signify - New cost savings announced
• Announces a new organizational structure and EUR 200m of cost savings • Although these savings are sizeable, it will also require restructuring charges and is an indication how tough market conditions still are. • We keep our estimates unchanged for now and reiterate our Hold with a TP of EUR 30, based on our 2024E SOTP.
- Frank Claassen
Signify - Top line growth remains an issue
• Despite a stronger than anticipated margin in Q3, we leave our FY23/24 est. broadly unchanged as Signify flags more top line pressure ahead. • Valuation appears undemanding, but visibility remains low amidst macroeconomic uncertainty. • Hold maintained, TP of EUR 30, based on our 2024E SOTP with a target EV/EBITA of around 9x (=7.5x EV/adjusted EBITA).
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