reports
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Wim Lewi
- Maxime Stranart
- Stijn Demeester
Deceuninck/1H24 encouraging, Turkey still uncertain/HOLD
We reiterate our HOLD as we remain concerned by: (1) the group's high exposure to emerging markets, with more than 50% of group Adjusted EBITDA generated in Turkey, in a highly cyclical industry; and (2) the significant impact raw material prices can have on profitability. We note some positives - with the Turkish division proving much more resilient this year than we had anticipated. We see limited room for upside - at c.9x normalised PER 2024F vs. Fenestration peers at 10x and no clear catalys...
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September 2024 –Cofinimmo & Kinepolis in;...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Wim Hoste
Deceuninck Looking out of the window – model update
After a solid 1H operating performance, supported by margin growth in Europe on the back of improving cost discipline and lower energy costs, we raise our adjusted EBITDA forecasts for the FY24-FY26 period by between 4 and 7%. A fairly low capacity utilization in the key European market means limited capex is needed over the next few years and as such we expect Deceuninck to generate sizeable FCF in the coming years, which will allow the company to become net cash in the course of 2027. While ac...
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
SREN SWISS RE AG
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
AGN AEGON N.V.
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
SREN SWISS RE AG
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
AGN AEGON N.V.
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thomas Vranken
mdxhealth Strong growth outlook (Model Update)
Following mdxhealth's 1H24 results, we updated our model to incorporate the new segment reporting. Overall, our topline estimates remain largely unchanged, as we remain optimistic on the company's long-term growth perspectives. We have slightly adjusted our FY24 gross margin estimates downward, but maintain confidence in adjusted EBITDA profitability by 1H25. Our new TP lands at $ 5.70 (previously $ 6.00), while we reiterate a Buy rating.
- Cor Kluis
Aegon : 2Q24 OCG in line, Solvency marginally better, negative US mort...
>Conclusion: 2Q24 OCG in line, Solvency marginally better, negative US mortality - In 2Q24 the OCG capital generation was in line with expectations. End 1H24 the solvency was marginally better than expected in the US. The cash at holding was in line with expectations, and they have not yet announced the reduction of cash at holding target. We expect this to be announced at a later stage. In 1H24 they had negative mortality assumption charges under IFRS, which is posi...
- David Vagman
- CFA
Kinepolis/1H24 postview, model update/BUY
We fine-tune our model post 1H24, leaving our target price unchanged. While the short-term outlook is uncertain, the stock is in our view pricing in no recovery in attendance, at 70% of pre Covid levels, achieved in 2023, and no M&A. We still see an attractive upside/downside risk for patient investors, thanks to content normalisation and a related restart in material M&A deals.
- Thijs Berkelder
Alfen : New strategic plan takes longer than we hoped for
>Feedback analyst conference call - No new equity needed. CEO confirms Alfen does not expect it will need new capitalGuidance Q3 revenues per segment. Now guiding for EV Charging Q3 lower than Q2 (previously sequential rise) and stronger Q4, for Energy Storage Q3 similar as Q1 and stronger Q4 again, for Smart Grids a Q3 similar to Q2 and stronger Q4. Our view: impression of lower outlook for EV Charging and Smart Grids vs. higher in Energy Storage.Ramp-up su...
- ING Helpdesk
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