reports
- Wim Hoste
Heineken Feedback conference call
Below are the highlights from the conference call. FY24 operating profit beia grew by 8.3% organically, about 3 pp better than expected. FY25 guidance of 4-8% operating profit beia growth is no surprise and in line with our and consensus forecasts. We still appreciate Heineken for the further savings potential (€ 400m per year), whilst a number of the emerging market businesses offer either recovery (Vietnam, Nigeria) or further growth potential (Latam, Africa, India). Valuation is attractive an...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Luis de Toledo Heras
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
PIG HAULOTTE GROUP SA
GOE GROUPE GORGE SA
VOE VOESTALPINE AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
HEIJM HEIJMANS N.V. CERT
VID
MMT VIDRALA SA
MONT METROPOLE TELEVISION SA
CARM MONTEA SCA
JEN CARMILA SAS
CLA JENOPTIK AG
TMV CLARANOVA SE
VRLA TEAMVIEWER AG
TUI VERALLIA SAS
AMS TUI AG
AMS-OSRAM AG
- Jerôme Bodin
HEIA HEINEKEN NV
UBSN UBS GROUP AG
CA CARREFOUR SA
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
AFX CARL ZEISS MEDITEC AG
KER KERING SA
RAND RANDSTAD NV
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
ENR SIEMENS ENERGY AG
UMG UNIVERSAL MUSIC GROUP NV
- Jerôme Bodin
HEIA HEINEKEN NV
UBSN UBS GROUP AG
CA CARREFOUR SA
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
AFX CARL ZEISS MEDITEC AG
KER KERING SA
RAND RANDSTAD NV
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
ENR SIEMENS ENERGY AG
UMG UNIVERSAL MUSIC GROUP NV
- Luis de Toledo Heras
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
PIG HAULOTTE GROUP SA
GOE GROUPE GORGE SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
HEIJM HEIJMANS N.V. CERT
VID
MMT VIDRALA SA
MONT METROPOLE TELEVISION SA
CARM MONTEA SCA
JEN CARMILA SAS
CLA JENOPTIK AG
TMV CLARANOVA SE
VRLA TEAMVIEWER AG
TUI VERALLIA SAS
AMS TUI AG
AMS-OSRAM AG
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Strong results ex one-off, capital, cautious outlook. Ahold Delhaize: FY25F outlook calls for consensus downgrade. DEME Group: Preview - FCF machine. Heineken: Nothing missing. Kinepolis: Canadian peer Cineplex 4Q24 results and Jan 2025 box office revenue. Montea: Good results, guidance reiterated, focus on 2025 investments. Randstad: 4Q24 results beat 3% but key drivers miss, 1Q25 outlook disappoints. Var Energi: Raising outlook and dividend
- Konrad Zomer
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Robert Jan Vos
- Wim Hoste
Heineken FIRST LOOK: FY24 operating profit beia +8.3%, FY25 guidance +...
FY24 operating profit beia grew by 8.3% organically, about 3 pp better than expected. FY25 guidance of 4-8% operating profit beia growth is no surprise and in line with our and consensus forecasts. We still appreciate Heineken for the further savings potential (€ 400m per year), whilst a number of the emerging market businesses offer either recovery (Vietnam, Nigeria) or further growth potential (Latam, Africa, India). Valuation is attractive and prompts us to reiterate our Accumulate rating.
- Thomas Vranken
UCB FIRST LOOK: Additional two-year Bimzelx data in HS
UCB announced additional two-year follow-up data for Bimzelx in hidradenitis suppurativa (HS), showing significant improvements in disease severity and sustained disease control. The data underlines Bimzelx' strong performance compared to competitors, with expectations of becoming the standard of care in HS following recent FDA approval in November 2024. We reiterate our € 214 TP and Accumulate rating.
- Sharad Kumar S.P
Gimv ‘The time is now', Step into a solid private equity compounder
Gimv's €247.0m rights issue (€242.1m net proceeds) successfully closed. A 7.15m shares started trading on the Euronext Brussels. We believe Gimv's new strategy marks the beginning of a new growth phase. By FY30, Gimv aims to double its portfolio value to approximately €3.5bn. This will be achieved by doubling its average ticket size to €50.0m, increasing its target portfolio return to 17.5%, and utilizing available dry powder of around €645.0m (KBCSe). Additionally, Gimv will extend the holding ...
- Wim Lewi
Montea FY24 Results, geopolitics do not derail Track27
Montea reported EPRA earnings of EUR 99.6m recurring vs. 98.7m expected, +10% YoY (excl. FBI). The NRI rose by 8% to EUR 115.1 million, driven by lfl growth of 3.4% and new property acquisitions. EPRA EPS at 4.73 vs. 4.71 expected. Financial costs declined 29% yoy, thanks to higher capitalized interest. The cost of debt remained stable at 2.3%. The occupancy rate remained high at 99.9%, WAULT stood at 5.9 yrs. Montea's financial position remains very solid, with LTV at 34.8% and a net debt/EBITD...
- Roy Külter
- Steven Boumans
- Research Department
INFORME DIARIO 12 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER, TALGO, TELEFÓNICA. EUROPA: AHOLD DELHAIZE. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’24 que se publicarán en España y Europa en los próximos días. El mercado sigue positivo En otra jornada sin grandes novedades macro ni nuevas sorpresas en materia arancelaria, la mayoría de índices europ...
Heineken N.V. reports 2024 full year results
Heineken N.V. reports 2024 full year results Heineken N.V. reports 2024 full year results Amsterdam, 12 February 2025 – Heineken N.V. (HEINEKEN) [(EURONEXT: HEIA; OTCQX: HEINY)] announces: Solid results with broad-based growth and profit expansion in 2024 Key Highlights Revenue €35,955 millionNet revenue (beia) 5.0% organic growth, per hectolitre 3.5% Beer volume 1.6% organic growth; Heineken® volume up 8.8% Operating profit €3,517 million; operating profit (beia) 8.3% organic growthOperating profit (beia) margin 15.1%, up 40 bpsNet profit €978 million; net profit (beia) 7.3% organic gro...
ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024
ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024 ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024 12 February 2025 Q4 Key messages Good finish to the year: Q4 net profit of EUR 397 million, supported by continued high net interest income and fee incomeStrong result in 2024: Net profit of EUR 2.4 billion and a return on equity of 10.1%Continued mortgage portfolio growth: Increase of EUR 1.1 billion in Q4 and full-year growth of over EUR 5 billion, supported by an increase in clients Net interest income (NII) further improved: Q4 benefited from higher Treasury resu...
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