reports
- ING Helpdesk
- Hans D’Haese
- Maxime Stranart
Ahold Delhaize/2Q24 postview: Show me you can grow/HOLD
We reiterate our HOLD rating on Ahold Delhaize but increase our target price from €29 to €32 on the back of higher mid-to-long term sales expectations and a lower WACC. We continue to see limited short-term catalysts for the group, although we note that the company will lap easier comps than in 1H. On the other hand, management stated during its CMD that potential margin gains, especially in the US, will be re-invested in growth, in line with the new ‘Growing Together' programme. At our target p...
- ING Helpdesk
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Thomas Couvreur
Still a solid entry point into banking stocks
Although share price gains in the European banking sector have been significant in recent quarters, comfortably outperforming the general market; valuation multiples have lagged behind. The European banking sector has become cheaper relative to the market, and in absolute terms are still a low levels historically. Despite declining interest rates, the fundamental environment remains benign, providing a solid entry point for investors. In this note we specifically look at ABN Amro & ING. Revised ...
- 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
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Julian Dobrovolschi
- Julian Dobrovolschi
- Robert Jan Vos
Ahold Delhaize N.V. : Solid Q2 2024 allows room for manoeuvre in H2 20...
>Sales and EBIT beat consensus by 1% and 7.5%, respectively, in Q2 2024 - Ahold Delhaize reported group sales of € 22,349m and underlying EBIT of € 933m in Q2 2024, ahead of consensus by 1% and 7.5%, respectively. Reported EBIT was € 143m lower than underlying EBIT, predominantly due to € 122m in costs associated with the Belgium Future Plan. Underlying EPS came in at € 0.65, ahead of expectations. FCF was lower than our forecast, but the CFO said that cash generation...
- Jason Kalamboussis
ABN AMRO/Progress overshadowed/HOLD
The recent news that CEO Robert Swaak is stepping down so soon after accepting a second term in April 2024 overshadows results. This is another management change, but the CEO reassures there will be continuity to departure in 1H25. Still. The acquisition of HAL in Wealth management recently was a good step in the right direction, and results were better than expected with increases in 2024 guidance. Costs absorbed the rather generous recent CLA increases, so for 2H/1Q25 the main focus will be on...
- Suvi Platerink Kosonen
Bank on it/ABN AMRO: strong credit quality remains, we see value in no...
ABN AMRO's earnings were supported by strong core revenues and the bank slightly hiked its NII guidance for the year. Cost developments look a tad more problematic and the bank's profitability metrics weakened. Loan quality has remained strong and the bank guides for the situation to remain so in 2H. ABN AMRO has relatively tight headroom to MDA in our view but its MREL buffers look strong, supporting the non-preferred senior debt trading levels. On the rather flat T2 curve we would see better v...
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