reports
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment The pipeline looks promising to ensure a stron...
EVS started FY24 with a strong 1Q24, despite the reserved production capacity dedicated to this years Big Events (Olympics, EK). We welcome EVS indicated that at the same time the pipeline looks promising to ensure a strong FY24. EVS reiterated its revenue guidance of €180m to € 195m (KBCSe € 189.2m) and now expects FY24 EBIT to land between € 38.0m and € 45.0m (KBCSe € 43.6m). We maintain our Buy but increased our Target Price from € 37.5 to € 39, in line with our updated DCF.
- Sharad Kumar S.P
Holdings Report - April 2024 KBCS Holdings Universe Up 0.6% Thanks To ...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +0.6% which was mainly driven by single-asset holdings (+1.8%) while multi-asset holdings posted a negative return of -0.1%. The 3 top performers during the period were Financière de Tubize (+8.1%), Brederode (+7.4%), and Texaf (+6.9%) while the 3 worst performers were HAL Trust (-4.6%), Gimv (-1.5%), and D'Ieteren Group (-1.2%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univer...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Michael Roeg
Points sur résultats de l’activité du 1er trimestre 2024 d’EVS
Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Publication le 16 mai 2024 à 18:30 CET après la clôture des marchésInformation réglementée et privilégéeEVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Liège, Belgique, le 16 mai 2024 En marche vers une année 2024 solide EVS démarre l'année 2024 avec un chiffre d'affaires solide au premier trimestre, malgré la capacité de production réservée dédiée aux grands événements de l'année. Dans le même temps, le pipelin...
EVS Q1 2024 business update
EVS Q1 2024 business update Publication on May 16, 2024 at 18:30 CET after market closeRegulated / Inside information – Business update 1Q24EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) EVS Q1 2024 business update Liège, Belgium, May 16th, 2024 Building towards a strong 2024 EVS starts the year 2024 with a strong revenue result in the first quarter, despite the reserved production capacity dedicated to the Big Events of the year. At the same time the pipeline looks promising to ensure a strong 2024. Highlights Revenue achievement...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
RUI RUBIS SCA
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Syensqo FIRST LOOK: 1Q uEBITDA -20% organically, FY guidance maintaine...
1Q24 underlying EBITDA declined by 20% organically to € 363m which was 5% above our forecast and 4% above consensus. FY24 guidance of € 1.4-1.55bn uEBITDA was maintained and management suggested to be at ease with the 2Q consensus (uEBITDA +4% sequentially). We still appreciate Syensqo, the specialty-focussed chemicals businesses of the former Solvay group, for its solid market positions, strong balance sheet (1.0x leverage) and solid mid to long term growth potential. Valuation is clearly disco...
- Stefano Toffano
Syensqo : Positive volume momentum
>Clear sequential improvement - Overall a good set of Q1 24 results with continued improving momentum on a sequential basis. Q1 24 group revenues were roughly in line with ccs and came in at € 1,624m (-8% yoy organic growth), mainly driven by weaker pricing in C&R. Underlying EBITDA was € 363m (-20% yoy organically and c. +4% higher than ccs), with negative net pricing and volume /mix effects as expected, sustained by continued cost savings. Und. EBITDA improved +23% ...
- Lynn Hautekeete
Care Property Invest 1Q24 reporting: our FY24 EPRA EPS estimate increa...
Care property invest reports EUR 9.9m EPRA earnings, 8% above our expectations. The difference is mainly due to EUR 0.5m other operating income. On a recurring basis the results are in line with slightly lower financial costs. This increases our EPRA EPS estimate from EUR 1.02 to EUR 1.03. This is above the repeated guidance of EUR 1.0-1.02 EPRA EPS. There are no operational surprises. The 25% EBITDAR hurdle rate for EPRA inclusion was passed at FY23 reporting. The annual report was published on...
- Gerardo Ibanez
- Steven Boumans
Care Property Invest : Q1 2024 results: Strong results, outlook reiter...
>Outlook reiterated, strong EPS, low devaluations, underlying metrics strong - FY 2024 outlook adj. EPRA EPS of €1.00-1.02 reiterated.Variations in fair value of investment properties were limited to -0.3% (FY2023: -2.5%).Indexation (like-for-like rental growth) was 1.7% (FY 2023: 10.4%), with the majority of leases having added indexation in January.EPRA LTV 43.6%, unchanged vs FY2023, with only €14m capex committed (FY2023: €23m capex o/w €20m in 2024...
- David Vagman
- CFA
- Stijn Demeester
Bekaert/To catch up following slow start to 2024F/HOLD
Following Bekaert's 1Q24 trading update, we trim our estimates and reiterate our HOLD rating on a lowered target price of €49 per share. While Bekaert management upheld its guidance of ‘modest sales growth' and ‘at least stable' margins for 2024F, we believe the company has to step up its performance in the next three quarters to compensate for a slower start to the year, marked by an organic decline of 13% YoY.
SYENSQO - Résultats du Premier Trimestre 2024
SYENSQO - Résultats du Premier Trimestre 2024 RÉSULTATS DU T1 2024 DE SYENSQO Bruxelles, 16 mai 2024, 6h45 CEST AMÉLIORATION DES VOLUMES EN GLISSEMENT ANNUEL AU PREMIER TRIMESTRE 2024EBITDA SOUS-JACENT DE €363 MILLIONS, FORTE PROGRESSION SÉQUENTIELLE DE LA MARGE À 22,3% RÉAFFIRMATION DE NOS PERSPECTIVES POUR 2024 Sous-jacents (millions €) T1 2024 T1 2023 Var. % (T1) Var. % (T1) organique T4 2023 Var. % (T4>T1) Chiffre d'affaires net 1,624 1,813 -10.40% -8.30% 1,577 3.00% EBITDA 363 473 -23.40% -20.40% 294 23.30...
SYENSQO - Resultaten Eerste Kwartaal 2024
SYENSQO - Resultaten Eerste Kwartaal 2024 SYENSQO EERSTE KWARTAAL 2024 RESULTATEN Brussel, 16 mei 2024, 6.45 uur CEST VERBETERD JAAR-OP-JAAR VOLUMEMOMENTUM IN Kw1 2024ONDERLIGGENDE EBITDA VAN €363 MILJOEN MET STERKE OPEENVOLGENDE MARGEVERBETERING TOT 22,3%BEVESTIGING VOORUITZICHTEN 2024 Onderliggend (in € mln) Kw1 2024 Kw1 2023 JoJ Gerapporteerd JoJ organisch Kw4 2023 KwoKw Gerapporteerd Netto-omzet 1,624 1,813 -10.40% -8.30% 1,577 3.00% EBITDA 363 473 -23.40% -20.40% 294 23.30% EBITDA-marge 22.30% 26.10% -380 bps - 18.70% 370 bps Operationele kasstroom ...
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