reports
- Wim Hoste
Bekaert Feedback conference call
Below is the feedback from the 3Q conference call. Bekaert lowered its FY guidance to an uEBIT range of 340-350m, which at midpoint is c. 9% below our forecast (378m) and 8% below consensus (373m), reflecting weaker end markets. Importantly and taking into account the solid balance sheet (net debt/EBITDA below 1x) and limited recent M&A activity, Bekaert announced to immediately resume share buybacks and launched a € 200m (>10% of current market cap) SBB program, to be executed over the next 24 ...
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Martijn Den Drijver
Bekaert : Lowered 2024 sales and EBIT guidance but new SBB started
>Weaker than expected sales and volumes in Q3 (miss of 3%) - Bekaert’s Q3 sales missed css by 3%, driven by RR (miss of 3%), SWS (a miss of 6%) and Specialty (a miss of 5%) with only BBRG beating (a beat of 3%). Volumes in Q3 were down 5.2% vs -2.7% in Q2 and -4.9% in Q1 so a clear deterioration driven primarily by RR (-4.4% in Q3 vs -2.3% in Q2) and SWS (-7.7% vs -3.4% in Q2). Europe and China were weak (RR particularly in trucks) while there have been delays in proj...
- Wim Hoste
Bekaert FIRST LOOK: Weak 3Q sales, lower FY guidance but resuming SBB
Bekaert lowered its FY guidance to an uEBIT range of 340-350m, which at midpoint is c. 9% below our forecast (378m) and 8% below consensus (373m), reflecting weaker end markets. Importantly and taking into account the solid balance sheet (net debt/EBITDA below 1x) and limited recent M&A activity, Bekaert announced to immediately resume share buybacks and launched a € 200m (>10% of current market cap) SBB program, to be executed over the next 24 months. Despite the reduced FY guidance which will ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
Bekaert - Update on the Liquidity Agreement
Bekaert - Update on the Liquidity Agreement Update on the Liquidity Agreement Period from 14 November 2024 to 20 November 2024 Liquidity agreement In relation to the renewed liquidity agreement with Kepler Cheuvreux announced on , Bekaert announces today that Kepler Cheuvreux on behalf of Bekaert has bought 7 533 shares during the period from 14 November 2024 to 20 November 2024 on Euronext Brussels. During the same period, Kepler Cheuvreux on behalf of Bekaert has sold 8 100 shares on Euronext Brussels. The tables below provide an overview of the transactions under the liquidity agreem...
Bekaert - Mise à jour relative au Contrat de liquidité
Bekaert - Mise à jour relative au Contrat de liquidité Mise à jour relative au Contrat de liquidité Période allant du 14 novembre 2024 au 20 novembre 2024 Contrat de liquiditéDans le cadre du contrat de liquidité reconduit avec Kepler Cheuvreux annoncé le , Bekaert annonce aujourd'hui que Kepler Cheuvreux a acheté 7 533 actions pour le compte de Bekaert durant la période comprise entre le 14 novembre 2024 et le 20 novembre 2024 sur Euronext Bruxelles. Au cours de la même période, Kepler Cheuvreux a vendu 8 100 actions pour le compte de Bekaert sur Euronext Bruxelles. Les tableaux ci-dess...
Bekaert - Update on the Share Buyback Program
Bekaert - Update on the Share Buyback Program Bekaert starts Share Buyback Program Following the release of Bekaert’s trading update for the nine months to September 2024, and the announcement that its Board has approved a new share buyback program for a total amount of up to € 200 million over a period of up to 24 months (the “Program”), Bekaert today announces the start of a tranche of the Program to purchase an aggregate amount of up to € 25 million (the “Tranche”). This Tranche will end on or before 21 February 2025. As announced previously, the purpose of the Program is to cancel all...
Bekaert - Mise à jour relative au Programme de Rachat d’Actions
Bekaert - Mise à jour relative au Programme de Rachat d’Actions Bekaert lance un Programme de Rachat d'Actions Suite à la publication de son rapport d’activités sur les neuf premiers mois jusqu’à septembre 2024 et à l'annonce de l’approbation par son Conseil d’un nouveau programme de rachat d'actions pour un montant total maximal de € 200 millions sur une période allant jusqu'à 24 mois (le ‘Programme’), Bekaert annonce aujourd'hui qu’elle débutera une tranche du Programme pour un montant total allant jusqu'à € 25 millions (la ‘Tranche’). Cette Tranche s’achèvera au plus tard le 21 février ...
Bekaert - Update over het Inkoopprogramma van Eigen Aandelen
Bekaert - Update over het Inkoopprogramma van Eigen Aandelen Bekaert start Inkoopprogramma van Eigen Aandelen Na de publicatie van Bekaerts activiteitenverslag voor de eerste negen maanden tot september 2024 en de aankondiging dat de Raad van Bestuur een nieuw Inkoopprogramma van Eigen Aandelen heeft goedgekeurd voor een totaalbedrag tot € 200 miljoen over een periode van maximaal 24 maanden (het "Programma"), kondigt Bekaert vandaag de start aan van een tranche van het programma om een totaalbedrag tot € 25 miljoen aan te kopen (de "Tranche"). Deze tranche eindigt op of vóór 21 februari ...
Bekaert: Trading update for the nine months to September 2024
Bekaert: Trading update for the nine months to September 2024 Trading update for the nine months to September 2024 Taking actions to address weaker end market conditions; share buyback restarted Bekaert has delivered a sales performance of € 3 016 million in the first nine months of 2024 (-10% against the same period in 2023). Sales were impacted by lower volumes (-4%) and the reversal of raw material cost inflation and energy surcharges in previous periods (-5%). Bekaert remains very focused on extracting further cost efficiencies, maintaining margins and generating cash while managing...
Bekaert: Rapport d’activités sur les neuf mois jusqu’à septembre 2024
Bekaert: Rapport d’activités sur les neuf mois jusqu’à septembre 2024 Rapport d’activités sur les neuf mois jusqu’à septembre 2024 Prise de mesures pour faire face à une conjoncture plus faible sur les marchés finaux ; relance du programme de rachat d'actions Bekaert a réalisé un chiffre d'affaires de € 3 016 millions au cours des neuf premiers mois de 2024 (-10% par rapport à la même période en 2023). Le chiffre d'affaires a été impacté par la baisse des volumes (-4%) et le retournement de l'inflation des coûts des matières premières et des surcharges énergétiques au cours des périodes p...
- Tijs Hollestelle
DEME Group/Flush with cash/BUY
DEME's 3Q24 trading update surprised on the upside as the company increased its 2024 revenue guidance for the second time this year. With DEME reiterating its EBITDA margin guidance, we increase our FY24F EBITDA estimate by 12% to €740m. We have not changed our 2025-26 revenue and EBITDA estimates, not because we are worried about end market fundamentals, but rather that this is how DEME's project-based business model works. Most important in our view is that DEME also lowered its capex guidance...
Bekaert - Update on the Liquidity Agreement
Bekaert - Update on the Liquidity Agreement Update on the Liquidity Agreement Period from 7 November 2024 to 13 November 2024 Liquidity agreement In relation to the renewed liquidity agreement with Kepler Cheuvreux announced on , Bekaert announces today that Kepler Cheuvreux on behalf of Bekaert has bought 8 800 shares during the period from 7 November 2024 to 13 November 2024 on Euronext Brussels. During the same period, Kepler Cheuvreux on behalf of Bekaert has sold 6 896 shares on Euronext Brussels. The tables below provide an overview of the transactions under the liquidity agreem...
Bekaert - Mise à jour relative au Contrat de liquidité
Bekaert - Mise à jour relative au Contrat de liquidité Mise à jour relative au Contrat de liquidité Période allant du 7 novembre 2024 au 13 novembre 2024 Contrat de liquiditéDans le cadre du contrat de liquidité reconduit avec Kepler Cheuvreux annoncé le , Bekaert annonce aujourd'hui que Kepler Cheuvreux a acheté 8 800 actions pour le compte de Bekaert durant la période comprise entre le 7 novembre 2024 et le 13 novembre 2024 sur Euronext Bruxelles. Au cours de la même période, Kepler Cheuvreux a vendu 6 896 actions pour le compte de Bekaert sur Euronext Bruxelles. Les tableaux ci-dess...
Bekaert - Update over de Liquiditeitsovereenkomst
Bekaert - Update over de Liquiditeitsovereenkomst Update over de Liquiditeitsovereenkomst Periode van 7 november 2024 tot 13 november 2024 Liquiditeitsovereenkomst In het kader van het hernieuwde liquiditeitscontract met Kepler Cheuvreux aangekondigd op , maakt Bekaert vandaag bekend dat Kepler Cheuvreux namens Bekaert 8 800 aandelen heeft aangekocht in de periode van 7 november 2024 tot 13 november 2024 op Euronext Brussels. Tijdens dezelfde periode heeft Kepler Cheuvreux namens Bekaert 6 896 aandelen verkocht op Euronext Brussels. De onderstaande tabellen geven een overzicht van ...
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - Date1
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
- Thijs Berkelder
- Usama Tariq
ODDO BHF Small & MIDCAP MORNING NEWS - 11/14/2024
We initiate coverage of Heijmans, a contractor focused on the Dutch market, with an Outperform rating and a TP of € 36.5 (DCF based). The Dutch residential market is finally recovering, and we believe Heijmans is well-positioned to benefit due to its land bank and property development arm, driving up revenues while EBITDA margins are expected to exceed 8.5% in the Living unit. Heijmans is also benefitting from strong demand from the infrastructure and energy markets, allowing for soli...
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
ITP INTERPARFUMS
SDF K+S AG
NEX NEXANS SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ADN1 ADESSO AG
GNFT GENFIT SA
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
NVG NAVIGATOR COMPANY SA
ASS APPLUS SERVICES S.A.
JST JOST WERKE AG
S92 SMA SOLAR TECHNOLOGY AG
CLA CLARANOVA SE
SRAIL STADLER RAIL AG
KTA KNAUS TABBERT
UPG UNIFIEDPOST GROUP
DEME DEME GROUP NV
AF AIR FRANCE - KLM
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.