reports
- Guy Sips
Materialise Medical segment continued to lead the way
We updated our Materialise model after 1Q24 revenues decreased 3% y/y as 1Q23 was an exceptionally strong quarter showing 24% growth. In 1Q24, Materialise's Medical segment continued to lead the way with 8% y/y revenue growth, while revenue declined in its Manufacturing and Software segments amidst less favourable market conditions. While continued investments in sustainable growth and the ongoing conversion to a recurring revenue business model impacted Materialise's operational profitability,...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Frank Claassen
Fagron - Compounding for growth
• New 40p report: Fagron is an excellent play on the structural growth drivers of personalized medication (e.g. demographics, drug shortages). • It has high visibility on high single digit organic growth and in combination with Buy-and-build this offers double digit EBITDA growth.• We reiterate our Buy with a TP of EUR 24 (was EUR 23) based on our SOTP and DCF on the back of 2% higher EBITDA estimates following Q1.
- Thomas Vranken
Fagron Growth engine keeps running
We updated our model following Fagron's recent 1Q24 update. While our prior estimates for FY24 and beyond largely remain in place, we pay special attention to Fagron's North American compounding services (CS) business (Boston/Wichita + Anazao), as well as the impact of the recent Polish regulatory change. Overall, our valuation continues to point to a TP of € 22, hence we maintain a Buy rating.
- Gerardo Ibanez
- Steven Boumans
ODDO : From landbanks to goldmines: development pipelines in the logis...
The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - >A favourable environment for industrial and logistics real estate - We think the industrial and logistics (“I&L”) segment is the first major real estate market that has bottomed out. We see strong deman...
Fagron publishes agenda for 2024 annual shareholders meeting and extra...
Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 12 April 2024 – 8AM CET Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting The Board of Directors of Fagron NV invites shareholders to attend Fagron’s annual general meeting of shareholders and the extraordinary general meeting of shareholders on Monday 13 May 2024. AgendaThe agenda includes the discussion of the annual report, the approval of the annual financial stateme...
- Thomas Vranken
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2024
Waga Energy offers an innovative start-up profile in the utilities sector: i/ disruptive technology in biogas treatment, ii/ established competitive advantages, iii/ positioning on a market with strong potential (>20,000 landfills) and iv/ a robust business model based on recurring revenues. At its CMD in February 2024, the company reconfirmed its ambitions for 2026 set out at the IPO (contracts for 4 TWh and recurring revenues of € 200m). The financing secured in Q1 2024 (€ 112m base...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2024
Waga Energy propose un profil de start-up innovante dans le secteur des utilities : i/ une technologie disruptive pour le traitement du biogaz, ii/ des avantages compétitifs établis, iii/ un positionnement sur un marché à fort potentiel (>20 000 décharges) et iv/ un modèle robuste de revenus récurrents. La société a reconfirmé lors du CMD en février 2024 ses ambitions à horizon 2026 annoncées au moment de son IPO (signature de 4 TWh et CA récurrent de 200 M€). Fort des financements ob...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Robert Jan Vos
- Salome Charamalet
Fagron N.V. : Strong set of Q1 2024 results, 1.5% beat on consensus
>+14.9% of CER revenue growth, driven by strong EMEA and North America - In EMEA, Fagron reported revenue growth 10.3% higher than Q1 2023 (revenue at CER) with a 7% miss on beat (css: € 74.6m) driven by Compounding Services (+32.4%) and partly offset by Brands and Essentials (-3.9% and +3.5%). B&E reflects the impact of the new reimbursement system in Poland, mostly offset by solid performance in other countries. Compounding Services revenue growth of 32.4% (CER) is ...
- Thomas Vranken
Fagron FIRST LOOK: Solid 1Q24 results, EMEA outperforms expectations
Fagron's 1Q24 revenue shows strong performance in key regions with topline reaching € 209m (+15% y/y), driven by sustained high growth in N-Am's compounding activities and the Polish regulatory impact being offset by other countries in EMEA. We maintain our € 22.0 price target and Buy rating.
Record revenue of €209 million in first quarter reflecting 15% topline...
Record revenue of €209 million in first quarter reflecting 15% topline growth Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 11 April 2024 – 7:00 AM CET Record revenue of €209 million in first quarter reflecting 15% topline growth Fagron, the leading global player in pharmaceutical compounding today publishes its quarterly results for the period ending 31 March 2024. Key Highlights Revenue growth accelerated to 15.3% reported growth (14.9% at CER) resulting in €209.2 million, supported by all regionsOrganic growth at CER of 12.3% reflects the ...
Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei
Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei Gereglementeerde informatie - voorwetenschapNazareth (België)/Rotterdam (Nederland), 11 april 2024 – 7u CET Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei Fagron, de toonaangevende mondiale speler in farmaceutische bereidingen, publiceert vandaag haar kwartaalresultaten voor de periode eindigend 31 maart 2024. Kernpunten Omzetgroei versnelde naar 15,3% gerapporteerde groei (14,9% tegen CER) resulterend in omzet van €209,2 miljoen, gedreven door alle regio’sOrganische omzetgroei van 12,3% tegen CER refle...
- Frank Claassen
Fagron - A flying start
• The Q1-24 organic growth of 12% nicely exceeded our 10%, driven by a strong performance in compounding services in both US and EMEA.• Fagron can comfortably reiterate its FY24 guidance of high single digit organic growth. We see room to slightly increase our estimates by 1-2%.• We reiterate our Buy and our TP of EUR 23, based on our 2025E SOTP and backed by our DCF.
- 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 April 2024: Adding TINC
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
Bekaert: Notice of Annual General Meeting of Shareholders
Bekaert: Notice of Annual General Meeting of Shareholders Notice of Annual General Meeting of Shareholders The shareholders and the holders of debentures are requested to attend the Annual General Meeting of Shareholders to be held on Wednesday 8 May 2024 at 10:30 a.m. at Kortrijk Xpo Meeting Center, Doorniksesteenweg 216 (P6), 8500 Kortrijk (Belgium). Attachment
Bekaert: Oproeping tot de Gewone Algemene Vergadering van Aandeelhoude...
Bekaert: Oproeping tot de Gewone Algemene Vergadering van Aandeelhouders Oproeping tot de Gewone Algemene Vergadering van Aandeelhouders De aandeelhouders en de houders van obligaties worden verzocht de Gewone Algemene Vergadering van Aandeelhouders bij te wonen die gehouden wordt op woensdag 8 mei 2024 om 10.30 uur in Kortrijk Xpo Meeting Center, Doorniksesteenweg 216 (P6), 8500 Kortrijk (België). Bijlage
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