reports
- Jason Kalamboussis
Ageas/CMD: what to expect/BUY
Ageas will host its Capital Markets Day (CMD) next week, where it will announce targets for 2027. We anticipate a significant increase in remittances, boosting free cash flow (FCF) from c.€1.85bn to c.€2.1bn, and cumulative dividends from c.€2bn to c.€2.4bn. This should result in more consistent DPS growth of 7-8%, primarily driven by underlying dividend growth. Share buybacks may occur only if there are no mergers and acquisitions (M&A). EPS growth is expected to remain at 6-8%. Operating targe...
- David Vagman
- CFA
- Maxime Stranart
Agfa-Gevaert/2Q24 EBIT beat, DP&C performing strongly/HOLD
Following Agfa-Gevaert's 2Q24 results we reiterate our HOLD and cut our target price from €1.6 to €1.2. We still struggle to see a clear and sustainable path for profitability and FCF generation in the short term, arguing that several restructuring initiatives must be successfully implemented before this can happen. We see the potential closing of the divestment of Offset Solutions as well as the continued growth of Zirfon as two key positives for the longer term. We believe all this is already ...
- ING Helpdesk
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2024
Holcim Europe could ultimately be the most appealing equity story of the Holcim group’s spin-off project. We think that, for the group’s new management, the distribution of an exceptionally high dividend will be the favoured means for a rapid revaluation of Holcim Europe. We estimate it at CHF 2.0-2.2 for a dividend yield of 7-8% at the current price. We think that under the aegis of Miljan Gutovic, the new CEO, a significant refocusing of Holcim Europe’s assets will be implemented i...
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2024
Holcim Europe pourrait finalement être « l’equity story » la plus attractive du projet de scission du groupe Holcim. Nous pensons que la distribution d’un dividende exceptionnellement élevé constituera, pour le nouveau management du groupe, le moyen privilégié pour une revalorisation rapide de Holcim Europe. Nous l’estimons entre 2.0 CHF et 2.2 CHF soit un dividende yield de 7/8% au cours actuel. Sous la houlette de Miljan Gutovic, le nouveau CEO, un recentrage important des actifs de...
- Cor Kluis
Ageas : View on CMD next week and possible future DLG case
>CMD next week likely to refine cap distribution, further still the DLG interest - Next Monday end of Day at Ageas CMD event we do not expect material changes for their ‘Impact27’ targets vs their current targets. However, given the uncertainty of the dividend upstreamings from China it would be best to link the dividends to the consolidated operations, and the SBB to the dividend upstreamings from China/NCP’s.CMD for presenting their updated next three y...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- 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
- Guy Sips
Van de Velde Sharpening its market position in challenging spring for ...
We updated our model on Van de Velde after the unfavourable weather conditions led to lower 1H24 sales in many stores. Especially in swim sales, they experienced a decrease. We lower our Target Price to € 38.5 (was € 40) but maintain our Buy-rating as Van de Velde approaches 2H24 with confidence, even though they remain vigilant in the current environment. The strong market position of its brands PrimaDonna and Marie Jo in both the Benelux and Germany provides them with a strong foundation for ...
Ageas and Amundi SA: Transparency notification
Ageas and Amundi SA: Transparency notification Ageas and Amundi SA: Transparency notification In accordance with the rules on financial transparency*, Amundi SA has notified Ageas on 30 August 2024 that, on 28 August 2024, its interest has fallen below the statutory threshold of 3% of the shares issued by Ageas. Its current shareholding stands at 2.89%. Reason for the notificationDownward crossing of the lowest threshold Acquisition or disposal of voting securities or voting rights Notification byA parent undertaking or a controlling person Persons subject to the notification requireme...
Ageas et Amundi SA: Notification de transparence
Ageas et Amundi SA: Notification de transparence Ageas et Amundi SA: Notification de transparence Conformément aux règles de transparence financière*, Amundi SA a introduit le 30 août 2024 une notification annonçant que, le 28 août 2024, sa participation a franchi, à la baisse, le seuil statutaire de 3% des actions émises par Ageas et atteint 2,89%. Motif de la notificationFranchissement vers le bas du seuil minimum Acquisition ou cession de titres conférant le droit de vote ou de droits de vote Notification parUne entreprise mère ou une personne détenant le contrôle Personne(s)...
Ageas en Amundi SA: Transparantiekennisgeving
Ageas en Amundi SA: Transparantiekennisgeving Ageas en Amundi SA: Transparantiekennisgeving Amundi SA informeerde Ageas op 30 augustus 2024, overeenkomstig de financiële transparantievereisten*, dat zijn belang op 28 augustus 2024 onder de statutaire drempel van 3% van de door Ageas uitgegeven aandelen is gedaald en nu 2,89% bedraagt. Reden van de kennisgevingOnderschrijding van de laagste drempel Verwerving of overdracht van stemrechtverlenende effecten of stemrechten Kennisgeving doorEen moederonderneming of een controlerende persoon Kennisgevingsplichtige perso(o)n(en)Zie bijlage 1a...
- Chaima Ferrandon
- Sven Edelfelt
- Chaima Ferrandon
- Sven Edelfelt
- Cor Kluis
Ageas : Positive on SBB, Solvency marginally better, profits in line, ...
>Conclusion: Positive on SBB, Solvency marginally better, profits in line - It was positive that Ageas announced a € 200m SBB. The 1H24 profits, the book value and CSM were all in line with expectations and they basically kept the FY24 profit guidance unchanged, so we did not have to change our estimates in any material way. Operationally the business is going well in Belgium, Portugal and the UK. The Solvency end-1H24 was marginally better than expected supported by ...
- Kristof Samoy
NX Filtration 1H24 results & analyst call key take-aways
Mid July NXFIL already informed the markets on its 1H24 revenues when it communicated the appointment of a new CEO. 1H24 revenues landed at €5.9m growing 56% with gross margins maintained at a high 59%. FTE's were flat vs. year end 2023. EBITDA stood at €-6.4m (vs. €-5.3m in 1H23). Guidance remained unchanged calling for revenues >€16m.
- Carole Braudeau
- Carole Braudeau
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 08/28/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
- Martijn Den Drijver
ODDO BHF Small & MIDCAP MORNING NEWS - 28/08/2024
We initiate the coverage of Ypsomed with a target price of CHF 495 and an Outperform rating. As a leading developer and manufacturer of a broad portfolio of injection systems for the self-medication of liquid drugs, Ypsomed will benefit from major trends in the healthcare industry. The company is currently in a transformation process to exit non-core activities and to focus on the fast-growing and highly profitable Delivery Systems business. This is expected to lead on our estimates t...
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