reports
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 05/31/2024
Feintool is perfectly positioned to benefit from a brisker energy transition (75% of revenues in 2027 vs 40% in 2023) in both the automotive and industrial sectors. Growth appears to be limited over 2024, but the medium-term prospects look more attractive (2024-26 CAGR: +9%), buoyed by attractive operating leverage (EBIT margin: 6% by 2026 vs 3.5% in 2023) and growing cash generation (2026 FCF yield: 4%e. vs 2.5% in 2023). Based on our valuation methods, we obtained a target price of ...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
VAC PIERRE & VACANCES SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Ahmed Ben Salem
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 31/05/2024
Feintool est aujourd’hui parfaitement positionné pour bénéficier de l’accélération de la transition énergétique (75% du CA 2027 vs 40% en 2023) autant sur le marché automobile que sur le secteur industriel. Si la croissance semble limitée sur 2024, la trajectoire à moyen terme est plus attractive (TMVA 2024-26 de +9%) accompagnée par un levier opérationnel intéressant (marge d’EBIT de 6% d’ici 2026 vs 3.5% en 2023) et une génération de cash en croissance (FCF yield 2026 de 4%e vs 2.5%...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
VAC PIERRE & VACANCES SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Ahmed Ben Salem
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Konrad Zomer
- Stephane Beyazian
ODDO : Recap on France: the market tightens once again
>The three main takeaways from Q1: Iliad at a peak, SFR at a trough, promotions return - In commercial terms, Iliad has gained 212,000 mobile contracts vs Bouygues Telecom 17,000, Orange 9,000 and SFR reported a historic loss of 487,000 customers. In the fixed Internet segment, Iliad gained 85,000 contracts vs Bouygues Telecom at 38,000, Orange -43,000 and SFR -77,000. Iliad and Bouygues Telecom continue to gain market share.In our view, the three main takeaways ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Recap France : le marché se durcit à nouveau
>Les 3 faits du T1 : Iliad au plus haut, SFR au plus bas, le retour des promotions - Commercialement, Iliad gagne 212 000 contrats mobile vs Bouygues Telecom 17 000, Orange 9 000 et SFR publie une perte historique de 487 000 clients. Sur l’internet fixe, Iliad a ajouté 85 000 clients vs Bouygues Telecom 38 000, Orange -43 000 et SFR -77 000. Iliad et Bouygues Telecom continuent à gagner des parts de marché.Les trois faits marquants du T1 2024 pour nous sont : 1/ ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Kris Kippers
D'Ieteren Group - 2024 starts soft but guidance maintained
• Q1 sales growth of 5.4% was driven by all major divisions with TVH +12%• Belron's solid 5.8% was Europe driven (+15.5% organic growth) somewhat muted by weak US organic growth (+0.3%), weather related• Company keeps its FY guidance aiming for mid– to high single digit adj. PBT• We stick to our BUY rating and EUR 230 TP
- ING Helpdesk
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Michiel Declercq
Proximus Telenet to launch a fixed offering through BASE on a national...
During a press conference yesterday, Proximus' competitor Telenet announced that it will start offering broadband and TV offerings through the BASE brand in both Flanders and Wallonia. Recall that today, BASE already offers mobile subscriptions on a national level, allowing the group to benefit from its existing brand name and store network. To provide these fixed offerings, Base will make use of the Wyre network in Flanders (JV Telenet/Fluvius), while using the VOO/Orange network in Wallonia an...
- Guy Sips
Miko Receiving earn-out of € 5m from the sale of Miko Pac in 2021
Miko announced that it received an earn-out of € 5m on the 2021 sale of its plastics processing division Miko Pac, which was sold to Paccor (Germany). This positive news came after the negative news last Friday when Miko announced - a little to our surprise - that it has sold subsidiary ‘SAS Koffie' (Beerse, Belgium) to a Dutch investment company and to return to its core business. Miko stated that this transaction does involve a significant accounting impairment and also one-time costs, which w...
- Guy Sips
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
Benelux Local Champions Conference Book 28.05.2024
This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 28 May 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR ACKERMANS & VAN HAAREN | AGEAS | AKZONOBEL | ASML | BPOST | CORBION | EURONAV | GBL | MELEXIS | SOFINA | TITAN | TKH GROUP
- Carole Braudeau
- Carole Braudeau
- 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
- 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
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