Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...
>Lowering 2024 estimates, 2025-2026 unchanged, investment case stands - We maintain our Outperform rating and price target after the mixed/disappointing Q1 2024 results. We lower our 2024 adj. EBITDA by 6% (adj. EBITDA margin 4.6% instead of 4.8%) but keep our 2025 and 2026 largely unchanged. Despite the disappointment over the Q1 profitability levels, our investment case stands with slowly but surely improving operational and financial performance as the old lower ma...
Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. - ...
>Miss on EBITDA, faster deterioration trade working capital - BAM reported Q1 sales of €1.4bn, exactly in line with our estimate (no css available). Adj. EBITDA came in at €44m, a clear miss versus our expectation of €59m (Q1 2023 €58m), representing a margin of just 3.1% versus 4.2% expected (Q1 2023 4.1%). The orderbook came in at €10.7bn, roughly €1bn higher than our estimate, which was more or less in line with the orderbook at year-end. This is encouraging as it ...
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
>Q1 EBITDA margin ever so slightly up YoY - BAM will report Q1 2024 earnings on Thursday May 2nd. It is a trading update so will BAM not report quantitative data on the sales and EBITDA of all divisions or a full P&L, balance sheet and cash flow. It will only report sales, adj. EBITDA, trade working capital, the capital ratio, liquidity and the orderbook. We forecast sales of €1.40bn, down marginally from the €1.45bn reported in Q1 2023. We pencil in an adjusted EBITD...
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
Despite the weaker 1Q24 film offering and the lower visitor numbers associated with this (7.3m in 1Q24 -perfect in line with our estimates- versus 8.1m in 1Q23), we applauded that Kinepolis indicated they generated strong results per visitor and 1Q24 FCF was even stronger than in 1Q23. Kinepolis highlighted that this ‘Sales/visitor' remained high, thanks to strong demand for premium products, but was occasionally impacted by the product mix in 1Q. We maintain our € 53 Target Price and Buy.
Kinepolis had a tough start of the year with visitor numbers almost down double digit. The key culprit was the clear lack of a decent movie slate, which is caused by the strikes of last year, resulting in hiccupsPremiumisation and cost control continue, resulting in solid FCF generation. With the movie slate improving from May onwards, we ought to see improving visitor numbersWe stick to our BUY and DCF-based TP of EUR 56.6, using a 7.8% WACC
Ageas and BNP Paribas: Transparency notification Ageas and BNP Paribas: Transparency notification In accordance with the rules on financial transparency*, BNP Paribas has notified Ageas on 22 April 2024 that, on 19 April 2024, its interest has exceeded the legal threshold of 5% of the shares issued by Ageas. Its current shareholding stands at 6.65%. Reason for the notificationAcquisition or disposal of voting securities or voting rights Notification byA parent undertaking or a controlling person Persons subject to the notification requirementSee annex 1a D...
Ageas and Fosun: Transparency notification Ageas and Fosun: Transparency notification In accordance with the rules on financial transparency*, Fosun has notified Ageas on 22 April 2024 that, on 19 April 2024, its interest has fallen below the legal threshold of 5% of the shares issued by Ageas. Its current shareholding stands at 4.64%. Reason for the notificationAcquisition or disposal of voting securities or voting rights Notification byA parent undertaking or a controlling person Persons subject to the notification requirementSee annex 1a. Date on which the threshold is crossed19 Apr...
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