reports
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 03/05/2024
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...
- Jerôme Bodin
ODDO BHF Small & MIDCAP MORNING NEWS - 05/03/2024
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...
- Damien Choplain
- Martial Descoutures
Galapagos : Largely unsurprising numbers
>Solid cash position - Galapagos reported its Q1 earnings after the close in the US. Group revenues came in at € 100m vs € 83m expected. The bulk stemmed from its agreement with Gilead for € 62m while net product sales amounted to € 37m. At the operating level, costs were broadly under control, with total expenditure of around € 129m vs € 110m although we note an increase of close to 36% in R&D expense due to the development of the clinical portfolio. In contrast...
- ING Helpdesk
Benelux Morning Notes
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 ...
- Damien Choplain
- Martial Descoutures
Galapagos : Une publication sans grande surprise
>Une trésorerie solide - Galapagos publiait après la fermeture du marché US ses résultats du T1. Les revenus du groupe ressortent ainsi à 100 M€ vs 83 M€ att. L’essentiel des revenus vient de son accord avec Gilead pour 62 M€ alors que les ventes des produits nets ressortent à 37 M€. Au niveau opérationnel, les coûts sont globalement bien maitrisés ce qui conduit à avoir des dépenses totales de l’ordre de 129 M€ vs 110 M€ même si nous observons une hausse de près...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
Galapagos FIRST LOOK: uneventful 1Q24 results, FY24 cash burn guidance...
Galapagos reported uneventful 1Q24 results and confirmed its FY24 cash burn guidance of € 280-320m (FY23: € 414.8m), thanks to the savings from the transfer of Jyseleca to Alfasigma. While the company did not provide an update on timelines for its pipeline, we think data updates from the phase 1/2 CAR-T trials in r/r NHL and r/r CLL could come at upcoming scientific conferences (e.g. ASH in December 2024). Beyond that, BD remains on the table and we'd like to see an acceleration on that front wi...
- David Seynnaeve
- PhD
Galapagos - Q1 24 results
GLPG published its Q1 results, reporting Group net revenues of EUR 100m, in line with CSS. Net profit was significantly up (but below CSS), notably boosted by preliminary calculation of the gain on the sale of Jyseleca.FY24 reduced cash burn guidance reiterated. Nothing new on the CAR-T front. Yet, it is good to see that the company still plans to submit IND applications for its CAR-Ts still in 2024. Remember that GLPG has been running CAR-T trials in Europe only so far.Overall, no material surp...
Galapagos reports first quarter 2024 financial results
Galapagos reports first quarter 2024 financial results Advanced potentially best-in-class cell therapy and small molecule R&D pipeline comprising four clinical assets and >15 discovery programs in oncology and immunologyExecuted agreements with BridGene Biosciences and Thermo Fisher Scientific, and investment in Frontier MedicinesTransferred Jyseleca® business to Alfasigma S.p.A., freeing up resources to invest in growth areasGroup net revenues in the first quarter of €100 millionCash and current financial investments of €3.6 billion on 31 March 2024Reconfirmed 2024 cash burni guidance o...
Galapagos rapporteert financiële resultaten voor het eerste kwartaal 2...
Galapagos rapporteert financiële resultaten voor het eerste kwartaal 2024 Vooruitgang met potentiële best-in-class R&D pijplijn van celtherapie en kleine moleculen, met vier klinische assets en >15 onderzoeksprogramma's in oncologie en immunologie Overeenkomsten afgesloten met BridGene Biosciences en Thermo Fisher Scientific, en investering in Frontier MedicinesJyseleca® business overgedragen aan Alfasigma S.p.A., waardoor middelen vrijkomen om te investeren in groeigebiedenNetto groepsomzet in het eerste kwartaal van €100 miljoenGeldmiddelen en kortlopende financiële investeringen van €...
Galapagos’ shareholders adopt all resolutions proposed by the Board of...
Galapagos’ shareholders adopt all resolutions proposed by the Board of Directors at the Annual and Extraordinary Shareholders Meetings 2024 Mechelen, Belgium; 30 April 2024, 22:01 CET; Galapagos NV (Euronext & NASDAQ: GLPG) today announces that all resolutions proposed at the company’s Annual and Extraordinary Shareholders’ Meetings (AGM and EGM) held on 30 April 2024 were approved. The AGM approved, amongst other items: The Remuneration Report and revised Remuneration PolicyThe remuneration of the members of the Board of DirectorsThe reappointment of Dr. Elisabeth Svanberg as Independent...
Galapagos’ aandeelhouders keuren alle door de Raad van Bestuur voorges...
Galapagos’ aandeelhouders keuren alle door de Raad van Bestuur voorgestelde besluiten goed op de jaarlijkse Gewone en Buitengewone Algemene Aandeelhoudersvergaderingen 2024 Mechelen, België; 30 april 2024; 22:01 CET; Galapagos NV (Euronext & NASDAQ: GLPG) maakt vandaag bekend dat alle voorstellen tot besluit op de jaarlijkse Gewone en Buitengewone Algemene Aandeelhoudersvergaderingen van 30 april 2024 zijn goedgekeurd. De jaarlijkse Gewone Algemene Aandeelhoudersvergadering keurde onder meer goed: Het Remuneratieverslag en gewijzigde RemuneratiebeleidDe bezoldiging van de BestuurdersDe he...
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
UCB Model update: UCB's five growth drivers into the next decade
UCB is entering a next stage of growth as it turns the page on the loss of exclusivity of several of its mature assets. The new chapter will focus strongly on five growth drivers: Bimzelx, Rystiggo, Zilbrysq, Fintepla and Evenity. Jointly, these assets could deliver significant topline growth and margin improvements in the coming years. We have conducted an extensive update of our model to incorporate these new dynamics. Our DCF-based valuation points to a fair value of € 143 per share (previous...
- Thomas Vranken
UCB Bimzelx launch tracker
Our Bimzelx launch tracker tool keeps an eye on the ongoing commercialization of Bimzelx in the US by looking at total prescriptions (TRx). Our latest figure for week 22 points to 898 TRx, down 2% versus last week's result, and up 11% on a 4-week rolling basis. Altogether, we see a smooth ramp-up for Bimzelx in its first months since launch.
- Bruno Cavalier
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
VIV VIVENDI SE
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
BOL BOLLORE SA
01913 PRADA S.P.A.
MONC MONCLER SPA
MAP MAPFRE SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
LIVS AUTOLIV INC. SDR
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
TEN TENARIS S.A.
- Bruno Cavalier
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
VIV VIVENDI SE
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
BOL BOLLORE SA
01913 PRADA S.P.A.
MONC MONCLER SPA
MAP MAPFRE SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
LIVS AUTOLIV INC. SDR
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
TEN TENARIS S.A.
- Martijn Den Drijver
Umicore : Risk in Battery Materials not properly reflected, rating to ...
>Underperform, price target to €19 (was €25.5) - We change our rating to Underperform (was Neutral) and lower our TP to €19 per share (relative valuation outcome €17.5, weight 40% and DCF, outcome €20, weight 60%). Our investment thesis remains unchanged with declining volumes and thus sales and margins for Recycling and Catalysis in the medium and long term and lower than projected revenues and margins (and thus returns) for Battery Materials. Due to the material c...
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
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