reports
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Emmanuel Matot
- Emmanuel Matot
- Martijn Den Drijver
TKH GROUP NV : Not 100% de-risked yet, estimates and TP lowered again
>Lowering estimates modestly, 2024 EBITA guidance still at risk - We have updated our estimates after the Q3 2024 earnings release, which disappointed and caused the full year EBITA guidance to be lowered, as we had feared. We are lowering our 2024-2026 sales estimates by 2%-3% and our 2024-2026 EBITAe by 3%, reflecting a continued cautious stance on Smart Vision and several businesses in Smart Connectivity. For 2024, we are now forecasting an EBITAe of €203m, which i...
- Tijs Hollestelle
TKH Group/We can only change our expectations/BUY
TKH published yet another disappointing set of results. 3Q24 EBITA was around 16% below our forecast and TKH lowered its FY24 EBITA guidance by roughly 5% taking the mid-point of the guidance. Our previous forecasts were rather optimistic as we anticipated significantly higher revenue in the Connectivity division from offshore cable production, covering the already increased fixed cost base. But TKH had to postpone the ramp up of the new offshore wind cable factory in 3Q due to start-up issues. ...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Jacob Mekhael
- Thibault Leneeuw
- Martijn Den Drijver
TKH GROUP NV : Weak Q3, 2024 EBITA guidance lowered
>Weak sales, EBITA and EBITA margins in Q3 - Continued setbacks in Smart Connectivity and Smart Vision are the key reason for a weak Q3 for TKH. Sales came in at €393m or a miss of 9% versus our estimates (no css) with organic growth coming in at -6.2% where we had anticipated positive growth of 1.2%. Due to the lower sales volumes and start-up costs in Smart Connectivity and despite good progress on the €15m cost savings program, EBITA came in at €42.1m or a miss of ...
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Martijn Den Drijver
TKH GROUP NV : Preview Q3 + lowered 2024-2026 estimates and TP
>Cautiousness Vision + Manufacturing results in lower 2024-2026 estimates - We had not updated our forecast for TKH since the Q1 2024 trading update and H1 2024 results release: mea culpa. So although not ideal, we are using this preview to update our estimates. Given the disappointing H1 2024 results and 2024 guidance, we lower our estimates materially. We lower our 2024 to 2026 sales forecast by 3% to 8% and our EBITA estimates by 16% to 19%. For 2024, we now forec...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
- Thibault Leneeuw
TKH Group Model update, reducing 2H24 outlook
In this note we update our 2024 numbers, with no adjustments in growth rates as of 2025. This results in a revenue reduction of 1.5% in 2024. Furthermore, we adjust our margins based on the recent developments. EBITA decreases with 7% in 2024, 4% in 2025 and 3% in 2026. However, no impact on our DCF based valuation, as 2% lower EBITA by 2030 is offset by lower interest rates. Therefore, we maintain our TP of € 55 per share and maintain our Buy Recommendation. We expect a revaluation in 2025, due...
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Usama Tariq
- Usama Tariq
- ING Helpdesk
- Michiel Declercq
- Thibault Leneeuw
- Martijn Den Drijver
TKH GROUP NV : Disappointing H1 2024 results and 2024 EBITA guidance
>Disappointing H1 results, mainly at the EBITA (margin) level - Although the results of TKH improved in Q2 2024 over Q1 2024, the overall H1 2024 results disappoint. Sales were in line but EBITA missed css by 5% with the EBITA margin coming in at 11.0% versus css at 11.7% (AOe 11.4%). Adjusted net profit came in at €45m which is a miss of 15%. Net debt came in lower than expected (€575m vs css €610m) but were higher than we had pencilled in (AOe €547m) as there was a ...
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