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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Econocom: Encouraging 1Q25 on strong leasing, services

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...

Ghada Ben Sedrine ... (+2)
  • Ghada Ben Sedrine
  • Nicolas David
David Vagman ... (+2)
  • David Vagman
  • CFA

Econocom/Deep value, rebuilding its credibility/HOLD

We update our estimates for the latest results, disposals, change in scope and guidance. We prefer for now to take a prudent stance on management's detailed 2023-2028 targets of 8% sales CAGR, of which 6% organic, 80bp margin increase, 13% REBITA and 15% net profit CAGR. End market demand was weak in 2024, in particular in France public markets, and an EUR rebound becomes more of a question mark for 2025, especially for Germany, a new key market for Econocom. AI PC adoption and the Windows 11 up...

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