reports
- Wim Hoste
Bekaert Feedback conference call
Below is the feedback from the 3Q conference call. Bekaert lowered its FY guidance to an uEBIT range of 340-350m, which at midpoint is c. 9% below our forecast (378m) and 8% below consensus (373m), reflecting weaker end markets. Importantly and taking into account the solid balance sheet (net debt/EBITDA below 1x) and limited recent M&A activity, Bekaert announced to immediately resume share buybacks and launched a € 200m (>10% of current market cap) SBB program, to be executed over the next 24 ...
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- 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
- Stephane Beyazian
NFON AG : End of margin expansion phase, now the search for growth
>Q3 2024 results solid financially - Q3 2024 service revenues were up 6% y-o-y to € 20.5m (ODDO BHF € 20.7m) driven by growth in customers (+3%) and ARPU (+2%). Q3 2024 adjusted EBITDA was up by 38% y-o-y to € 3.6m (ODDO BHF € 3m), helped by the leverage from revenue growth over stabilized costs. For 9M 2024, pro forma FCF improved from € 0.8m to € 2.7m (excluding the acquisition of AI company Botario for € 10m). In terms of good news, we note that:While customer...
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Stephane Beyazian
NFON AG : The end of the margin expansion phase, now the search for gr...
>Q3 2024 results solid financially - Q3 2024 service revenues were up 6% y-o-y to € 20.5m (ODDO BHF € 20.7m) driven by growth in customers (+3%) and ARPU (+2%). Q3 2024 Adjusted EBITDA was up by 38% y-o-y to € 3.6m (ODDO BHF € 3m), helped by the leverage of revenue growth over stabilized costs. For 9M 2024, Pro forma FCF improved from € 0.8m to € 2.7m (excluding the acquisition of AI company Botario for € 10m). Among the good news, we note that:If customer growth...
- Emmanuel Matot
Soitec : Return to sales growth maintained in H2
>Reassuring H1 results, with guidance reiterated for FY 2025 - H1 results were in line with expectations, with sales down organically by 15% (significant RF destocking + weak automotive sector) and a resilient EBITDA margin (+40bp - good management of the decline in activity).The guidance for FY 2025 was also confirmed (stable sales and +1 point for EBITDA margin at 35%) with, compared with initial expectations, RF and POI in line, Automotive weaker but offset by...
- Baptiste Lebacq
Technip Energies : CMD: building a sustainable model for FCF generatio...
>Outperform recommendation, TP lifted to € 29 - We reiterate our Outperform recommendation and are lifting our TP to € 29 (peer comparison), given a net cash (excl. client downpayments) position ahead of our expectations (~€ 1.2bn vs ~€ 0.9m estimated previously). The targets communicated at the CMD are very credible, but a possible diversification into adjacent businesses could prompt greater caution amongst some investors. We highlight Technip Energies given: 1...
- Baptiste Lebacq
Technip Energies : CMD : Construction d’un Modèle Durable pour la géné...
>Opinion Surperformance, OC relevé à 29 € - Nous réitérons notre recommandation Surperformance et relevons notre OC à 29 € (méthode des comparables), compte tenu d’une trésorerie nette (hors avances clients) supérieure à nos attentes (~1.2 Md€ vs ~0.9 estimé auparavant). Les objectifs communiqués lors du CMD sont très crédibles, une éventuelle diversification sur des business adjacents pourrait cependant amener certains investisseurs à se montrer plus prudents. N...
- Martijn Den Drijver
Bekaert : Lowered 2024 sales and EBIT guidance but new SBB started
>Weaker than expected sales and volumes in Q3 (miss of 3%) - Bekaert’s Q3 sales missed css by 3%, driven by RR (miss of 3%), SWS (a miss of 6%) and Specialty (a miss of 5%) with only BBRG beating (a beat of 3%). Volumes in Q3 were down 5.2% vs -2.7% in Q2 and -4.9% in Q1 so a clear deterioration driven primarily by RR (-4.4% in Q3 vs -2.3% in Q2) and SWS (-7.7% vs -3.4% in Q2). Europe and China were weak (RR particularly in trucks) while there have been delays in proj...
- Wim Hoste
Bekaert FIRST LOOK: Weak 3Q sales, lower FY guidance but resuming SBB
Bekaert lowered its FY guidance to an uEBIT range of 340-350m, which at midpoint is c. 9% below our forecast (378m) and 8% below consensus (373m), reflecting weaker end markets. Importantly and taking into account the solid balance sheet (net debt/EBITDA below 1x) and limited recent M&A activity, Bekaert announced to immediately resume share buybacks and launched a € 200m (>10% of current market cap) SBB program, to be executed over the next 24 months. Despite the reduced FY guidance which will ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Emmanuel Matot
Soitec : Retour maintenu à la croissance du CA au S2
>Une publication S1 rassurante avec des guidances réitérées pour FY 25 - Les résultats S1 sont ressortis en ligne avec les attentes, à savoir un CA en baisse organique de 15% (importants déstockages RF + faiblesse de l’automobile) et une marge d’EBITDA résistante (+40 pb - bonne gestion de la baisse de l’activité).Les guidances pour FY 25 ont également été confirmées (stabilité du CA et +1 point pour la marge EBITDA à 35%) avec, par rapport aux attentes initiale...
- Olfa Taamallah
- Yan Derocles
RENK : Visibility + self-help + geographic diversification = a winning...
>Strong visibility and desensitisation to short-term political hazards in Germany - At a road show in Paris, management indicated that it anticipates FY 2025 revenue growth in line with the medium-term CAGR of c.15% (ODDO BHF: 19.8% in FY 2024 and 14.6% in FY 2026, Visible Alpha consensus: 18.6% and 16.1%) notably buoyed by VMS. Renk feels relatively immune to the vagaries of German politics since the big orders (Leopard, Puma, F126 frigates, Howitzer, etc.) have alre...
Bekaert - Update on the Liquidity Agreement
Bekaert - Update on the Liquidity Agreement Update on the Liquidity Agreement Period from 14 November 2024 to 20 November 2024 Liquidity agreement In relation to the renewed liquidity agreement with Kepler Cheuvreux announced on , Bekaert announces today that Kepler Cheuvreux on behalf of Bekaert has bought 7 533 shares during the period from 14 November 2024 to 20 November 2024 on Euronext Brussels. During the same period, Kepler Cheuvreux on behalf of Bekaert has sold 8 100 shares on Euronext Brussels. The tables below provide an overview of the transactions under the liquidity agreem...
Bekaert - Mise à jour relative au Contrat de liquidité
Bekaert - Mise à jour relative au Contrat de liquidité Mise à jour relative au Contrat de liquidité Période allant du 14 novembre 2024 au 20 novembre 2024 Contrat de liquiditéDans le cadre du contrat de liquidité reconduit avec Kepler Cheuvreux annoncé le , Bekaert annonce aujourd'hui que Kepler Cheuvreux a acheté 7 533 actions pour le compte de Bekaert durant la période comprise entre le 14 novembre 2024 et le 20 novembre 2024 sur Euronext Bruxelles. Au cours de la même période, Kepler Cheuvreux a vendu 8 100 actions pour le compte de Bekaert sur Euronext Bruxelles. Les tableaux ci-dess...
- Florent Laroche-Joubert
Inmobiliaria Colonial : Merger-absorption plan taking shape ….
>Aude Grant appointed CEO of SFL following departure of Dimitri Boulte - SFL yesterday announced, during the day, the appointment of Aude Grant as CEO of SFL from 21 December 2024 as part of the “confirmation of a possible plan to merge SFL and Colonial” and following the departure of Dimitri Boulte who is stepping down after contributing to the development of SFL over 14 years.According to the group, Aude Grant “will complete the work on the merger with Colonial...
- Luis de Toledo Heras
Altri : Strong results led by resilient market and outstanding operati...
>Operating results in line, confidence on FY estimates - Strong Q3 2024 results (EBITDA € 56m) broadly in line with our estimates (+2%, +244% y-o-y) but with a higher-than-expected margin (27.1%, +210bp above our estimates) on resilient pulp prices ($ 1,375/t vs current $ 1,060/t) and good cost performance (-9% vs Q2 2024 with 9M 2024 costs declining -2.8% y-o-y). Margins in Q3 experienced a slight contraction (-370bp below Q2 2024) on lower production volumes due to ...
- Jerôme Bodin
MFE B shares : Set to continue the positive advertising trend in Italy...
>The advertising trend is solid in Italy and tough in Spain in Q3 - MFE reported yesterday its Q3 earnings, in with our forecasts for EBIT. Group EBIT for 9M stood at € 127m, i.e. -€ 9.8m in Q3, an improvement vs -€ 22.8m for Q3 2023 (the consensus was forecasting -€ 7m in Q3 2024). Advertising growth came to +11.8% in Q3 in Italy and -6.8% in Spain. MFE’s situation is quite different to that of the other broadcasters; the group benefits from synergies with Mediaset E...
- Baptiste Lebacq
Subsea 7 : 2024 EBITDA guidance increased by 5% and great confidence f...
>Outperform rating and target price of NOK 250 - Following the earnings release and the conference call, we leave our earnings sequence unchanged (and are more confident that the group will achieve our estimates). Subsea 7 is in our view well placed to ride: 1/ the ongoing acceleration in offshore/subsea capex (we are looking for average annual market growth of more than 15% over 2024-2026e); 2/ and that in investment in renewables in the UK (post elections) to reduc...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.