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Thijs Berkelder
  • Thijs Berkelder

SIF : Expansion project and backlog on track for EBITDA boost in 2025 ...

>Q3 stronger than expected as production downtime well under control - Throughput in 24Q3 was 42kt, down from 50kt a year ago, well ahead of our downbeat forecast of 24kt (for caution reasons we assumed longer downtime of the factory for the expansion project), implying YTD throughput is 128kt (144kt in 9M23).The expansion project is on schedule, now with two out of three production lines mechanically complete and now in the commissioning and operational start-up...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aperam: 3Q24 results solid, reassuring 4Q24 guidance. bpost: 3Q24 results and FY24 outlook in line. Eurocommercial Properties: Solid results, guidance confirmed at the top of the range. Euronext: A €300m buyback is next. IMCD: In line 3Q24. SBM Offshore: Prosperity taken out. Sif Group: Line 2 now also reporting for duty

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ageas: More bidders for ESURE UK ASR: Completion of KNAB sale, starting extra SBB D'Ieteren: Holding financing more costly, 2024 guidance (excluding financing) reassures Ebusco: Released from obligation to deliver 76 buses PostNL: 3Q24 below, FY24 outlook down, mail weak, parcels stronger; CEO steps down Sif Group: Preview - getting ready for 2025 Staffing: US temp volume weaker in October, Aug/Sep revised down, NFP jobs miss

David Vagman ... (+17)
  • David Vagman
  • CFA
  • Francesca Ferragina
  • Hans D’Haese
  • Jason Kalamboussis
  • Javier Campos Unda
  • Marc Hesselink
  • CFA
  • Marc Zwartsenburg
  • CEFA
  • Maxime Stranart
  • Quirijn Mulder
  • Reg Watson
  • CFA
  • Stijn Demeester
  • Thymen Rundberg
  • Tijs Hollestelle

ING Benelux Favourites/ASM, ASR, D'Ieteren, EVS, Fugro, Randstad, SBM ...

We refresh our ING Benelux Favourites list. We still apply a fundamental bottom up approach in which we select stocks that provide the best (relative) upside within our Benelux coverage universe and these stocks need clear catalysts. Besides this, we screen our ING Benelux coverage universe on some key investment themes that are topical and which could affect earnings potential and thus a stock's share price performance: (1) interest rate/refinancing opportunity in a lower rates environment; (2)...

Tijs Hollestelle
  • Tijs Hollestelle

Sif Group/Sleeping beauty?/BUY (previously Hold)

We upgrade the stock from Hold to BUY and raise our target price from €12.00 to €20.50. We add Sif to our ING Benelux Favourites list ahead of full production starting at the company's new factory (see our report ING Benelux Favourites, 27 September 2024). Sif successfully tested its first new production line and confirms that the factory is ready to start generating cash flow on 1 January 2025. In order to raise EBITDA from the current €35m to the guided €135m in 2025 and more than €160m in 202...

Ahmed Ben Salem
  • Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 04/09/2024

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - ...

Martial Descoutures ... (+2)
  • Martial Descoutures
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 09/04/2024

We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - ...

Thijs Berkelder
  • Thijs Berkelder

SIF : Large monopile contract negotiated with winner in UK round 6 auc...

>Additional 140 kt of monopiles for 2026 = 210 kt - Exclusive negotiations. Sif has announced it has engaged in exclusive negotiations for a 140 kt monopile related foundations project, part of the UK’s CfD 6 auction outcome published yesterday. It is expected that a final contract will be reached before the end of 2024. At that moment Sif can share more information on the content of the project. 4.9 GW of UK offshore wind projects were awarded. In UK’s Round 6...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...

Thijs Berkelder
  • Thijs Berkelder

SIF : H1 in-line and new factory on track and on budget

>H1 adj. EBITDA up 22% and FY24 guidance confirmed - Production: 53 monopiles and 64 transition pieces (86 Kton) in foundation numbers more or less similar as 23H1 (52 monopiles and 66 transition pieces) but in steel volume lower (94 Kton).Revenue in H1 2024 up 6% y-o-y to € 231m (AAOB € 113m), implying Q2 revenues of € 124m, up 13% y-o-y after Q1 revenues of € 107m, down 1% y-o-y.Contribution margin up 10% y-o-y to € 78.6m (AAOB € 78.3m), implying Q2 up 20%...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Allfunds Group plc: Cancelled sUBScription. Sif Group: Preview - first new line open for business. UCB: Divestment deal for mature products portfolio in China

Thijs Berkelder
  • Thijs Berkelder

SIF : Monopile contract for 795 MW OranjeWind project (Netherlands)

>53 monopiles with 76kt weight - Sif Holding yesterday announced it will supply 53 monopile foundations for the OranjeWind offshore wind farm, formerly known as Hollandse Kust West (VII), and to carry 53 Vestas V236 turbines of 15 MW each. Total weight for the SIF part of the project is indicated at approximately 76 kilotons, thus implying an average weight per MP of 1,434t. TP-less monopiles. As in previous projects for the Hollandse Kust wind farms, no transit...

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