>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...
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
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
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)...
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...
>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...
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...
>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%...
>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...
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.