reports
- David Vagman
- CFA
Kinepolis/Weak start, macro, long-term worries priced in/BUY
We cut our EPS by 13% on lower attendance and our target price by 14% to €43, while factoring in slightly lower long-term growth and a slower M&A restart. The share price has underperformed by 20% YTD, reflecting a weak 1Q25, some specific country issues (Netherlands, Spain, France), macro fears and, we think, more longer term concerns that the industry cannot pull off a material recovery despite an improvement in content. We keep our BUY rating on: (1) Kinepolis self-help and, above all, its M&...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: 1Q25 Preview. Azelis: 1Q25 EBITA miss on tariff uncertainty, €20m self-help to support margins. Exor: Announces oversubscribed €1bn SBB tender offer, strike at VWAP +2%. Flow Traders: Mike drop. Fugro: 1Q25 as expected but outlook a question mark. IMCD: Breaking with tradition: CEO gone within 15 months. Kinepolis: Weak 1Q25, offset by a strong 2Q25 start. KPN: Small 1Q25 EBITDAal beat, guidance reiterated. Randstad: Capital Markets Event. RELX: 1Q25 trading...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: 3% beat on 1Q25 Adj. EBITDA, FY25 guidance maintained at +€1.55bn. BE Semiconductor Industries: 1Q25 results - extending the downcycle. Corbion: Apogee. Just Eat Takeaway.com: 1Q25 Trading Update - no impact on the bid. Kinepolis: 1Q25 preview. KPN: 1Q25 preview. Randstad: Strong 9% high quality beat on 1Q25, 2Q25 outlook looks a touch below. Vår Energi: Fine start of the year, more to come. Vopak: Reasonable start, cashflow developing nicely.
Publication annual report 2024, convening notice for the General Meeti...
Publication annual report 2024, convening notice for the General Meeting and proposal new directors Publication annual report 2024, convening notice for the General Meeting and proposal new directors Regulated information 11 April 2025, 8 am CET Kinepolis Group NV presents its integrated annual report 2024, with a comprehensive overview of the Group's strategic, financial, operational and ESG performance for the year 2024. The report is available in English and Dutch and can be accessed . Kinepolis' annual report 2024 is the first report prepared in accordance with the guidelines of th...
Publication rapport annuel 2024, convocation à l'Assemblée générale et...
Publication rapport annuel 2024, convocation à l'Assemblée générale et proposition de nouveaux administrateurs Publication rapport annuel 2024, convocation à l'Assemblée générale et proposition de nouveaux administrateurs Information réglementée 11 avril 2025, 8h00 CET Kinepolis Group SA présente son rapport annuel intégré 2024, avec un aperçu complet des performances stratégiques, financières, opérationnelles et ESG du Groupe pour l'année 2024. Le rapport est disponible en anglais et en néerlandais et peut être consulté Le rapport annuel 2024 de Kinepolis est le premier rapport prépa...
Publicatie jaarverslag 2024, oproeping Algemene Vergadering en voorste...
Publicatie jaarverslag 2024, oproeping Algemene Vergadering en voorstel nieuwe bestuurders Publicatie jaarverslag 2024, oproeping Algemene Vergadering en voorstel nieuwe bestuurders Gereglementeerd bericht 11 april 2025, 8u00 CET Kinepolis Group NV presenteert haar geïntegreerd jaarverslag 2024, met een uitgebreid overzicht van de strategische, financiële, operationele en ESG-prestaties van de Groep over het jaar 2024. Het verslag is beschikbaar in het Engels en Nederlands en kan worden geraadpleegd . Kinepolis’ jaarverslag 2024 is het eerste verslag dat werd opgesteld in overeenstemm...
- ING Helpdesk
Benelux Morning Notes
DEME Group: Does money make life beautiful? Yes! Euronext: March Madness hits Markets. Kinepolis: Cineplex March 2025 box office revenue at 47% of 2019 level, down 50% YoY. Page Group: 1Q25 trading update; FY25 outlook more uncertain. SBM Offshore: Interesting step, but is it necessary? Staffing: French staffing: ongoing weak volumes in February on tough comps. WDP: €107m of new pre-let development projects
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- Guy Sips
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Guy Sips
Kinepolis Group Managing to get its financial strength back to FY19 le...
We updated our model after FY24 illustrated that visitor numbers are largely driven by international film offerings, which suffered from the impact of the Hollywood strike at the beginning of the year. From the summer onwards, the post-pandemic recovery since 2022 continued steadily. After a weak 1H24 due to the Hollywood strike, a stronger film offering from June onwards ensured a successful film summer and year-end. However, 2H24 could not fully compensate for the first five months of the yea...
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
AB InBev: Cash is King. Adecco: 4Q24 result beats by 6%, stabilising trends in 4Q24, balance sheet relief. ASM International: 1H25 guidance slightly better but orders missed in 4Q24. Colruyt: Expects to open OKay stores on Sundays. Deceuninck: Soft FY24 results due to Turkey. DEME Group: Strong FCF. JDE Peet's: Mean green beans. Kinepolis: Peer AMC 4Q24 results. NEPI Rockcastle: Strong performance at all levels. Wolters Kluwer: FY24 results; in line, new CEO in 2026
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results
- ING Helpdesk
Benelux Morning Notes
AEGON: 2H better, small miss on solvency, strong cash position. Azelis: Uneven organic recovery in 4Q24, strong on profitability. BE Semiconductor Industries: 4Q24 results – 2025 reset. Fagron: Strong organic growth momentum underlined by FY24 results and outlook. Kinepolis: Slight EBITDA, net debt miss 2H24. NN Group: Capital saved by the bell, rest in line. SBM Offshore: Strong outlook. TKH Group: Preview; the elephant in the room. VGP: Strong bottom line performance. Wolters Kluwer: ...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
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