reports
- Christophe-Raphaël Ganet
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/10/2024
Brunello Cucinelli’s stock offers investors a rare opportunity to benefit from sustainable and steady growth in high-end luxury thanks to its exclusive positioning, distinctive style and significant potential in Asia. We are initiating coverage with an Outperform rating and a target price of € 110, as the stock is one of the few in the sector with residual upside. - ...
- Christophe-Raphaël Ganet
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/04/2024
Le titre Brunello Cucinelli offre aux investisseurs une des rares opportunités de bénéficier de la croissance soutenue et régulière du luxe haut de gamme de par son positionnement exclusif, son empreinte stylistique distinctive et son potentiel de développement important en Asie. Nous initions avec une opinion Surperformance sur la base d’un OC à 110 €, le titre étant parmi les rares du secteur sur lequel nous pouvons encore tabler sur une revalorisation. - ...
- Stefano Toffano
IMCD GROUP : Preview Q1 24 results (26 April)
>Slow but steady improvement - IMCD is set to report results for the fourth quarter on April 26. For the group, we forecast Q1 revenues of € 1,197m (+3% yoy and in line with BB ccs). We are relatively more optimistic on operating EBITA and conversion margins vs ccs mainly given the first time inclusion of several relatively large acquisitions as well as assumed stabilisation of end-markets (though we note that ccs estimates are scarce). We estimate € 148m operating EB...
- Michael B. Schäfer
ODDO : Glass half full – Volume recovery started after almost 2 years ...
As Spring approaches, we see industry-wide destocking coming to an end, emerging recovery trends in China gaining momentum and European spot energy cost relief rolling in, all helping to restore plant utilisation and earnings. We add more cyclicality to our preferred names, upgrading BASF to Outperform (Neutral). Momentum being regained in specialties chemicals distribution triggers our upgrade of IMCD to Outperform (Neutral). ‘From record to record’ remains our mantra at FUCHS. ...
1COV COVESTRO AG
AI AIR LIQUIDE SA
WCH WACKER CHEMIE AG
LXS LANXESS AG
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
BAYN BAYER AG
SY1 SYMRISE AG
KWS KWS SAAT SE & CO KGAA
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
INX IMCD N.V.
2HRA H&R GMBH & CO KGAA
AKZA AKZO NOBEL N.V.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Stefano Toffano
IMCD GROUP : Back to focussing on the long-term trend
After very strong results during 2021 and 2022 on the back of industry tailwinds due to supply chain disruptions, IMCD maintained a relatively steady operating performance over 2023 despite a clear normalisation of end-market demand within Industries. Notwithstanding these industry pressures, IMCD was able to offset the negative organic growth over 2023 (-6.4%) with its acquisitory power, stabilising growth for the year (excl. FX impact). We believe that IMCD is ready to resume i...
- ING Helpdesk
- Jacob Mekhael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Stefano Toffano
IMCD GROUP : Stabilisation
>EBITA back to yoy growth driven by solid margins and improving comps - IMCD reported operating results that were relatively in line with ccs and higher than our estimates. Q4 23 group revenues came in at € 1,064m, down -2% yoy and roughly -5% below our estimates. M&A continued to play an important role, helping to sustain earnings on an absolute level. IMCD’s conversion margin was 42.9% (Q4 22 42.1%), an improvement yoy, pushing Q4 23 operating EBITA up to € 114m (+3...
- ING Helpdesk
Benelux Morning Notes
AEGON: Another beat, another $. Bekaert: FY23 EBITu and FCF beat, pausing of buyback might disappoint given strong BS. Belysse: Europe starting its revival. bpost: 4Q23 3% beat vs INGF (11% vs cons) driven by E-logistics Eurasia; FY24 outlook at 4-7% vs INGF ex Press impact. Corbion: Jam tomorrow. Heijmans: 2024 EBITDA guidance 30% above estimate. IMCD: As expected 4Q23. TKH Group: Preview; Eyes on 2024 outlook statements. Results Calendar
IMCD announces dividend proposal and Supervisory Board nominations for...
IMCD announces dividend proposal and Supervisory Board nominations for reappointment ROTTERDAM, The Netherlands (1 March 2024, 07:00 CET) – IMCD N.V. ("IMCD" or "Company"), a global leading distribution partner, formulator of speciality chemicals and ingredients, today announces its proposal to shareholders to adopt a dividend of EUR 2.24 per share in cash at the 2024 Annual General Meeting (‘AGM”), with the following dividend calendar: 14 May 2024 AGM / Dividend announcement16 May 2024 Ex-dividend date17 May 2024 Dividend record date21 May 2024 ...
IMCD reports EBITA of EUR 515 million in 2023
IMCD reports EBITA of EUR 515 million in 2023 Rotterdam, The Netherlands (1 March 2024) - IMCD N.V. (“IMCD” or “Company”), a global leading distribution partner, and formulator of speciality chemicals and ingredients, today announces its full year 2023 results. HIGHLIGHTS Gross profit of EUR 1,123 million (+2% on a constant currency basis)Operating EBITA decline of 7% to EUR 515 million (-3% on a constant currency basis)Net result for the year decline of 7% to EUR 292 million (-3% on a constant currency basis)Free cash flow increase by 28% to EUR 554 million (2022: EUR 434 million...
- Luuk Van Beek
- ING Helpdesk
- Julian Dobrovolschi
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
COV COVIVIO SA
CBK COMMERZBANK AG
RI PERNOD RICARD SA
ENI ENI S.P.A.
REP REPSOL SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
UMI UMICORE
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
AZE AZELIS GROUP NV
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
UN0 UNIPER SE
- Bruno Cavalier
- Julian Dobrovolschi
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
COV COVIVIO SA
CBK COMMERZBANK AG
RI PERNOD RICARD SA
ENI ENI S.P.A.
REP REPSOL SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
UMI UMICORE
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
AZE AZELIS GROUP NV
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
UN0 UNIPER SE
- Stefano Toffano
IMCD GROUP : Preview Q4 2023 (1 March)
>Continued pressure but improving comps - IMCD is set to report results for the fourth quarter on March 1. The company reported relatively weak Q3 23 results amidst challenging comps and macro-economic headwinds. We do not expect a significant improvement. For the group, we forecast Q4 revenues of € 1,123m (+3% yoy and +1% below BB ccs) based on -5.2% yoy organic growth, continued (but declining) FX headwinds, offset by +11.8% inorganic growth. We are relatively more ...
- Hilde Van Boxstael
- Thibault Leneeuw
- Wim Lewi
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