reports
- ING Helpdesk
Benelux Morning Notes
Adecco: 3Q24 miss; stabilising trends in 3Q24 and into 4Q24; accelerating cost savings. B&S Group: 3Q24 preview - liquor bottoming into 4Q24? Coca-Cola Europacific Partners: Almost the real thing. D'Ieteren: Belgian October car registrations down 5.5%, VW down 11%. Kinepolis: Oct US/Canada box office at 59% of pre Covid level, France recovery to 78%. Recticel: 3Q24 compares well with Kingspan. Renewi: 1H25 preview - battling cost inflation with self help. Syensqo: Slight beat on 3Q...
- Wim Hoste
Recticel FIRST LOOK: 3Q LFL revenue growth +6%, FY guidance maintained
3Q revenue growth accelerated to 6% on a like for like basis, with revenue of € 156.6m slightly above our and consensus forecasts. Recticel reiterated its FY guidance of around € 50m adjusted EBITDA. Although we do believe in the longer term growth prospects of the insulation market, short term multiples are not particularly appealing with EV/EBITDA25e of c 10x and so we reiterate our Hold rating for now.
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Maxime Stranart
- Stijn Demeester
Recticel/Volumes growth back on the agenda/BUY
We reiterate our BUY and increase our target price from €15 to €16 following Recticel's 1H24 results, to reflect a lower WACC and broadly stable estimates. We remain convinced by the medium-to-long term potential of the Insulation market - this should provide Recticel with ample room to grow organically and, thanks to its net cash position, through M&A. We view future acquisitions as a key catalyst for the share price over the short term, as these would confirm the ambition of the group to mater...
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Wim Hoste
Recticel Model update – Structural growth drivers but no ST support fr...
We have finetuned our earnings model post the 1H24 results release, with adjusted EBITDA forecasts for FY24-26 lowered by between 2% and 5%, reflecting the competitive landscape (mainly in the Boards business). Despite the reduced forecasts, we still expect Recticel to grow adjusted EBITDA by c. 31% in FY24 and by 19% in FY25, benefiting from savings initiatives and the Rex integration & growth. Building markets are bottoming out, but we do not expect meaningful improvement in momentum until 202...
- Wim Hoste
Recticel Feedback conference call
Below are the highlights from the 1H results conference call. On the back of double digit underlying volume growth, 1H Adj EBITDA jumped by 38% to € 25.1m, which was roughly in line with our forecast and c 3m above consensus. Although Recticel expects to have seen the market bottom in Western Europe whilst noting an improvement in the UK, FY guidance of around € 50m adjusted EBITDA is slightly below our and consensus forecasts of respectively € 52m and € 54m. Although we do believe in the longer...
- 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...
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Recticel FIRST LOOK: 1H adj EBITDA +38%, FY guidance slightly below co...
On the back of double digit underlying volume growth, 1H Adj EBITDA jumped by 38% to € 25.1m, which was roughly in line with our forecast and c 3m above consensus. Although Recticel expects to have seen the market bottom in Western Europe whilst noting an improvement in the UK, FY guidance of around € 50m adjusted EBITDA is slightly below our and consensus forecasts of respectively € 52m and € 54m. Although we do believe in the longer term growth prospects of the insulation market, short term mu...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Mithra postpones its annual general meeting
Mithra postpones its annual general meeting Liege, Belgium, 28 May 2024 – 15:00 CEST – Mithra (Euronext Brussels: MITRA), a company dedicated to women’s health, today announces that in the context of the monetization process and the uncertainties related thereto, Mithra postpones its Annual General Shareholders’ Meeting, , to a later date to be determined. Background Information: Mithra announced the launch of a comprehensive monetization process, exploring potential sales of selected assets, notably Estetra SRL, and potentially the entire business. Additionally, Mithra announced the en...
- Vincent Koppmair
Immobel - Not out of the woods yet
We reviewed our Immobel figures, following a market update for 2024 and adjusted our estimates.2024 is expected to be much better (sales +50%) yet still subdued (ROE remaining at mid single digits).Slow market reopening could imply a tough 2025 due to a delayed investment market reopening, the liquidity impact of the Proximus towers acquisition at the end of 2024 and a sizeable refinancing wall coming up.While revenues are expected to grow, we continue to see short-term pressure on the balance ...
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