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...
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
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...
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...
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...
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...
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...
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 ...
Press release Biocartis Group NV: Biocartis Group NV provides an update regarding the publication of its annual report and the annual meeting BIOCARTIS GROUP NV (Euronext Brussels: BCART) PRESS RELEASE - REGULATED INFORMATION - 09 May 2024, 07:00 CEST Biocartis Group NV provides an update regarding the publication of its annual report and the annual meeting Mechelen, Belgium, 09 May 2024 – Biocartis Group NV (the "Company") (Euronext Brussels: BCART), announces today that it has decided to postpone the publication of its 2023 Annual Report, in view of the ongoing preparation of the contem...
Persbericht Biocartis Group NV: Biocartis Group NV brengt een update rond de publicatie van haar jaarverslag en de jaarlijkse algemene vergadering BIOCARTIS GROUP NV (Euronext Brussels: BCART) PERSBERICHT - GEREGULEERDE INFORMATIE - 09 mei 2024, 07:00 CEST Biocartis Group NV brengt een update rond de publicatie van haar jaarverslag en de jaarlijkse algemene vergadering Mechelen, België, 09 mei 2024 – Biocartis Group NV (de "Vennootschap") (Euronext Brussels: BCART), kondigt vandaag aan dat zij beslist heeft de publicatie van haar 2023 Jaarverslag uit te stellen, in het licht van de lopen...
Mithra enters into exclusive negotiations with Gedeon Richter and secures continued funding in the context of its monetization process Liege, Belgium, 3 May 2024 – 17:30 CEST – Mithra (Euronext Brussels: MITRA), a company dedicated to women’s health, today announces that, after diligent evaluation of , Mithra has selected the offer submitted by Gedeon Richter, which relates to Estetra SRL, Neuralis SA and specific assets held by Mithra R&D SA related to the E4 platform, as a basis for further negotiations and decided to grant exclusivity to Gedeon Richter for the purpose of such negotiation...
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