ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/26/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/11/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/26/2024

Intertek : Trading update figures in line with expectations - Guidance...

Intertek : Publication en ligne avec attentes – Guidance confirmée

Benelux Morning Notes

Ahold Delhaize: Walmart 3Q24/25 results. IBA: Rhodotron contract to equip a sterilization facility in Mexico. NEPI Rockcastle: Sound operational momentum. UCB: Final approval for Bimzelx in the United States

Ahold Delhaize/3Q23 postview: US margin starts to fall/HOLD

We reiterate our HOLD rating and €32 target price on Ahold Delhaize as we continue to carry below consensus estimates for FY24/25F due to required price investments in the United States to reignite volume growth for some store formats. We expect this to allow Ahold Delhaize to meet its HSD Core EPS CAGR target over 2024-28F, with INGF standing c.5% above Visible Alpha consensus on Core EPS 2028F. In the short term, however, we see limited catalysts for the group, except for a potential corporate...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2024

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Ahold Delhaize N.V. : Entering next growth phase – TP increased to € 3...

>Q3 2024 EBIT 2% ahead of consensus, behind strong recovery in Europe - Ahold Delhaize’s Q3 2024 underlying EBIT of € 855m came in 2% ahead of consensus and slightly higher than our forecast. The results were in line with consensus for the US, and materially better than expected for the European operations. Comparable growth came in stronger than expected for both regions. Management added that the European operations reported their fourth consecutive quarter of volum...

Ahold Delhaize Conference call feedback

Ahold Delhaize's share price is up c. 6% today, driven by the solid 3Q24 results, reporting an underlying EBIT of € 855m (css: € 834m, kbcse: € 856m). The better than expected results were largely driven by good margin improvements in Europe, with the 3.9% margin now being very close to AD's ambition of at least 4%. Note that besides the solid results, the share price performance today is also partially driven by the strengthening of the USD (c. 61% US Sales). Below we summarize the key highligh...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

Benelux Morning Notes

Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...

Ahold Delhaize N.V. : Another solid quarterly update with a strong rec...

>Underlying EBIT ahead of consensus, attributable to Europe mainly - Ahold Delhaize reported net sales of € 22,003m in Q3 2024, compared with our forecast of € 22,134m and consensus of € 21,912m. Underlying EBIT came in at € 855m (ABNe: € 851m, consensus: € 837m). Underlying EBIT profitability was 3.9% (ABNe and consensus: 3.8%). Comparable growth amounted to 1.2% in the US (ABNe: 1.3%, consensus: 1.0%), and 1.6% in Europe (ABNe: 1.5%, consensus: 1.0%). Group underlyi...

Morning Notes : ABI BB, AD NA, ATEB BB, FUR NA, IBAB BB, JEN BB, SOLB ...

: ABI BB, AD NA, ATEB BB, FUR NA, IBAB BB, JEN BB, SOLB BB, AZE BB, MAAT FP, CTPNV NA, DEME BB

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/22/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/10/2024

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Benelux Morning Notes

Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar

Ahold Delhaize N.V. : Company-collected consensus mildly below our est...

>Ahold Delhaize published its company-collected consensus on 21 October - Ahold Delhaize is scheduled to report its Q3 2024 results on 6 November. In anticipation of this release, the food retailer distributed its company-collected consensus estimates to participating analysts on 21 October (see table). We note that our forecasts for Q3 2024 and the full year 2024 are slightly above the consensus estimates. Specifically, for Q3 2024, our sales, EBIT, and net profit es...