reports
Barco NV: 2 directors
Two Directors at Barco NV bought 1,214,218 shares at between 12.955EUR and 13.016EUR. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Release of 1Q24 company-compiled consensus. AkzoNobel: Decent 1Q24 with 4% beat, FY guidance reiterated. Allfunds Group plc: On the verge. Barco: Weak 1Q24, more conservative wording on guidance. DWS: 1Q24 preview. Flow Traders: No respite in March. IMCD: Last hurdle before growth. Randstad: 1Q24 slight miss vs consensus, 2Q24 outlook below due to weak gross margin. TKH Group: Preview – a weak 1Q expected Vår Energi: Nice start to the year
- Kris Kippers
Barco - Q1 worse than expected, reaching the through?
Barco's Q1 was clearly disappointing with sales dropping more than 20% in what luckily is a rather small quarter.Whereas China remains an issue, part of the drop is also linked to the (very) high comparison base combined with destocking at client level, sometimes necessary to be ready for product renewalDespite the tough start of the year, management is confident it will surpass the 14% margin level and sales could still be flat, ie ‘when markets would not deteriorate'We stick to our B...
- ING Helpdesk
Benelux Morning Notes
ASM International: 1Q24 Preview - focus on order intake. Barco: Preview 1Q24 - a slow start to the year. B&S Group: Solid year-end performance and healthy outlook. Fastned: 1Q24 trading update – disappointing charging volume. Staffing: Hays' 3Q23/24 trading update - warning on 3Q23/24, weaker trends
- Kris Kippers
Barco - Patience is a virtue - 2024 starts slow- M&A?
• 2024 is not expected to start very well, driven by exceptional items, timing of certain events as well as China that is not (yet) rebounding, anti-bribery linked. Hence, we now bank on a Q1 of -14% sales drop from -7% before• Our estimates are fine-tuned slightly on sales and EBITDA to reflect the slower growth in H1 and some operating deleverage effect because of this• Whereas trading is not yet excellent, we believe that the worst is clearly behind and we see some short-term triggers such as...
- Marc Hesselink
- CFA
- Thymen Rundberg
Barco/Blurred image/HOLD
We have a mixed view on the Barco investment case. We continue to like its strong niche positions for which we see growth potential. At the same time, we fear that trading could be weak before it gets better in the long term, especially given relatively high inventories at Barco's clients. Despite a 20% discount to the historical valuation, we stick to our HOLD rating as we see no short-term catalysts to become more positive. We slightly increase our target price from €17 to €18. The large cash ...
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: 4Q23 EBITDA beats by 5%, solid FCF. Ayvens: Messier than expected. Barco: 2H23 results, less topline decline, weak cash generation. Flow Traders: Low Flow. KBC: 4Q reasonable, DPS low, new targets show cost drive, NII 2024 guidance in line. Lotus Bakeries: Opening of its first production facility for Näkd. Montea: FY results in line, further fiscal one-offs might drive more generous dividend. Ontex: Out of the shadow, into the light. Recticel: Peer Rockwool FY23 re...
- Kris Kippers
Barco - No disappointment on outlook
• Barco's FY23 results were in line with expectations with Healthcare still remaining the main issue.• Order book in Enterprise & Entertainment is solid, boding well for the future.• Outlook for FY24 aims for stable sales and margins at >14%, ahead of CSS (14.0%) which is clearly a relief – BUY reiterated
- Marc Hesselink
- CFA
- Thymen Rundberg
Barco/A lack of catalysts; Downgrade to Hold/HOLD (previously Buy)
Barco will report its FY23 results on Thursday, 8 February. We believe trading conditions remain challenging in most segments and geographies. As a result, we expect a cautious outlook for FY24 with limited growth and only small margin upside (especially in 1H24). We do see the long-term attraction of the case with a return to growth and higher margins but given the lack of short-term catalysts we downgrade to HOLD.
- ING Helpdesk
Benelux Morning Notes
ASML: 4Q23 Results, impressive order intake. Barco: Launch of ClickShare Bar set to reignite growth. D'Ieteren: PHE refinancing to generate small savings. Staffing: Dutch figs 13: Dec23 volume, revenue indicate improvement, but is this real? TKH Group: Small acquisition, but helping CEDD
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
AEGON: Another quarter, another consensus beat. Arcadis: Ambitious targets for FY26. Barco: An(n)-A-list event. DEME Group: Preview - wind visibility beyond 2024. Econocom: CMD more realistic, ambitious 2028 targets. IBA: Positive REBIT guided for in 2H23. Kinepolis: Small, ‘free', M&A deal in France
- ING Helpdesk
Benelux Morning Notes
Barco: Preview of analyst meeting, support needed. Deceuninck: To stop manufacturing activities in Germany. Fugro: Ambitious and possible. Greenyard: 1H23/24 in line with expectations, guidance reiterated. Melexis: CMD presentation published, healthy growth. TKH Group: Lowers FY23 outlook. Universal Music Group: Warner Music adopts Deezer ‘artist centric' model in France
- Kris Kippers
Barco - Short term pain, long term gain?
Q3 was another disappointment, obliging us to review our estimates once again. Confidence in Barco is clearly lost and needs to be restored, urgently. The latter also included the revised outlook as we put our estimates now below guidance, at 13.5% EBITDA margin vs. ‘around 14%' guided. Of course, with only 2 months to go, the risk ought to be minimal in our viewWhereas Entertainment seems to hold up pretty well, question marks remain around Enterprise (ClickShare) and now also Healthcare o...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group Plc: 3Q23 Preview, ASML: 3Q23 results, inflection point is near, Barco: 3Q23 trading update, growth collapsed, IBA: $80-100m restoration contract for IBA first legacy PT system, Just Eat Takeaway: 3Q23 trading update, Cash for shareholders, UCB: Bimzelx finally approved in the US in PsO, UCB: Zilbrysq approved in the US in gMG, WDP: Good and in line 3Q results – Guidance confirmed, Results calendar
- Kris Kippers
Barco - Tough market conditions, Co-CEO has returned
• Disappointing Q3 with sales down 12% and guidance reduced mainly on top line whereas the margin outlook is untouched. Cautious tone for 2024 expected to further impact consensus estimates• Its Co-CEO returned to the office and participated in today's conference call• Shares are in the doldrums with investors requiring more patience. Valuation, though, fully reflects this outlook – Depending on today's share price reaction we put our rating under review.
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Dutch state stake at 49.5%, end of programme. Barco: Preview 3Q23. Euronext: Slight momentum to end the quarter. KBC: Belgium federal budget agreement on lower additional Bank taxes at €150m. Randstad: Preview of 3Q23F results due 24 October; consensus released. Staffing: French data - August weaker; September outlook better but hours worked down
- Kris Kippers
Barco - Nice Crestron deal and Mr. Beauduin to return to Barco but not...
Barco announced an interesting patent license agreement with Crestron, one of the largest competitors for ClickShare, raking in license feesMr. Beauduin's health seems to improve and he is involved at Barco. However, the role he will take up afterwards is not yet certain. We would not be against a role of Executive Chairman, overseeing strategy and ChinaThe shares remain in the doldrums linked to the H1 disappointment and absent communication on Barco's co-CEO. Both could be alleviated...
- David Vagman
- CFA
- Francesca Ferragina
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Quirijn Mulder
- Reg Watson
- CFA
- Stijn Demeester
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Conference London/Highlights of company meetings
Last week, on 5-7 September 2023, we hosted the annual ING Benelux Conference at our ING office, 8-10 Moorgate, London. This report provides an overview of the key topics discussed with each of the Benelux listed companies that attended the conference. The participants are listed below together with the board members representing each company.
APAML APERAM SA
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FUR FUGRO NV CERT OF SHS
FAGR FAGRON SA
BAR BARCO NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
ARCAD ARCADIS NV
AED AEDIFICA SA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
OCI OCI NV
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
AZE AZELIS GROUP NV
DEME DEME GROUP NV
- ING Helpdesk
Benelux Morning Notes
Highlights ING Benelux Conference London 2023 - Aalberts, Aedifica, AMG, Aperam, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, CM.com, DEME Group, Euronext, Fagron, Fugro, Kinepolis, Lotus Bakeries, Melexis, OCI, PostNL, Recticel, SBM Offshore, TKH Group, Vopak Gimv: Flemish government to sell its 27.8% stake Staffing Sector: French data weaker in July, August Outlook negative Results Calendar
APAML APERAM SA
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FUR FUGRO NV CERT OF SHS
FAGR FAGRON SA
BAR BARCO NV
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
GIMB GIMV NV
ARCAD ARCADIS NV
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
OCI OCI NV
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
AZE AZELIS GROUP NV
DEME DEME GROUP NV
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