Ahold Delhaize: The preview of the tailwind. CTP: €1bn in investments to double the German portfolio. Euronav: 4Q as expected, a better balance expected in FY22. Marel: Ongoing supply chain costs, but record order intake. Royal Dutch Shell: Better-than-expected on the back of LNG beat. Sligro: Big beat, but an eye on cost inflation. Solvay: PVDF capacity expansion to support break-out EV growth
Aalberts: New strategic objectives and targets 2022-26. D'Ieteren: Belgian car figures down 17%, -10% YTD, VW down 24%, -8.5% YTD. Royal Dutch Shell A: Start of share buyback on completing Permian divestment. Sligro: Still c.25% below pre-Covid-19 level YTD, environment worsening again
RD Shell's proposal to its shareholders for a simplified structure was needed given the challenges for the company in the years ahead. The simplified structure should help to accelerate the distribution of cash, especially after the disposal of its Permian interests. We like RD Shell's profile with more exposure to gas than peers and a clear zero emissions target by 2050. However, our investment case remains unchanged as we are not certain on the oil price and not keen on large share buybacks, g...
Aedifica: New Belgian acquisition. Ahold Delhaize: Stretched ambitions and IPO-ing bol.com. Belgian telcos: Orange Belgium increases fixed prices by 5%, speed up 50% to 150 Mbps. Boskalis: Sells remaining harbour towage activities, wins big offshore wind project. Heineken: Distell distilled with a twist of NBL Royal Dutch Shell A: End of Royal?
ROYAL DUTCH SHELL (GB), a company active in the Oil Equipment & Services industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the a...
AB InBev: Divid(end). AMG: Progress on strategic expansion, but 2022F outlook below consensus. Arcadis: Exceptional 3Q20 makes 3Q21 difficult. BAM: Preview - all eyes on FY outlook and Dutch infra. Cofinimmo: Solid results - Investment guidance revised upward slightly. Fugro: Disappoints but cash flow strong. Kinepolis: Strong Q3, with solid country mix, FCF, net debt down €35m Ontex: Learning to live with an “Unprecedented crisis” PostNL: Stamp prices unchanged in 2022; includ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
AB InBev: Taking the rough with the smooth. Acomo: Fort-ifying the C-suite. AMG: 3Q21 miss but guidance maintained. FY2021 consensus remains feasible. Arcadis: Solid and with more to come. ArcelorMittal: 8% EBITDA beat, US$2.2bn more cash returned. Atenor: Sale of Hermes Business Campus. Cofinimmo: Strong results, stronger guidance. Fastned: Competitor Allego lists via SPAC. Fugro: Has growth definitively returned? Ontex: Turning the corner. Ordina: 2Q21 results, signi...
D'Ieteren: 10% stake in Belron reported to be for sale. Recticel: Board of Directors not supportive of Greiner's takeover bid. Retail Estates: Resilient FY results, higher FY2021 DPS. Royal Dutch Shell A: Further reduction in refinery exposure. Vopak: Steps towards storing renewables
BE Semiconductor Industries: 1Q21 preview– focus on the guidance. bpost: 1Q21 preview - consensus released, room for further upside. Euronext: Mission accomplished. IMCD: FY21 starts with an impressive beat. Just Eat Takeaway.com: GrubHub 1Q21 results. Kinepolis: Better visitor numbers, on low expectations. Marel: Notable margin pressure, but orders much better in March. Ordina: 1Q21 results - significant quality beat. Proximus: 1Q21 preview. Royal Dutch Shell: On its way to $65b...
RD Shell gave its Strategy update. We believe the right steps are made but the plans are not the same as execution. The company is probably smart not to focus too much on wind and solar but more looking at its strength of distribution and products where it has a leading role. More towards the near term, we foresee better earnings and 4Q20 gave some indication to it. Based on a lower dividend yield compared with its peers offsetting the growth difference and likely a better road to zero CO2, our ...
AEGON: Benefitting from higher equity markets and neutral Covid-19 impact. Ahold Delhaize: 4Q20 preview –share-of-wallet transfer to retail drives top-line growth. ArcelorMittal: Impressive 17% 4Q20 EBITDA beat and US$1.6bn cash returned. Euronext: Strong beat on EBITDA; cost guidance disappoints (more timing savings). Fagron: Subdued 2H20, but mostly in-line. KBC: Cash return FY21 c.5.5% yield, conservative 15.5% CET1 excess capital threshold. Montea: FY results, prudent 2021 ambiti...
D'Ieteren: Poor start to the year for new car registrations. Just Eat Takeaway.com: €1.1bn convertible bond issue. Orange Belgium: CFO leaves, replaced by the Chief of Staff of Orange CEO. Royal Dutch Shell A: Weak numbers expected, outlook not encouraging. TomTom: 4Q20 preview – focus on automotive recovery
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