reports
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/Harder, better, faster, stronger… but expensive/HOLD
We reiterate our HOLD on Lotus Bakeries but increase our target price from €9,999 to €12,000 on the back of a significant volume growth beat in 1H24, while our WACC is lowered modestly to reflect lower 10-year yields in the United States. We continue to view Lotus Bakeries as a unique growth story in the FMCG segment, with more than a decade of self-funded organic growth ahead. However, we believe that the valuation of the company already reflects these growth prospects, with our model forecasti...
- 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
- Guy Sips
Lotus Bakeries Robust and broad-based volume growth across the three s...
We updated our model after Lotus Bakeries reported 1H24 sales of €599.3m, up 19.6% y/y, mainly driven by robust and broad-based volume growth of more than 16% across the three strategic pillars. In addition, there was a 3% y/y price effect, combined with FX impact. We saw a) continued momentum and outstanding volume growth in Lotus Biscoff; b) Lotus Natural Foods also continues to outperform the market with double digit growth; and c) Lotus Local Heroes delivered mid-single digit growth above hi...
- ING Helpdesk
Benelux Morning Notes
B&S: Preview - chasing growth, battling cost inflation. CTP: 1H24 results call highlights. D'Ieteren: Belron US peer Boyd reports slightly better 2Q24 but outlook still weak. Fastned: Preview 1H24. Lotus Bakeries: Strong volume growth beat. Xior Student Housing: 1H24 results call highlights. Coverage change
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/08/2024
Le Stoxx 600 ne progresse que de 1,1% en juillet après sa baisse de 1,3% en juin, tiré par le SMI (+2,5%) et le Footsie 100 (+2,7%). Avec la poursuite du fléchissement des indicateurs de climat des affaires, les défensives ont surperformé les cycliques en juillet, et de nombreuses valeurs Santé sont présentes parmi les meilleures performances du Stoxx 600. Les taux d’intérêt longs ont nettement reflué (sans doute trop) sans que cela profite aux valeurs de la Tech ou du Luxe qui ont s...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Robert Jan Vos
Anheuser-Busch InBev : A stronger-than-expected update for Q2 2024, an...
>At group level, solid Q2 2024 results: EBITDA growth of 10% - Due predominantly to Argentina and China, ABI’s volumes decreased by 0.8% in Q2 2024, which was in line with our estimate. EBITDA growth was 10.2% in Q2 2024, ahead of forecasts. The organic EBITDA growth of 7.8% in H1 2024 implies growth at the high end of the 4-8% guidance range for full year 2024. Underlying net profit beat our expectation by some 9% in the quarter. ABI’s net debt and financial leverage...
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- ING Helpdesk
Benelux Morning Notes
ABN Amro: CEO leaving in 1H 25, another management change AB InBev: Does what it says on the can AMG: Solid 2Q24 beat and guidance raise, Brazil on track for full capacity by 4Q24 Aperam: Good quarter on EBITDA and FCF, 3Q24 guide in-line Ayvens: Mixed bag Azelis: In-line 2Q24, cautious return to organic growth in Americas yet outlook remains fragile Fagron: Nice 2Q24 beat and guidance raise, higher capex to support growth Fugro: 15% beat but missing balance in its results GBL: Lackluster NAV pe...
- Robert Jan Vos
Anheuser-Busch InBev : A very decent Q2 2024 update and reiteration of...
>EBITDA and organic EBITDA growth slightly ahead of expectations in Q2 2024 - ABI reported an organic volume decline of 0.8% to 146.3m hl (ABNe: -0.9% and 146.2m hl, consensus: -0.6% and 146.7m hl). Organic revenue growth was 2.7% to $ 15,333m (ABNe: $15,600m and 4.0%, consensus: $ 15,483m and 3.5%). EBITDA came in at $ 5,302m with organic growth of 10.2% (ABNe: $ 5,234m and 8.2%, consensus: $ 5,280m and 8.3%). Underlying net profit and EPS were $ 1,811m and $ 0.90, ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
AB InBev FIRST LOOK: 2Q EBITDA growth of 10.2%, FY guidance maintained
2Q organic EBITDA growth was slightly higher than expected at +10.2%. ABI maintained FY 24 guidance of 4-8% EBITDA growth which seems conservative at the lower end of the range given the 1H growth of 7.8% whilst the US Bud Light saga is now fully cycled (since 2Q). We still appreciate ABI for its leadership positions in the global beer market, high intrinsic profitability and LT growth prospects in its emerging markets businesses. Deleveraging is on track and with valuation multiples attractive,...
AB InBev Reports Second Quarter 2024 Results
BRUSSELS--(BUSINESS WIRE)-- Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD): This press release features multimedia. View the full release here: AB InBev Strategic Priorities (Graphic: Business Wire) Regulated information1 “Our global momentum continued this quarter. The strength of our diversified footprint and consumer demand for our megabrands delivered another quarter of broad-based top- and bottom-line growth. EBITDA grew by double-digits and the continued optimization of our business drove a 25% increase in Underlying EPS. We are encouraged with our performance in th...
AB InBev publie les résultats du deuxième trimestre 2024
BRUXELLES--(BUSINESS WIRE)-- Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD): Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : AB InBev Strategic Priorities (Graphic: Business Wire) Information réglementée1 « Notre dynamique mondiale s’est poursuivie ce trimestre. La force de notre empreinte diversifiée et la demande des consommateurs pour nos méga-marques nous ont permis de réaliser à nouveau une croissance généralisée des produits et des bénéfices au cours de ce trimestre. L’EBITDA a enregistré une croissance à deux chiffres et ...
- Charlotte Vaisse
- Konrad Zomer
EDP EDP-ENERGIAS DE PORTUGAL SA
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
LI KLEPIERRE SA
ORA ORANGE SA
RXL REXEL SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
OR L'OREAL SA
REE RED ELECTRICA CORP. SA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
SOLB SOLVAY SA
BOL BOLLORE SA
01913 PRADA S.P.A.
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
FER FERROVIAL SA
- Charlotte Vaisse
- Konrad Zomer
EDP EDP-ENERGIAS DE PORTUGAL SA
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
LI KLEPIERRE SA
ORA ORANGE SA
RXL REXEL SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
OR L'OREAL SA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
SOLB SOLVAY SA
BOL BOLLORE SA
01913 PRADA S.P.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
FER FERROVIAL SA
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