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Jacob Mekhael
  • Jacob Mekhael

Galapagos 9M24 conference call feedback

Galapagos hosted a conference call to discuss its 9M24 results. Most noteworthy is that we learned of an R&D day panned for 2025, as well as the deal structure with the company's CAR-T manufacturing partners in the US. We summarise the main takeaways below.

Wim Hoste
  • Wim Hoste

DSM-Firmenich Conference call feedback

Below are the highlights from the 3Q results conference call. 3Q adjusted EBITDA jumped 32% and beat our and consensus by respectively 3% and 1%. Dsm-firmenich increased FY24 adj EBITDA guidance from c € 2bn to towards € 2.1bn, citing disruption in the vitamin market. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH) are similar to the targets of the current group, ie 5-7% organic sales growth and an 22-23% adjusted EBITDA margin, which represent a si...

Damien Choplain ... (+2)
  • Damien Choplain
  • Martial Descoutures

Argenx : An excellent Q3 2024 beating expectations. Target price raise...

>Forecasts beaten for sales and EBIT - Q3 sales were up by 74% y-o-y and 34% q-o-q to $ 573m (US $ 492m, Japan $ 24m, EMEA $ 46m and $ 11m supply in China), reflecting both strong demand for products (i.e. Vyvgart and Vyvgart Hytrulo) and excellent commercial execution. Note that this quarter includes CIPD sales for the first time. The group provides no information on the breakdown by indication but indicates that the launch of this new indication “got off to an impr...

Cor Kluis
  • Cor Kluis

ING Group : Net interest income less than expected by treasury in Q3, ...

>Conclusion: Q3 NII less than expected by treasury, rest in line - For Q3 the net interest income was less than expected by adverse treasury results, so that the consensus has to reduce their underlying FY24 NII somewhat. The other recurring P&L items were in line with expectations like commission income and expenses. No change in our view on ING Group, Neutral.Q3 net interest income below expectations, NII consensus FY24 too high - In 3Q24 net intere...

Wim Hoste
  • Wim Hoste

Recticel FIRST LOOK: 3Q LFL revenue growth +6%, FY guidance maintained

3Q revenue growth accelerated to 6% on a like for like basis, with revenue of € 156.6m slightly above our and consensus forecasts. Recticel reiterated its FY guidance of around € 50m adjusted EBITDA. Although we do believe in the longer term growth prospects of the insulation market, short term multiples are not particularly appealing with EV/EBITDA25e of c 10x and so we reiterate our Hold rating for now.

Damien Choplain ... (+2)
  • Damien Choplain
  • Martial Descoutures

Galapagos : Sharp ramp-up in R&D costs

>A sharp ramp-up in R&D costs - Galapagos reported yesterday its Q3 earnings after the closure of the US market. Revenues stood at € 60m vs € 70m forecast. These revenues come mainly from the booking of its agreement over 10 years with Gilead. In terms of costs, opex ramp up very sharply in the first 9M of the year.The R&D business is developing as expected following the progress in clinical programs, but costs are proving far higher than forecasts with a s...

Damien Choplain ... (+2)
  • Damien Choplain
  • Martial Descoutures

Argenx : Excellent T3 2024 au-dessus des attentes. OC relevé à 580 €

>Au-dessus des attentes au niveau des ventes et de l’EBIT - Les ventes T3 progressent de 74% y-o-y et de 34% q-o-q pour atteindre 573 M$ (USA à 492 M$, Japon 24 M$, EMEA 46 M$ et 11 M$ de fourniture en Chine), reflétant à la fois la forte demande des produits Vyvgart et Vyvgart Hytrulo ainsi que l’excellente exécution commerciale. Ce trimestre intègre pour la première fois les ventes dans CIDP. La société ne communique pas sur le split par indication mais indique qu...

Wim Hoste
  • Wim Hoste

DSM-Firmenich FIRST LOOK: 3Q adj.EBITDA +32%, FY guidance up to ‘towar...

3Q adjusted EBITDA jumped 32% and beat our and consensus by respectively 3% and 1%. Dsm-firmenich increased FY24 adj EBITDA guidance from c € 2bn to towards € 2.1bn, citing disruption in the vitamin market. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH) are similar to the targets of the current group, ie 5-7% organic sales growth and an 22-23% adjusted EBITDA margin, which represent a sizeable step-up to the FY23 margin level of c. 18% (ex ANH). We...

Robert Jan Vos
  • Robert Jan Vos

Anheuser-Busch InBev : $ 2bn share buyback not seen to offset disappoi...

>Underperforming expectations on most key items and in most markets in Q3 - Anheuser-Busch InBev (ABI) reported sales of $ 15,046m, EBITDA of $ 5,424m and underlying net profit of $ 1,971m. Our estimates were $ 15,955 (consensus: $ 15,580m), $ 5,912m (consensus: $ 5,712m) and $ 2,103m (consensus: $ 1,848m), respectively. Organic revenue growth came in at 2.1% (ABN: 5.0%, consensus: 3.4%), behind a volume decline of 2.4% (ABN: 0.9%, consensus: -0.4%). Organic EBITDA gr...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...

Julian Dobrovolschi
  • Julian Dobrovolschi

Flow Traders : Q3 results a big relief, shares likely to outperform to...

>Results above expectations, driven by dislocations in equities in EU and APAC - FLOW came out with a strong set of Q3 figures this morning, which were materially above consensus expectations. Group NTI came in at € 107.3m, 27% above expectations, and implying a strong QoQ acceleration of 35%. Strong performance was recorded across all regions. EBITDA margin was 44.1%, a beat of 11p.p to consensus, given the rather fix cost nature of the business resulting in strong o...

Jacob Mekhael
  • Jacob Mekhael

Galapagos Uneventful 9M24 results, new cell therapy data at ASH

Galapagos reported uneventful 9M24 results with a cash position of € 3.3b, and reiterated its FY24 cash burn guidance of € 370-410m (including BD). In the pipeline, we most look forward to new data from the phase 1/2 ATALANTA-1 and EUPLAGIA-1 CAR-T studies at ASH in December 2024, and are keen to see the solid outcomes observed to date confirmed in a larger set of patients and with longer follow up. In addition, the company plans to present pre-clinical data for uza-cel (TCR-T), and we hope to g...

Stefano Toffano
  • Stefano Toffano

DSM-Firmenich : Further signs of broad end-market normalisation

>Continued demand recovery - dsm-firmenich’s Q3 24 results once again confirmed the improving business momentum. The company posted another sequential good quarter on the back of a.o. easing comps, improving demand and the continued realisation of self-help benefits. While the strong positive impact on vitamin prices is temporary and will take some time to fully feed through, the higher vitamin pricing environment (a.o.) pushed ANH profitability higher, albeit from a ...

Jacob Mekhael
  • Jacob Mekhael

argenx FIRST LOOK: 3Q24 results beat consensus, reach operating profit...

argenx reported a strong quarter with Vyvgart sales coming in at $ 573m, 8% above BBG analyst consensus, showcasing the robustness of the company's commercial engine. We note that the company reached operating profitability for the quarter despite increased investments in R&D and SG&A. In the pipeline, timelines are reiterated and we look ahead to the upcoming go/no go decision for myositis by YE24 and an update on the BP study. We reiterate our Accumulate and € 530.

Wim Hoste
  • Wim Hoste

AB InBev FIRST LOOK: 3Q EBITDA +7.1%, FY guidance range narrowed up

On the back of a softer than expected 3Q volume performance but a better than expected revenue/hl growth, organic EBITDA growth reached +7.1%, which was roughly in line with our forecast and slightly below consensus (+8.6%), with however actual figures lower than expected on FX impact. ABI narrowed its FY24 EBITDA growth guidance range from 4-8% to 6-8% (KBCS +7.7%, CSS +8.6%). We still appreciate ABI for its leadership positions in the global beer market, high intrinsic profitability and LT gro...

Martijn Den Drijver
  • Martijn Den Drijver

Arcadis : Better than expected margins and FCF + incredibly strong ord...

>EBITA margin to 11.4% vs css 11.3%, FCF a beat off 12% - As we had feared, expectations for organic growth were a tad too high (6.0%) although the actual number (5.0%) was better than our estimate of 4.6%. Net sales therefore missed css by 2%. The conversion of that organic growth in to EBITA was, however, excellent. Although the absolute EBITA came in 2% lower than css, the operating EBITA margin came in at 1.4% vs css at 11.3% and our estimate of 11.2%. Clearly, t...

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