Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...
>13% organic revenue growth, fewer working days but perm recovering - Brunel reported 13% organic revenue growth in Q1, with EBIT down 9% at €14.3m, compared with our forecast of €13.7m. Organic EBIT growth was 14% but two fewer working days in Germany and one less working day in the Netherlands impacted EBIT growth by 24%, some €2m. Revenue growth was driven by growth in renewable energy (11% of group), conventional energy (40%), mining (10%) and life science (6%). P...
Brunel Q1: strong performance in key verticals supports continued growth Amsterdam, 3 May 2024 – Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise, today announced its first quarter (Q1) 2024 results. Key points Q1 2024 Revenue of EUR 349.2 million, up 10% (up 13% organically) driven by the four global verticals renewable energy, conventional energy, mining and life science Revenue per working day in DACH region and NL up, despite continued challenging marketsRecovery of perm market in renewable energyAustralasia, Middle East &...
Aedifica: First sign of portfolio valuation stabilization. ArcelorMittal: Solid 1Q24 EBITDA beat, softer FCF reflects WC and CAPEX phasing. Belgian telcos: Peer Telenet 1Q24 results, still weak commercial performance. dsm-firmenich AG: Vita-still not-min. IBA: Contract to install a P1 system in Connecticut. KPN: VodafoneZiggo 1Q24 results confirm fixed losses, mobile weaker QoQ. Shell plc: Good start to the year
>Sales a notch below forecast, and EBITDA a tad higher than expected in Q1 - In its core operations, Corbion reported sales of € 301m and adjusted EBITDA of € 41.4m in Q1 2024. Reported sales were little lower than our forecast and consensus, but adjusted EBITDA came in slightly higher than expected, implying that EBITDA profitability of 13.8% was higher than our forecast (13.4%) and consensus (13.1%). Volume/mix growth was 1.7% (ABNe: 0.5%) and price had a negative i...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
We updated our Materialise model after 1Q24 revenues decreased 3% y/y as 1Q23 was an exceptionally strong quarter showing 24% growth. In 1Q24, Materialise's Medical segment continued to lead the way with 8% y/y revenue growth, while revenue declined in its Manufacturing and Software segments amidst less favourable market conditions. While continued investments in sustainable growth and the ongoing conversion to a recurring revenue business model impacted Materialise's operational profitability,...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
Proximus has reported a good set of numbers, with domestic EBITDA +2.7% ahead of consensus, with domestic EBITDA growth of +4.7% y/y from +0.8% y/y in Q4 23. Guidance has not been lifted, which is unusual given the pace of growth and the scale of the growth, but the Digi launch later in the year provides uncertainty.
>A clear consensus beat which makes the FY guidance look conservative - In Q1, Proximus reported domestic underlying revenue growth of 4.5% at €1,201m, some 2.4% higher than consensus. This includes 5.9% growth in Residential (customer service revenues +6.5% and convergent revenues +10.9%, both strong) and 3.1% growth in Business (IT services +7.8% and fixed voice -5.6%). Wholesale revenue growth was -4.9% in Q1, with the loss of low margin interconnect revenues (like...
>EBITDA in line with estimates; € 0.10 special dividend; € 20m share buyback - Corbion reported net sales of € 301m and adjusted EBITDA of € 41.4m in its core operations in Q1 2024. Our forecasts were € 306m and € 41m, respectively. Consensus was at € 309m and € 40m, respectively. Sales from the PLA joint venture amounted to € 31.6m and adjusted EBITDA came in at € 4.9m, both higher than our forecasts (€ 29.6m and € 4.7m, respectively) and consensus (€ 28.6m and € 4.6...
Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...
During 1Q24, Quest for Growth booked a net loss of –€1.4m while return on equity for the period was -1.0%. NAVps remained stable at €7.4ps (vs. €7.46ps during FY23-end). Within quoted assets, ABO Wind returned +42.0%, Tubize returned +25% and EVS Broadcasting returned +15% during 1Q24. Tubize and EVS are the largest positions in the portfolio as of 1Q24-end. On the other hand, LEM Holdings fell -18%, Melexis fell -18% and Equasens fell -16%; QfG added to their Equasens position during 1Q24. Har...
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