ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/27/2024

HAL Trust : Another strong quarter, but not yet reflected in share pri...

Morning Notes : CMBT BB, HAL NA, SEQUA BB, SHUR BB, TKWY NA

: CMBT BB, HAL NA, SEQUA BB, SHUR BB, TKWY NA

Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...

1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings  posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...

Holdings Report - September 2024 Exor Added To The KBC Securities Hold...

1M Performance - Absolute: During Sept'24 (1M period), the KBCS Holdings Universe posted a return of -0.2% which was mainly driven by multi-asset holdings (-1.2%) while single-asset holdings posted a positive return of 2.0%. The 3 top performers during the period were Sofina (+15.3%), Financière de Tubize (+8.4%), and Brederode (+7.2%) while the 3 worst performers were Exor (-4.4%), Compagnie du Bois Sauvage (-5.5%), and D'Ieteren Group (-7.2%). YTD Performance - Relative: On a YTD basis (as o...

Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...

1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/30/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/08/2024

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HAL Trust : Strengthening its core holding positions

>Strong earnings improvement in unquoted companies - Net earnings H1: € 5.65 per share. HAL reports 24H1 earnings of € 510m (€ 5.65 per share) , which is down 7% from the € 550m (€ 6.09 per share) reported in 23H1. Net income from the quoted interests in 24H1 amounted to € 144m, slightly up from € 140m in 23H1. /Market NAV: € 163.7 per share. On 30 June, the market NAV amounted to € 14,474m (€ 160.17 per share), up 6.7% from € 13,563m (€ 150.12 per share) at...

Hal Trust 1H FY24: NAV up 6.7%, Boskalis Goes Shopping & Coolblue To E...

At end-1H FY24, NAVps was at €160.2 (€14,474m), up 6.7% vs. €150.1 during FY23-end. HAL Trust has agreed to sell its entire stake in Pro Gamers Group, an asset with little to no value due to impairments. On the other hand, the group increased its stake in Coolblue to 56.4% by investing €25.0m for an additional 7.5% (implied equity value = €333m vs. €340m KBCSe). Boskalis' posted a robust set of 1H results with revenue rising 5% to €2.1b, EBITDA rising 50.0% to 0.55m and net profit rising 65% to ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/16/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/08/2024

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HAL Trust : Deep discount holding not yet rewarded for star performers

>Boskalis 24H1 result: firing on all cylinders - Boskalis (nowadays fully owned by HAL Trust) via a short press release has reported its 24H1 results, without giving much further financial detail on the segment performance, on its cash flow performance or its balance sheet. Still, the release has confirmed our positive stance on the strong market circumstances for Dredging and Offshore Wind markets, as well as for Oil & Gas related offshore services, and even for Salv...

Holdings Report - July 2024 KBCS Holdings Universe Up 1.2% Thanks To M...

1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2024

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HAL Trust : Acquiring 100% Smit Lamnalco, leading terminal towage oper...

>Smit Lamnalco = $ 275m turnover and $ 100m EBITDA - Yesterday afternoon, via a very short press release, Boskalis (100% owned by HAL Trust) announced it has signed an agreement to acquire all remaining shares (50%) in Smit Lamnalco. It mentioned no price nor valuation in the press release, nor the seller but this must be Rezayat Group, a Saudi family led conglomorate. Established in 1963 to support oil exports from the Middle East, Smit Lamnalco is a leading pro...

Holdings Report - June 2024 KBCS Holdings Universe Down -3.6% Due To S...

1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-4.1%) while multi-asset holdings posted a slightly less negative return of -3.7%. The 3 top performers during the period were Financière de Tubize (+5.9%), Texaf (0.0%), and Quest for Growth (-1.8%) while the 3 worst performers were Compagnie du Bois Sauvage (-7.7%), Gimv (-5.6%), and KBC Ancora (-5.3%). YTD Performance - Relative: On a YTD ...

Holdings Report - May 2024 KBCS Holdings Universe Down -0.9% Due To Mu...

1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -0.9% which was mainly driven by multi-asset holdings (-1.3%) while single-asset holdings posted a positive return of +0.6%. The 3 top performers during the period were Solvac (+8.0%), Gimv (+5.5%), and Compagnie du Bois Sauvage (+5.3%) while the 3 worst performers were HAL Trust (-6.5%), D'Ieteren Group (-1.8%), and Texaf (-1.1%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2024

As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...