Kinepolis: Weak US/Canada box office and France attendance in April. NSI: FS NL Holdings acquires c.10% from ICAMAP for c.€43m. PostNL: 1Q24 touch below; FY24 outlook reiterated and parcel volumes accelerate. Staffing: US temp volume trend still soft but stable, NFP jobs miss. TKH Group: A weak quarter indeed
>Higher than expected scale up costs drive EBITA miss - TKH’s Q1 2024 sales missed our estimate (no css available) by 2% with sales of €421m vs €428m expected. This implies negative organic growth of 4.3% versus our expectation of negative 2.5%. EBITA came in at €41.2m or a miss of 24% versus our expectation of €53.9m which implies a margin of 9.8% versus our expectation of 12.6%. Smart Vision and Smart Connectivity reported negative organic growth (-12.4% and -13.4%...
Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. - ...
>Not a great start of the year but in line with guidance - TKH will publish Q1 2024 results on May 6. An analyst call is scheduled for 10h CET. Although we do not have a quarterly model per business unit, we do try to forecast Q1 and Q3 based upon our detailed H1 and H2 forecasts. We forecast sales of €429m (Q1 2023 €473m or €441m restated for the divestment of TKH France) and organic growth of -2.5% (Q1 2023 +8.1%). This is driven by Smart Vision (still modest desto...
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
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,...
BANIMMO CONSTRUIT UN NOUVEAU SIÈGE POUR FARYS Banimmo a obtenu le 14 mars 2024 un permis pour la construction d'un immeuble de bureaux de 10.318 m² avec des laboratoires et des espaces de stockage sur The Loop à Gand. Ce permis est définitif et donc exécutable depuis le 22 avril dernier. L'obtention du permis exécutoire était la dernière condition résolutoire pour la vente du bâtiment à construire à la société des eaux Farys, qui y établira son siège. Les travaux de construction, confiés à Algemene Bouw Maes, débuteront dès le 6 mai. Le projet, conçu par Arch&Teco, consiste ...
BANIMMO BOUWT NIEUWE HOOFDZETEL VOOR FARYS Banimmo verkreeg op 14 maart 2024 een vergunning voor de bouw van een kantoorgebouw van 10.318 m2 met labo’s en opslagruimte op The Loop in Gent. Deze vergunning is definitief en bijgevolg uitvoerbaar sinds 22 april laatstleden. Het bekomen van een uitvoerbare vergunning was de laatste ontbindende voorwaarde voor de verkoop van het nog op te richten gebouw aan watermaatschappij Farys, dat er haar hoofdzetel zal vestigen. De bouwwerken, toevertrouwd aan Algemene Bouw Maes, starten reeds op 6 mei a.s. Het project, naar een ontwerp van...
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
Despite the weaker 1Q24 film offering and the lower visitor numbers associated with this (7.3m in 1Q24 -perfect in line with our estimates- versus 8.1m in 1Q23), we applauded that Kinepolis indicated they generated strong results per visitor and 1Q24 FCF was even stronger than in 1Q23. Kinepolis highlighted that this ‘Sales/visitor' remained high, thanks to strong demand for premium products, but was occasionally impacted by the product mix in 1Q. We maintain our € 53 Target Price and Buy.
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