reports
- ING Helpdesk
Benelux Morning Notes
ASML: 1Q24 Results; weak orders but case intact. CM.com: Reasonable 1Q24 trading update, positive EBITDA surprise. Just Eat Takeaway.com: 1Q24 trading update - slowly creeping back to order growth. Staffing: Dutch period 3 - March volume and revenue seeing slight recovery in the trend. TomTom: 1Q24 results - touch weaker but no major surprises
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/03/2024
America’s solid economy and Europe’s improving macro sentiment have prompted us to reiterate our winning calls: long USA vs Europe and - within Europe - long Cyclicals vs Defensives. Also within Europe, we are switching to long Value vs Growth and have overhauled our sector allocation ; furthermore it nows incorporates a chart analysis. Our favourite sectors are as follows: Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Travel & Leisure, Constructio...
- Konrad Zomer
Randstad : Earnings risk still on the downside
>Ongoing squeeze in Q1 - We spoke with the company and understand staffing market conditions in the first quarter remained difficult. Q1 results are due for release on 23 April. After reporting an organic revenue decline of 8.6% in Q4, we estimate organic revenue growth in Q1 will come in at approximately -8.5%. Staffing markets in North America (17% of the Group), the Netherlands (12%), Germany (7%) and particularly France (15%) continued to suffer in Q1 from a tough...
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/04/2024
La solidité de l’économie américaine et l’amélioration du sentiment macroéconomique en Europe nous conduisent à maintenir nos calls gagnants : long USA vs Europe et - en Europe - long Cycliques vs Défensives. Toujours en Europe, nous basculons long Value vs Growth et modifions en profondeur notre allocation sectorielle ; nous y intégrons également une analyse chartiste. Nos secteurs préférés sont : Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Tra...
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
JDE Peet's: No Fool. Sif Group: Preview – all eyes on new facility. Staffing: French data - January weaker as expected but February outlook better. Staffing: US temp volume trend stabilizing, job market data strong but not broadly based. Vopak: Banyan becoming even more multifunctional
- Jerôme Bodin
MT ARCELORMITTAL SA
CA CARREFOUR SA
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
RAND RANDSTAD NV
G ASSICURAZIONI GENERALI S.P.A.
FRE FRESENIUS SE & CO. KGAA
BA. BAE SYSTEMS PLC
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ENG ENAGAS SA
RIO RIO TINTO PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
- Jerôme Bodin
MT ARCELORMITTAL SA
CA CARREFOUR SA
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
RAND RANDSTAD NV
G ASSICURAZIONI GENERALI S.P.A.
FRE FRESENIUS SE & CO. KGAA
BA. BAE SYSTEMS PLC
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ENG ENAGAS SA
RIO RIO TINTO PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
- Konrad Zomer
Randstad : Not found its feet yet
>Downside risk persists as indicators point south - Randstad’s Q4 results were broadly in line with consensus estimates. Organic revenues declined by 8.6% which marks Q4 out as the weakest quarter of the year, while permanent placement (-26%, the worst decline since early 2020) is still trying to find a floor. Market conditions remain challenging as candidate confidence remains low and corporates remain reluctant to recruit. Another 3-4% cut in forecasts - ...
Randstad N.V.: 2 directors
Two Directors at Randstad N.V. sold after exercising options/sold 36,747 shares at 51.600EUR. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ove...
- Fabian Semon
- Fabian Semon
- ING Helpdesk
Benelux Morning Notes
ABN Amro: 4Q23 Preview. New targets, capital distribution strategy. BAM: Preview: 2023 should be fine, focus on 2024. IBA: Pantera signs first agreement for the supply of Actinium-225 with Bayer. Randstad: 4Q23 results in line with consensus; 3% beat vs INGF. Wereldhave: Good results, a JV and/or new countries might come. Results Calendar
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Konrad Zomer
Randstad : Numbers in line but a €1.27 special dividend a clear positi...
>Results in line, but a special dividend as a positive surprise - In Q4, Randstad reported organic revenue growth of -8.6%, the highest quarterly decline since Q3 2020), which compares with organic declines of -7.3%, -5.1% and -4.2% in Q3/Q2/Q1 of 2023. Permanent placement was down 26% versus our forecast of -25%, and reflects declines in North America of 31% (we at -45%), a 41% drop in N-Europe and -7% in S-Eur/Latam (we at -10%) and a 25% drop in RoW (we at -20%). T...
- Frank Claassen
Randstad - No turn in negative top line trends
• Q4-23 was in line with expectations on adjusted EBITA, while strong on FCF generation and cash returns. • However, January organic revenue trends are weaker than anticipated. We expect to lower our adj. EBITA estimates by mid to high single digits.• We stick to Reduce and our TP of EUR 45, as we see a mismatch between its share price performance and the ongoing negative revenue trends. Randstad is also on our Benelux ‘least favorites' list.
- ING Helpdesk
Benelux Morning Notes
Aperam: Weak yet in-line 4Q23, limited recovery in 1Q24. Euronext: Signs of life. IBA: Small acquisition in Dosimetry. Orange Belgium: Better EBITDAal, net adds and EBITDAal guidance, capex higher. Staffing: French December 2023 data better on easier comps; January outlook weaker
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