BAM: Preview - stable performance in difficult markets. Belgian telecoms: Telenet 3.5% price increase. Econocom: 1Q24 modest growth in line, sales guidance maintained. Philips: Preview 1Q24. Proximus: Acquires additional 5G spectrum from NRB. Signify: Preview 1Q24 - Slow start to the year. Staffing: Manpower - 1Q24 beats, 2Q24 outlook a touch above and trends stabilizing. WDP: No surprise
We updated our model following Fagron's recent 1Q24 update. While our prior estimates for FY24 and beyond largely remain in place, we pay special attention to Fagron's North American compounding services (CS) business (Boston/Wichita + Anazao), as well as the impact of the recent Polish regulatory change. Overall, our valuation continues to point to a TP of € 22, hence we maintain a Buy rating.
Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 12 April 2024 – 8AM CET Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting The Board of Directors of Fagron NV invites shareholders to attend Fagron’s annual general meeting of shareholders and the extraordinary general meeting of shareholders on Monday 13 May 2024. AgendaThe agenda includes the discussion of the annual report, the approval of the annual financial stateme...
Waga Energy offers an innovative start-up profile in the utilities sector: i/ disruptive technology in biogas treatment, ii/ established competitive advantages, iii/ positioning on a market with strong potential (>20,000 landfills) and iv/ a robust business model based on recurring revenues. At its CMD in February 2024, the company reconfirmed its ambitions for 2026 set out at the IPO (contracts for 4 TWh and recurring revenues of € 200m). The financing secured in Q1 2024 (€ 112m base...
Waga Energy propose un profil de start-up innovante dans le secteur des utilities : i/ une technologie disruptive pour le traitement du biogaz, ii/ des avantages compétitifs établis, iii/ un positionnement sur un marché à fort potentiel (>20 000 décharges) et iv/ un modèle robuste de revenus récurrents. La société a reconfirmé lors du CMD en février 2024 ses ambitions à horizon 2026 annoncées au moment de son IPO (signature de 4 TWh et CA récurrent de 200 M€). Fort des financements ob...
>+14.9% of CER revenue growth, driven by strong EMEA and North America - In EMEA, Fagron reported revenue growth 10.3% higher than Q1 2023 (revenue at CER) with a 7% miss on beat (css: € 74.6m) driven by Compounding Services (+32.4%) and partly offset by Brands and Essentials (-3.9% and +3.5%). B&E reflects the impact of the new reimbursement system in Poland, mostly offset by solid performance in other countries. Compounding Services revenue growth of 32.4% (CER) is ...
Fagron's 1Q24 revenue shows strong performance in key regions with topline reaching € 209m (+15% y/y), driven by sustained high growth in N-Am's compounding activities and the Polish regulatory impact being offset by other countries in EMEA. We maintain our € 22.0 price target and Buy rating.
Record revenue of €209 million in first quarter reflecting 15% topline growth Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 11 April 2024 – 7:00 AM CET Record revenue of €209 million in first quarter reflecting 15% topline growth Fagron, the leading global player in pharmaceutical compounding today publishes its quarterly results for the period ending 31 March 2024. Key Highlights Revenue growth accelerated to 15.3% reported growth (14.9% at CER) resulting in €209.2 million, supported by all regionsOrganic growth at CER of 12.3% reflects the ...
Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei Gereglementeerde informatie - voorwetenschapNazareth (België)/Rotterdam (Nederland), 11 april 2024 – 7u CET Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei Fagron, de toonaangevende mondiale speler in farmaceutische bereidingen, publiceert vandaag haar kwartaalresultaten voor de periode eindigend 31 maart 2024. Kernpunten Omzetgroei versnelde naar 15,3% gerapporteerde groei (14,9% tegen CER) resulterend in omzet van €209,2 miljoen, gedreven door alle regio’sOrganische omzetgroei van 12,3% tegen CER refle...
• The Q1-24 organic growth of 12% nicely exceeded our 10%, driven by a strong performance in compounding services in both US and EMEA.• Fagron can comfortably reiterate its FY24 guidance of high single digit organic growth. We see room to slightly increase our estimates by 1-2%.• We reiterate our Buy and our TP of EUR 23, based on our 2025E SOTP and backed by our DCF.
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
>Our scenario for the restructuring of Altice France - Faced with a debt wall in 2027-2029 (€ 22bn) and already negative FCF, Altice France has opted to force the hand of its creditors by attempting to impose the restructuring of its debt. We see three scenarios: 1/ A general agreement: assuming the reinitialisation of leverage in 2024 at 3.7x and the use of the ~€ 5.4bn proceeds from divestments (Altice Media, La Poste Mobile, XP Fibre, data centres), we calcul...
>Notre scenario de restructuration d’Altice France - Face à son mur de dette sur 2027-2029 (22 Md€) et ses FCF déjà négatifs, Altice France a choisi de forcer la main de ses créanciers en tentant d’imposer une restructuration de sa dette. Notre équipe crédit, dans une note publiée ce matin, perçoit trois scenarios : 1/ Un accord général : en supposant une réinitialisation du levier 2024 à 3,7x et l’utilisation de ~5,4 Md€ de produits de cession (Altice Medi...
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