reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
ASML Valuation method update
In this note we make a small adjustment to our forecast, give a valuation overview and change our valuation method. We still see reasons to remain cautious as inventories remain elevated, while the divergence between WFE revenue growth and Semi manufacturers CapEx growth continues to diverge. Furthermore, we provide an extensive multiple overview. Finally, we adjust our valuation method. Our current target price is for 50% based on DCF valuation, 30% based on peer multiples and 20% based on 2025...
ASML discloses 2024 AGM results
ASML discloses 2024 AGM results ASML discloses 2024 AGM results Veldhoven, the Netherlands, April 24, 2024 – ASML Holding N.V. (ASML) today announces the results of its Annual General Meeting (AGM) held on April 24, 2024. The 2024 AGM marks the end of the terms of Peter Wennink and Martin van den Brink as Presidents of ASML and the beginning of Christophe Fouquet's term as President and CEO of ASML. At the AGM, ASML’s statutory financial statements for the 2023 financial year were adopted. In addition, the following items were approved: Proposal to adopt a final dividend payment of €1....
ASML reports transactions under its current share buyback program
ASML reports transactions under its current share buyback program ASML reports transactions under its current share buyback program VELDHOVEN, the Netherlands – ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program. DateTotal repurchased sharesWeighted average priceTotal repurchased value15-Apr-24 10,864 €920.49 €10,000,238 16-Apr-24 11,013 €901.88 €9,932,399 17-Apr-24 - - - 18-Apr-24 - - - 19-Apr-24 - - - ASML’s current share buyback program was announced on 10 November 2022, and details are available on our website at ...
- Pierre FerraguÊ
- Emmanuel Matot
- Emmanuel Matot
- Robert Jan Vos
Sligro Food Group N.V. : At assumed 7%+ EBITDA profitability in 2025, ...
>Group sales € 13m (2%) lower than our forecast in Q1 2024 - Sligro reported net sales of € 652m, implying an organic increase of 2.7% in Q1 2024. We had forecast € 665m and company-compiled consensus was at € 654m. In the Netherlands, sales rose by 3.8% to € 554m, which, according to Sligro, was in line with the general trend in the market. We had expected growth of 2.7% for the Netherlands in Q1 2024. In Belgium, sales were down by 3.2% to € 98m. On the back of the ...
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Ahmed Ben Salem
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
REP REPSOL SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
VIS VISCOFAN S.A.
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
INSD VERIMATRIX SA
CSM CORBION NV
BP. BP P.L.C.
NSI NSI N.V.
FPE3 FUCHS PETROLUB SE
ALVGO VOGO SA
SHEL SHELL PLC
CABKA CABKA N.V.
- Robert Jan Vos
Sligro Food Group N.V. : Netherlands decent, but Belgium not yet where...
>Q1 revenue 2% below our expectation and in line with consensus - Sligro reported net sales of € 652m, implying an organic increase of 2.7%. We had forecast € 665m and company-compiled consensus was eyeing revenue of € 654m. In the Netherlands, revenue was up 3.8%, and, according to Sligro, in line with the general upward trend in the market. We had expected growth of 2.7% for the Netherlands in Q1 2024. In Belgium, revenue was down 3.2% to € 98m. On the back of furt...
- ING Helpdesk
Benelux Morning Notes
Azelis: Bloomberg report citing M&A interest. BE Semiconductor Industries: 1Q24 preview, focus on order intake. Greenyard: Crème de la Crème acquisition. Just Eat Takeaway.com: Deliveroo reports 1Q24 trading. Melexis: 1Q24 Preview, focus on pricing. NSI: Guidance confirmed, LTV improves, small but interesting investments might come. Sligro: 1Q24 results in line with expectations Vastned: Key €100m single asset disposal achieved
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Weak order intake in Q1 (TSMC absent again, not set to be on th...
>Subdued Q1 24 orders, but this does not change the structural story, and we maintain our Outperform rating and € 1,100 target price - ASML yesterday reported better than expected Q1 24 results (EPS better, despite sales falling short), but importantly posted orders of € 3.6bn, well short of the consensus, due to TMSC’s virtual absence from the backlog this quarter (again). But the group confirmed 2024 is set to be a stable year, with H2 showing growth, but 2025 shou...
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Commandes faibles au T1 (absence encore une fois de TSMC, qui n...
>Des commandes T1 24 faibles, mais cela ne change rien à l’histoire, nous réitérons donc notre opinion Surperformance et maintenons notre OC de 1 100 € - Hier, ASML a publié des résultats T1 24 > aux attentes (BPA >, malgré un CA
- Pierre FerraguÊ
- Fernand de Boer
Sligro Food Group - Q1 sales in line
Q1 sales came in marginally below our estimates, but stripping out tobacco sales, we consider sales to be in line. Hence, based on the Q1 trading update we do not expect to change our estimates materiallyVolumes were still down, illustrating the challenging market conditions. Hence, we maintain our Hold rating and TP of EUR 16.50
- Alvaro del Pozo
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Low Q1 orders prove that the order trend can be very lumpy, but...
>Q1 24 results above expectations despite slightly lower sales, bookings way below expectations proving quarterly lumpiness - This morning, ASML reported its Q1 24 results which were above expectations despite slightly lower-than-expected sales. Revenues were € 5,290m, below the consensus at € 5,419m (vs ODDO BHF estimates at € 5,347m and the guided range of € 5-5.5bn), including €1,324m of installed base management. 49% of equipment sales were made in China vs 39% i...
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