reports
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/LeasePlan delays its IPO plans
Financials: • LeasePlan's (LPTY) CEO Tex Gunning commented in the Financieele Dagblad today that the company aims to be listed after the summer once it completed formulating its strategic plan for investors. According to the company, recent market moves are not the reason behind the change. Previously LeasePlan had indicated its aim to be listed prior to the summer.
- Nadège Tillier
Suez/2017 results expected to be water under the bridge
2017 has been an eventful year for Suez. The company officially closed the transaction on GE Water last November, issued a capital increase of €750m and incurred additional debt of €1.8bn. On 23 January 2018, the company released a profit warning. For full year 2017 Suez reported revenues of €15.8bn, EBITDA of €2,640m (-2% YoY) and EBIT of €1,280m (-2% YoY) on an organic basis. Including adjustments (pensions, operating leases and hybrids), we calculate adjusted net debt at €10,998m ...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/AB InBev results release
AB InBev (ABIBB) reported fourth quarter and full year 2017 results this morning. Revenue was up 5.1% in organic terms in FY17 (FY16: +2.4%), driven by a final quarter in which revenue grew 8.2% in organic terms. Total volumes were up by a mere 0.2% in FY17 (own beer +0.6%) and as such revenue growth was driven by the 5.1% increase in revenue per hectolitre which was driven by premiumisation and revenue management.
- Ahmed Soliman
Downgrade to Neutral; headwinds intensified
Cut TP by 29% to EGP39/share; downgrade to Neutral from Overweight. Since Suez Cement’s fuel consumption per-tonne is 29% higher than its local peer average, given its plants’ relatively old age, it will face a heavier impact from a weaker EGP. Our bearish outlook on EGP/USD proves a major overhang on Suez Cement. This, and accounting for our recently reduced industry pricing assumptions, are the main reasons behind our downgrade.
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