reports
- Emmanuel Matot
- Thomas Zlowodzki
- Emmanuel Matot
- Thomas Zlowodzki
- Geoffroy Michalet
- Geoffroy Michalet
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: 4Q24 EBITDA beats by 8%, strong year-end CF, dividend +10%. Ayvens: Still in neutral. BAM: Preview - non-res UK and possible share buyback. IBA: Signs first P1 system order in the South Asian region with AIG in Hyderabad, India. Kinepolis: Reasonable start to 2025 for US/Canada and France box office, attendance. Lotus Bakeries: Another strong year for Biscoff. Ontex: Post Christmas Turkey
Solid Q4 & FY 2024 Results - Delivering on the roadmap*
Solid Q4 & FY 2024 Results - Delivering on the roadmap* Fourth quarter and full year 2024 results Leasing and Services margins Underlying margins1 stood at 541 bps in Q4 2024 vs. 507 bps in Q4 2023. Margins stood at EUR 675 million, up +44.9% vs. EUR 466 million in Q4 2023. For 2024, margins stood at EUR 2,697 million, corresponding to 532 bps of earning assets on an underlying basis. Used Car Sales (UCS) result per unit stood at EUR 1,2672 excluding the impacts of depreciation adjustments, with a gradual decrease vs. Q3 2024 (EUR 1,420) amplified by unfavourable seasonality. UCS r...
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Geoffroy Michalet
Ayvens : Q3 2024 postview: questions on growth...
>A negative reaction on the stock, which makes sense in our view… - Following the Q3 publication, Ayvens’ share price lost c.1%, an appropriate reaction in our view. Granted, not everything in the publication was negative, and areas for satisfaction can be found, but we see more reasons for disappointment than satisfaction particularly looking at the components of specific lines rather than the consolidated result.The two biggest disappointments in our vi...
- Geoffroy Michalet
Ayvens : Postview T3 2024 : des questions sur la croissance…
>Réaction négative du titre, cohérente selon nous… - Suite à la publication de son T3, le titre Ayvens a reculé de c. 1%, une réaction cohérente, selon nous. Certes tout n’est pas négatif dans cette publication, et des motifs de satisfaction peuvent être trouvés, mais nous voyons davantage de motifs de déception que de satisfaction en particulier en analysant les constituants de certaines lignes plutôt que le total consolidé.Les deux plus grosses déceptio...
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Geoffroy Michalet
Ayvens : Optically in line...but details that raise questions
>Optically in line, but underlying elements with gaps - Q3 appears to be line broadly speaking, but with positive and negative gaps for some lines.Fleet: at 3,332 vehicles, down -1.6% over 1 year, and -1.2% on a sequential basis, of which -1.2% for the fleet financed on a sequential basis (and -0.9% in fleet management). This is beyond the unexpected downturn (we and the consensus were expecting a slight increase to better reflect the commercial determination), ...
- Geoffroy Michalet
Ayvens : En ligne optiquement… mais certains détails interrogent
>En ligne optiquement, mais des sous-jacents avec des écarts - Le T3 apparait en ligne au global, mais avec des écarts positifs et négatifs sur certaines lignes.Flotte : à 3 332 véhicules, en recul de 1.6% sur 1 an, et de 1.2% en séquentiel, dont -1.2% sur la flotte financée en séquentielle (et -0.9% sur le fleet management), au-dela d’une baisse non anticipée (le css et nous attendions une légère hausse pour traduire davantage de volontarisme commercial), expliq...
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
Robust Q3 & 9M 2024 Results(1) - Integration on track
Robust Q3 & 9M 2024 Results(1) - Integration on track Third quarter and nine months 2024 results Leasing and Services margins Underlying margins1 stood at 521 bps in Q3 2024 vs. 539 bps in Q2 2024. Margins stood at EUR 647 million, down by -6.8% vs. Q2 2024, notably impacted by a EUR -66 million swing in mark-to-market of derivatives and breakage revenues. For 9M 2024, margins stood at EUR 2,047 million, corresponding to 530 bps on an underlying basis Used Car Sales (UCS) result per unit stood at EUR 1,4202 excluding the impacts of reduction in depreciation costs and Purchase Price Al...
- Delphine Brault
- Quentin Borie
APAML APERAM SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
INF INFOTEL SA
KCO KLOECKNER & CO SE
NRG NRJ GROUP SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
BB SOCIETE BIC SA
WIZZ WIZZ AIR HOLDINGS PLC
DEZ DEUTZ AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
DLG DE'LONGHI S.P.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
WLN WORLDLINE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
ALD ALD SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
NEXI NEXI S.P.A.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
- Delphine Brault
- Quentin Borie
APAML APERAM SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
INF INFOTEL SA
KCO KLOECKNER & CO SE
NRG NRJ GROUP SA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
BB SOCIETE BIC SA
WIZZ WIZZ AIR HOLDINGS PLC
DEZ DEUTZ AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
DLG DE'LONGHI S.P.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
WLN WORLDLINE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
ALD ALD SA
VOS VOSSLOH AG
ATRY ATRYS HEALTH
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
NEXI NEXI S.P.A.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
- Geoffroy Michalet
Ayvens : Decent Q2, particularly on opex management, some one-offs to ...
>Pretty good Q2 figures on opex, the rest is close to expectations, margins somewhat helped by one-offs Q2 2024 - For H1, Ayvens reported pretty good-quality figures, with two points to highlight.Leasing & service margin: broadly in line but helped by non-recurrent items for c. € 28m (novation/breakage = end of some contracts that crystallise the mark-to-market effects, which are positive in this instance). These factors are likely to be on a smaller scale over t...
- Geoffroy Michalet
Ayvens : Un T2 correct, en particulier sur la gestion des Opex, un peu...
>T2 2024 plutôt bon sur le front des Opex, le reste proche des attentes, la marge un peu aidée par de l’exceptionnel - Au titre de son S1, Ayvens publie des résultats plutôt de bonne facture, avec deux éléments que nous retiendrons.La marge de leasing & service : plutôt en ligne, mais aidée par des éléments non-récurrents pour c. 28 M€ (novation/breakage = fin de certains contrats sur lesquels sont cristallisés les mark-to-market, positifs en l’occurrence). Ces é...
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