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Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Emmanuel Matot
- Emmanuel Matot
- Martijn Den Drijver
TKH GROUP NV : Not 100% de-risked yet, estimates and TP lowered again
>Lowering estimates modestly, 2024 EBITA guidance still at risk - We have updated our estimates after the Q3 2024 earnings release, which disappointed and caused the full year EBITA guidance to be lowered, as we had feared. We are lowering our 2024-2026 sales estimates by 2%-3% and our 2024-2026 EBITAe by 3%, reflecting a continued cautious stance on Smart Vision and several businesses in Smart Connectivity. For 2024, we are now forecasting an EBITAe of €203m, which i...
- Damien Choplain
- Martial Descoutures
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Damien Choplain
- Martial Descoutures
Argenx : Efgartigimod enters phase III in myositis
>Positive phase II results - Argenx has announced positive results for the phase II of the phase II/III study (ALKIVIA) evaluating efgartigimod in patients with three sub-types of idiopathic inflammatory myopathies (or myositis). With no quantified press release for the time being, the group has indicated that the study demonstrates a statistically significant therapeutic effect in favour of efgartigimod on the total improvement score (TIS) at week 24 (primary endpoin...
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
- Damien Choplain
- Martial Descoutures
Argenx : Efgartigimod passe en phase 3 dans les myosites
>Résultats de phase 2 positifs - Argenx annonce des résultats positifs de la partie phase 2 de la phase 2/3 (ALKIVIA) évaluant efgartigimod chez des patients dans trois sous-types de myopathies inflammatoires idiopathiques (ou myosites). Sans communiqué de résultats chiffrés à ce stade, la société indique que l’étude a démontré un effet thérapeutique en faveur d’efgartigimod statistiquement significatif sur le score total d’amélioration (TIS) à la semaine 24 (critère ...
- Thomas Vranken
argenx Myositis go & model update
argenx announced that it is advancing clinical development of SC efgar in idiopathic inflammatory myopathies (myositis). The ongoing seamless Ph2/3 study is a basket trial across three myositis subsets, IMNM, ASyS and DM, each of which will continue into the Ph3 part. Furthermore, following the strong Q3 update, we have adjusted our model to reflect the sustained strong commercial uptake for Vyvgart in myasthenia gravis (MG), as well as the solid start in CIDP. On the other hand, we have removed...
argenx Advances Clinical Development of Efgartigimod SC in Idiopathic ...
argenx Advances Clinical Development of Efgartigimod SC in Idiopathic Inflammatory Myopathies Phase 2 data establish proof-of-concept of efgartigimod SC in myositis Enrollment to continue in Phase 3 across all three subtypes (IMNM, ASyS, DM) under evaluation in ALKIVIAPotential for efgartigimod SC to be first targeted approach for myositis patients who have limited treatment options November 20, 2024, 7:00 AM CET Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company committed to improving the lives of people suffering from severe autoimmune dise...
- Tijs Hollestelle
TKH Group/We can only change our expectations/BUY
TKH published yet another disappointing set of results. 3Q24 EBITA was around 16% below our forecast and TKH lowered its FY24 EBITA guidance by roughly 5% taking the mid-point of the guidance. Our previous forecasts were rather optimistic as we anticipated significantly higher revenue in the Connectivity division from offshore cable production, covering the already increased fixed cost base. But TKH had to postpone the ramp up of the new offshore wind cable factory in 3Q due to start-up issues. ...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Jacob Mekhael
- Thibault Leneeuw
- Jacob Mekhael
argenx Chinese NMPA approval for Vyvgart in CIDP
Yesterday before US market opens, argenx and partner Zai Lab announced China's national medical products administration (NMPA) approved the supplemental (sBLA) for Vyvgart Hytrulo in adults with CIDP. We anticipate approx. $600m in peak sales for CIDP in China, and pencil down 15% royalties to argenx from Zai Lab. Looking ahead, the candidate has been submitted to regulatory agencies in Europe and Japan, with approvals in CIDP expected in 2025, while regulatory submission in Canada is due by YE2...
- Martijn Den Drijver
TKH GROUP NV : Weak Q3, 2024 EBITA guidance lowered
>Weak sales, EBITA and EBITA margins in Q3 - Continued setbacks in Smart Connectivity and Smart Vision are the key reason for a weak Q3 for TKH. Sales came in at €393m or a miss of 9% versus our estimates (no css) with organic growth coming in at -6.2% where we had anticipated positive growth of 1.2%. Due to the lower sales volumes and start-up costs in Smart Connectivity and despite good progress on the €15m cost savings program, EBITA came in at €42.1m or a miss of ...
argenx and Zai Lab Announce Approval of VYVGART Hytrulo for Chronic In...
argenx and Zai Lab Announce Approval of VYVGART Hytrulo for Chronic Inflammatory Demyelinating Polyneuropathy in China First and only NMPA-approved treatment for patients with CIDP in China Second VYVGART Hytrulo indication approved in China November 11, 2024 – 7:30am ET Amsterdam, the Netherlands— argenx SE (Euronext & Nasdaq: ARGX) and Zai Lab Limited (Nasdaq: ZLAB; HKEX: 9688) today announced that China’s National Medical Products Administration (NMPA) approved the supplemental Biologics License Application (sBLA) for VYVGART Hytrulo 1,000mg (5.6ml)/vial [efgartigimod alfa inject...
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
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