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- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
PROX PROXIMUS SA DE DROIT PUBLIC
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
RAND RANDSTAD NV
MONT MONTEA SCA
AALB AALBERTS N.V.
BRNL BRUNEL INTERNATIONAL N.V.
TWEKA TKH GROUP N.V. CERT
OBEL ORANGE BELGIUM SA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
AGN AEGON N.V.
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
Montea Expansion in Port of Ghent via CiK
Montea announced a contribution in kind (CiK) transaction of a 20k sqm site from Tailormade Logistics (TML), who will lease it back for at least 10 yrs. The transaction amounts to EUR 12.2m as Montea issues 148,396 new shares at EUR 82.00 per share. That equals a discount of 3.19% over the last 3 trading days. The yield on the transaction is reported at 6.7%. Montea also enters into an agreement with North Sea Ports. This indicates that the land is most likely in concession (renewed). This would...
- Francesca Ferragina
Montea/Model update/HOLD
Montea's 1Q24 results were good with a 4.3% LFL and strong rents dynamic. Financials were sound with a 36.4% LTV, up from 33.5% in 4Q23 on the back of developments and the €50m German acquisition. We like the fact that Montea has already reinvested 70% of the capital raised last year (€87m in November). The portfolio value increased 4.3% YTD to €2.4bn and LFL valuations moved in a positive direction, up by €12m (or +0.5%): a small but meaningful message that the trend is reverting. 2024 guidance...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Damien Choplain
- Martial Descoutures
Argenx : Product ramp-up continues
>Q1 in line on sales, below on EBIT - Q1 sales grew by 83% y-o-y and 6% q-o-q to $ 398m (US $ 347m, Japan $ 18m and EMEA $ 31m), reflecting the strong medical need in myasthenia gravis, the quality of products (i.e. Vyvgart and Vyvgart Hytrulo), as well as the excellent execution of the commercial rollout. The product should remain on this growth trajectory to achieve peak sales estimated at $ 11bn (vs the consensus at $ 11bn) in 2035, driven by the recent launch of ...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
argenx FIRST LOOK: 1Q24 results on track, all eyes set on CIDP
This morning argenx reported its 1Q24 update, highlighting $ 398m sales and its pipeline progress. Mgmt is fully focused on expanding its commercial footprint into CIDP (PDUFA: June 21). Meanwhile, AAV was scrapped from the pipeline and systemic sclerosis (SSC) added. We maintain our € 435 TP and Buy rating.
- Damien Choplain
- Martial Descoutures
Argenx : La montée en puissance des produits se poursuit
>T1 en ligne sur les ventes, en dessous sur l’EBIT - Les ventes T1 progressent de 83% y-o-y et de 6% q-o-q pour atteindre 398 M$ (US 347 M$, Japon 18 M$ et EMEA 31 M$), reflétant le fort besoin médical dans la Myasthénie Gravis, la qualité des produits (i.e. Vyvgart et Vyvgart Hytrulo), ainsi que l’excellente exécution du déploiement commercial. Le produit devrait rester sur cette trajectoire de croissance pour atteindre un peak sales estimé à 11 Md$ (vs css 11 Md$) ...
argenx Reports First Quarter 2024 Financial Results and Provides Busin...
argenx Reports First Quarter 2024 Financial Results and Provides Business Update $398 million in first quarter global net product sales FDA review ongoing for CIDP sBLA with PDUFA target action date of June 21, 2024 On track to submit filing for pre-filled syringe (PFS) in second quarter 2024 Management to host conference call today at 2:30 PM CET (8:30 AM ET) May 9, 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 diseases, today announced its fi...
- David Seynnaeve
- PhD
argenx - Q1 beat on CSS
• Argenx published its Q1 update in which VYVGARD revenues slightly beat CSS by 2%• Two key news items: 1/ filing for the pre-filled syringe syringe for gMG and CIDP to be submitted in Q2 24 and 2/ decision to discontinue the planned development of efgartigimod in ANCA-associated vasculitis (AAV) following risk assessment of all ongoing studies based on learnings from ADDRESS and ADVANCE SC studies. CIDP PDUFA target action date of June 21 reiterated• Cash position stood at USD 3.1bn end of Marc...
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2024 Date Performance sin...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2024 Date Performance dep...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
OUT1V OUTOKUMPU OYJ
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
EURN EURONAV NV
LEI LEIFHEIT AG
LXS LANXESS AG
KCO KLOECKNER & CO SE
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MAREL MAREL HF.
NDA AURUBIS AG
MONT MONTEA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
RUI RUBIS SCA
B4B METRO AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
JEN JENOPTIK AG
CLA CLARANOVA SE
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
AERO MONTANA AEROSPACE AG
YOU ABOUT YOU HLDG AG
SYAB SYNLAB AG
ALVGO VOGO SA
STM STABILUS SE
- ING Helpdesk
Benelux Morning Notes
AB InBev: Busy BEES. Ahold Delhaize: Small beat, comforting confirmation of 2024 guidance. AMG: 1Q24 better than expected, FY guidance intact, strategic projects on schedule. Bekaert: Soft start to the year with 7% sales miss, FY guidance maintained. Euronav: Transformation at full speed. Marel: Another lacklustre quarter. Montea: 2025 guidance raised, valuations moving into positive territory. SBM Offshore: In-line Q1 trading update. Sif Group: Preview - normal quarter e...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Lewi
Montea FIRST LOOK 1Q24 results : raises FY25 outlook on faster complet...
Net Rental Income of EUR 27.2m came below our expectation of 28.1m. The 1Q24 EPRA EPS of 0.98 also came below our 1.01 expectation. We expected a bit more lfl growth and uplift from completions. However, Montea confirmed FY24 EPRA EPS to 4.55 (excl. FBI) and even raised FY25 EPRA EPS from 4.65 to 4.75 thanks to a faster expected completion of its pipeline. We are still awaiting the Tiel (NL, 91k GLA) permit. This could result in a pipeline acceleration FY25. Another positive effect is a flat Ne...
- Gerardo Ibanez
- Steven Boumans
Montea : Q1 2024 results: An increased guidance on faster developments
>Increased FY2025 EPRA EPS guidance by 2%, solid operating results - FY2024 EPRA EPS € 4.55 forecast reiterated and FY2025 forecast increased +2.2% to €4.75 (from €4.65) as a result of favourable changes in expected completion dates of developments. The annual investment target is unchanged at €260m investments in FY2024 and €200m in FY2025 and both EPS forecasts are excl. positive FBI impact.Like-for-like rental growth of c. 4% (FY2023: 7%), of which 3% from in...
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