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Clement Genelot
  • Clement Genelot

JUST EAT TAKEAWAY - BUY | EUR43 iFood sale enough to allay refinancing...

33% stake in iFood finally sold for EUR1.8bn Low valuation but immediate cash-in to remove refinancing concerns Is the long-promised shareholder return still credible? No What to expect from JET from now on?

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ackermans & van Haaren: 1H22 preview, on its way to a record profit for FY22. B&S Group: Preview - difficult external conditions. CFE: Preview - EBIT hard to predict due to margin volatility. DEME Group: Preview - maiden interim results. Flow Traders: Summer doldrums. Just Eat Takeaway.com: Sells iFood stake at a discount. Kinepolis: 1H22 analyst meeting feedback. Montea: Sound results, with first (small) indexation benefits

Andreas Riemann ... (+2)
  • Andreas Riemann
  • Wim Gille

JUST EAT TAKEWAY.COM : Sale of iFood relieves the pressure

>Announcement to sell their iFood stake for €1.8bn - This morning Just Eat Takeaway announced to sell their 33% iFood stake to Prosus for a total consideration of €1.8bn. The amount is based on a cash consideration of €1.5bn upon closing (expected on or before 17 February 2023) and a deferred consideration, contingent on the performance of the online food delivery sector over the next twelve months, of up to €300m. We believe this is a great price, which represents a ...

Marc Hesselink ... (+2)
  • Marc Hesselink
  • CFA

Just Eat Takeaway.com/Silver lining/BUY

Just Eat Takeaway's 1H22 update was disappointing on headlines, but the momentum is quickly turning for the better. Medium- and long-term we continue to see high growth opportunities in an underpenetrated market. In the short-term we see a quick switch from growth to margins. Valuation provides all kinds of optionality on market repair and M&A. We lower our growth assumptions but increase our margin forecasts and reiterate our BUY rating. We lower our DCF-based target price to €40 per share (fro...

Clement Genelot
  • Clement Genelot

JUST EAT TAKEAWAY: All is about continuing to improve EBITDA and selli...

JUST EAT TAKEAWAY - BUY | EUR43 All is about continuing to improve EBITDA and selling assets JET more suffering than its peers in H1 but H2 to be boosted by Grubhub-Amazon deal EBITDA profitability still on path with potential positive surprise in H2 No refinancing/capital raise concerns as long as assets are sold by mid-2023

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: Preview 2Q22 results – consensus released. JDE Peet's: Price inelastic. Just Eat Takeaway: Weaker 1H22 but clear silver lining

Andreas Riemann ... (+2)
  • Andreas Riemann
  • Wim Gille

JUST EAT TAKEWAY.COM : On track to be profitable by 2023

>First half results in line with consensus expectations - Just Eat Takeaway.com came out with a decent update on first half results. 2Q orders missed consensus by 7% and 2Q GTV missed consensus by 4%. Moving to 1H results we note that revenues were in line, gross profit beat consensus by 7% while Adj EBITDA was slightly below expectations. Looking at the various divisions we note that deviations vs consensus were decently spread (so none of the regions stood out). §rc...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Air France-KLM: Rapidly improving. Allfunds Group Plc: Market headwinds. AMG: Beat and raise (again). Aperam: 4% EBITDA beat and strong FCF, outlook in line. Basic-Fit: strong membership growth and outlook trimmed in line with consensus. Bekaert: Solid 1H22 release with 8% EBIT beat. Brunel: 2Q22 beats; strong trends Global Businesses and strong 3Q22 outlook. Cofinimmo: Satisfactory 1H results, guidance reiterated. Ebusco: Expands into Spain. Euronext: Confounding the sceptics (as usual...

Clement Genelot
  • Clement Genelot

The “Hunger Games” are Finally Easing | DELIVEROO Initiation of covera...

Sector Overview Food Delivery The “Hunger Games” are Finally Easing In this report, we analyzed the new paradigm of 2022 marked by tech stocks purge and rising interest rates, thus forcing all loss-making food delivery platforms to refocus on profitability. Acknowledging that it’s a blessing in disguise, we decided to favor the players able to breakeven at the fastest and with fewer competitive constraints as well as the players benefiting from appealing short-term asset monetization options...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Agfa-Gevaert: 1Q22 materially impacted by cost inflation. Ahold Delhaize: Preview 1Q22 results. Cofinimmo: Two new assets in Belgium. Fastned: Retail bond refinancing. Just Eat Takeaway: Stops operations in Romania. Kinepolis: US peer AMC 1Q21. UCB: Efficacy and safety data for Zilucoplan and Rozanolixizumab

Marc Hesselink ... (+2)
  • Marc Hesselink
  • CFA

Just Eat Takeaway.com/Optionality all around/BUY

Medium- and long-term we continue to see high growth opportunities in an underpenetrated market but, short-term, Just Eat Takeaway's 1Q22 trading update underlined a focus switch from growth to margins. Valuation provides all kinds of optionality on market repair and M&A. We lower our growth assumptions but increase our margin forecasts and reiterate our Buy rating and our DCF-based target price of €60. Just Eat Takeaway remains on the ING Benelux Favourites list.

Sven Edelfelt ... (+4)
  • Sven Edelfelt
  • Sylvain Goyon
  • CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/20/2022

The implied level of probability of a Le Pen victory is, despite higher voting intentions, no different than it was five years ago. This relative market 'inertia' implies, in our view, that French political risk appears to be encapsulated in the fear of a widespread macro slowdown. If, however, there were to be a surprise, we would have to expect a widening of the OAT Bund spread in the region of 60bp, a likely move of the €/$ below parity and a repricing of risk that would be partic...

Sven Edelfelt ... (+4)
  • Sven Edelfelt
  • Sylvain Goyon
  • CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/04/2022

Le niveau de probabilité implicite d’une victoire de Mme Le Pen n’est pas, en dépit d’intentions de vote plus élevées, différente de celle enregistrée il y a 5 ans. Cette relative « atonie » du marché révèle, selon nous, que le risque politique français est comme encapsulé dans la crainte d’un ralentissement macroéconomique généralisé. Si, toutefois, surprise il devait y avoir, il faudrait s’attendre à un élargissement du spread OAT Bund de l’ordre de 60 pb, un probable passage de l’€...

Andreas Riemann ... (+2)
  • Andreas Riemann
  • Wim Gille

JUST EAT TAKEWAY.COM : Weak quarter, GTV guidance down, but returning ...

>First quarter results were weak - First quarter results look weak. Orders missed (an already depressed) consensus by 5% and GTV missed consensus by 1%. Looking at the various segments we note that North America missed consensus orders by 5%, North Europe and UK&I missed by 4% and Southern Europe missed by 11%. This is actually the first time ever a company reports a yoy decline in orders in the industry.The GTV guidance cut, but the return to profitabili...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Agfa-Gevaert: Set to acquire Inca Digital Printers. ASML: 1Q22 results – high demand for years to come. Basic-Fit: 1Q22F preview and consensus overview. DSM: Avient-ual sale of Dyneema. GBL: Keeping a close eye on the prospects for the healthcare sector. Heineken: Great revenues but margins squeezed. Just Eat Takeaway.com: 1Q22 trading update – growth disappoints, profitability better. Staffing: Manpower 1Q22 beats - comforting outlook and 2Q22 statements. Vopak: Reasonable resul...

Clement Genelot
  • Clement Genelot

JUST EAT TAKEAWAY: Soft-landing has begun, 2022 sales warning but EBIT...

JUST EAT TAKEAWAY - SELL | EUR70 Soft-landing has begun, 2022 sales warning but EBITDA margin upgrade Q1 GTV growth disappointed due to higher customer churn and declining orders FY 2022 top line guidance downgraded but EBITDA margin upgraded EBITDA profitability to return in FY 2023 What to expect from the conference call?

Christophe-Raphaël Ganet ... (+2)
  • Christophe-Raphaël Ganet
  • Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/14/2022

Like the Lend-Lease policy enacted during the Second World War to provide friendly countries with weapons and equipment without intervening directly in the conflict, the US is offering to largely stand in for imports of Russian gas. LNG, in particular produced in the US, therefore seems to have a bright future with an entire chain needing to be built. Within this framework, we prefer Shell and Total Energies, OCTG manufacturers like Vallourec as well as oil services players such as Te...

Christophe-Raphaël Ganet ... (+2)
  • Christophe-Raphaël Ganet
  • Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/04/2022

La dégradation de plusieurs indicateurs macroéconomiques ces dernières semaines nous incite à réduire nos BPA et OC de 6/9% pour les valeurs Industrielles Midcap France et à afficher un meilleur équilibre de nos recommandations (Manitou, Nexans et Somfy abaissés en Neutre et Rubis en Sous-performance – Lisi et X-Fab retirés des Convictions tout en restant en Surperformance – Séché valeur favorite). - ...

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