reports
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Avantium: Partnership with TNO
Avantium, through its subsidiary Avantium R&D Solutions, announced yesterday a partnership with The Netherlands Organisation for Applied Scientific Research (TNO) for the manufacturing of PEM electrolyser test stations. As such, while Avantium will not supply electrolysers per se, it will be ab
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2024
La solidité de l’économie américaine et l’amélioration du sentiment macroéconomique en Europe nous conduisent à maintenir nos calls gagnants : long USA vs Europe et - en Europe - long Cycliques vs Défensives. Toujours en Europe, nous basculons long Value vs Growth et modifions en profondeur notre allocation sectorielle ; nous y intégrons également une analyse chartiste. Nos secteurs préférés sont : Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Tra...
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 04/03/2024
America’s solid economy and Europe’s improving macro sentiment have prompted us to reiterate our winning calls: long USA vs Europe and - within Europe - long Cyclicals vs Defensives. Also within Europe, we are switching to long Value vs Growth and have overhauled our sector allocation ; furthermore it nows incorporates a chart analysis. Our favourite sectors are as follows: Banks, Financial Services, Insurance, Media, Energy, Industrial Goods & Services, Travel & Leisure, Constructio...
- Usama Tariq
- Wim Gille
Avantium : Model Update
>Integrating 2023 results - We have integrated the recent full financial release for FY23 and updated our estimates slightly. Worth recalling is that underlying revenue (excluding grants) increased by 11% yoy to €19.7 and was 12% above our estimates. Gross margin came at ~72% which was 100bp and 800bps lower than BB css (73%) and our estimates (80%) while EBITDA was 14% higher (worse) than our estimates (-€24.1m) and 11% worse than css (-€24.7m). Also with regar...
- Delphine Brault
- Quentin Borie
ODDO BHF Small & MIDCAP MORNING NEWS - 03/21/2024
GTT boasts a secure growth profile with enhanced visibility on the back of high-quality backlog. With over € 1.8bn in secured revenues, we are anticipating an EBITDA CAGR of 22% over 2023-26. Growth drivers were confirmed (LNG fuel, hydrogen, digital services) and the news flow should remain favourable (future orders). The valuation remains modest (13x EBITDA vs 13.4x for historical ratio) in light of the anticipating growth (0.6x 2023-26 CAGR). Our target price stands at € 170 exclu...
EURN EURONAV NV
ALCLA CLASQUIN SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VETO VETOQUINOL SA
NRG NRJ GROUP SA
GBT GUERBET SA
FFP FFP
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
COPN COSMO PHARMACEUTICALS NV
AVTX AVANTIUM NV
VOS VOSSLOH AG
CLA CLARANOVA SE
- Delphine Brault
- Quentin Borie
ODDO BHF Small & MIDCAP MORNING NEWS - 21/03/2024
GTT présente un profil de croissance sécurisé avec une visibilité renforcée à l’appui d’un backlog de qualité. Fort d’un CA sécurisé de plus de 1.8 Md€, nous tablons sur un TMVA 2023/26 de l’EBITDA de +22%. Les relais de croissance sont confirmés (GNL Carburant, Hydrogène, Services digitaux) et le newsflow devrait demeurer bien orienté (futures commandes). La valorisation reste modeste (13x l’EBITDA vs 13.4x pour les références historiques) au regard de la croissance attendue (0.6x TM...
EURN EURONAV NV
ALCLA CLASQUIN SA
BLC BASTIDE LE CONFORT MEDICAL SA
IPH INNATE PHARMA SA CLASS A
VIRP VIRBAC SA
VETO VETOQUINOL SA
NRG NRJ GROUP SA
GBT GUERBET SA
FFP FFP
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
COPN COSMO PHARMACEUTICALS NV
AVTX AVANTIUM NV
VOS VOSSLOH AG
CLA CLARANOVA SE
- ING Helpdesk
- Usama Tariq
- Wim Gille
Avantium : FY23, quite a neutral set of results
>We see pretty much a neutral set of results without any big surprises - Avantium reported FY23 results with total revenue coming at €25.5m, 11% above our estimate of €23m and 12% above the sales Bloomberg (BB) consensus of €22.7m. Underlying revenue (excluding grants) increased by 11% yoy to €19.7 and was 12% above our estimates. Gross margin came at ~72% which was 100bp and 800bps lower than BB css (73%) and our estimates (80%). EBITDA came in at a negative of (-€2...
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Avantium: right on track
Avantium yesterday announced FY 2023 results with total income reaching EUR25.5m (+11% vs cons. expectations at EUR23.0m), supported by R&D Solutions and the first milestone payment from Origin Materials. While the EBITDA loss of EUR27.5m was slightly higher than expected (cons. at EUR25.5m, BG
- Fernand de Boer
Avantium - EBITDA missed, compensated by financial income
2023 EBITDA missed our estimate, but on bottom line this was partially compensated by a higher than expected financial income.Cash position was also lower than expected, but thanks to the EUR 70m capital raise, company has sufficient financial leeway. Based on the results we expect slightly lower estimates after today's conference call .We maintain our Buy rating and leave our TP unchanged at EUR 4
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2024 Date Performance dep...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2024 Date Performance sin...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
- Usama Tariq
- Wim Gille
Avantium : More focus, all eyes on the FDCA flagship plant
>Recent developments: Equity raise with new cornerstone investors - Avantium has secured extra funding for the commissioning and startup of the FDCA Flagship plant. The company managed to raise €50.5m from rights offering combined with a upsize offering of €19.5m, taking the total to €70m. Key to the raise is new investors, which included SENFI Ventures Co., Ltd, an affiliate of SCG Chemicals Public Company Limited and Dutch entrepreneur Pieter Kooi. We think that fun...
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Avantium: Successful EUR70m raise
Last week, Avantium announced a successful EUR70m capital raise with gross proceeds of EUR50.5m out of the rights issue and EUR19.5m of additional upsize offering. This capital increase will allow the company to finalise construction and commissioning works for its FDCA flagship plant in Delfzijl,
Avantium N.V.: 3 directors
Three Directors at Avantium N.V. bought/sold 43,316 shares at between 2.528EUR and 2.600EUR. The significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over...
- Fernand de Boer
Avantium - Successfully raising EUR 70m
Avantium completed the capital raise, bringing in EUR 70mThe fresh capital should be sufficient to complete the construction of the FDCA flagship plant and for day-to-day operations and even scale up the Volta Technology plant from a pre-pilot to pilot scale. The capital increase substantially improves the risk profile of the company, and we expect a relief today. We move our rating back from UR to Buy. TP set at EUR 4.00 to reflect the dilution, partially offset by the improved risk profile.
- ING Helpdesk
Benelux Morning Notes
Avantium: Right(s) on cue. Corbion: Doubling Down. KPN: FCF better on WCR, FCF guidance a bit better on tax and interest expenses. Lotus Bakeries: Mondelez International FY23 results. Staffing: Manpower - adj. EPS 4Q23 beat, 1Q24 outlook below, stabilization in US, UK. Universal Music Group: TikTok agreement expiry, YouTube 4Q23 Ad revenue up 15.5%
- Paul de Froment
- Thomas Mordelle
Capacity reservation from Helios Resins
Avantium yesterday announced a multi-year capacity reservation agreement from Helios Resins, a subsidiary of Kanzai Paint which is one of the world's leading paint and coatings producers, to purchase FDCA developed by Avantium. Under this agreement, Helios Resins secures preferred access to FDCA vo
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 14/12/2023 Date Performance dep...
We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...
ATO ATOS SE
INF INFOTEL SA
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
TRI TRIGANO SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
AVTX AVANTIUM NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
S30 SOLUTIONS 30 SE
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
IOS IONOS GROUP SE
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 12/14/2023 Date Performance sin...
We reiterate our Neutral rating, price target to €0.80 per share. The material additional investment requirements for Accoya USA caught us by surprise. The proceeds of the share issue and the convertible loan plus the amendment of the RCF and term loan ensure that the Accoya USA plant can be completed (>80% done) and that sufficient sales and marketing power can be applied to develop demand in the US to ensure that sales match the envisaged output. In a scenario where demand in Europe...
ATO ATOS SE
INF INFOTEL SA
FGA FIGEAC AERO SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
ATE ALTEN SA
TRI TRIGANO SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
MAREL MAREL HF.
ORDI ORDINA N.V.
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
B4B METRO AG
AVTX AVANTIUM NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
S30 SOLUTIONS 30 SE
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
IOS IONOS GROUP SE
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