reports
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: EUR3.5m grant for Volta
Avantium yesterday announced it has been awarded a EUR3.5m grant from EU Horizon Europe regarding its participation in the ICONIC programme. This programme should allow Avantium to further scale up its Volta technology platform, aiming to convert CO2 off- and flue-gas from refineries into formic ac
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Life in plastic, it's (no longer) fantastic
In recent years, the global waste management landscape has faced challenges with over 2.1bn tons of municipal solid waste (MSW) generated annually, a figure projected to rise by 56% to 3.8bn tons by 2050 if urgent action is not taken. This vast quantity of waste is more than a mere by-product of co
Avantium N.V.: 2 directors
Two Directors at Avantium N.V. bought/maiden bought 82,140 shares at between 1.840EUR and 1.880EUR. The significance rating of the trade was 60/100. 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 directo...
- Usama Tariq
- Wim Gille
Avantium : Higher capex and royalty cut, we downgrade to Underperform
>H1 results contained negative surprises in general - Avantium recently reported its H1 results with two large negative surprises in our view. Firstly, the company reported that capex for its FDCA plant is expected to rise again, this time a 17% increase of around €26m, leading the total capex figure to around €175m. Secondly, as a result of Origin's announced change in its current strategic focus, Avantium has, as of July, decided to take a prudent approach and to su...
- Jean Danjou
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
GAMA GAMMA COMMUNICATIONS
BON BONDUELLE SCA
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
AVTX AVANTIUM NV
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
SCHOTT PHARMA AG
- Jean Danjou
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
GAMA GAMMA COMMUNICATIONS
BON BONDUELLE SCA
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
AVTX AVANTIUM NV
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
SCHOTT PHARMA AG
- Roy Külter
- Steven Boumans
- Roy Külter
- Steven Boumans
- ING Helpdesk
Benelux Morning Notes
ASR: 1H small beat, KNAB add-on to Solvency 2 higher. Avantium: Down to the wire. Flow Traders: Pump up the volume. Greenyard: 1Q24/25 preview. Kendrion: Navigating difficult end markets. Montea: Solid results with no surprises, guidance reiterated. NEPI Rockcastle: Guidance raised, M&A opportunities on the radar. Tessenderlo: 1H24 Adj. EBITDA miss of 5%, lower FY guidance
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: maintaining positive momentum
This morning, Avantium announced its H1 2024 results with revenues reaching EUR8.9m (+23% vs. EUR7.3m in H1 2023), mainly supported by the R&D Solutions business unit. While the H1 EBITDA loss totalled -EUR16.3m (-34% vs. -EUR12.2m in H1 2023) due to the planned increase in FTEs, the group ende
- Usama Tariq
- Wim Gille
Avantium : Underwhelming H1 as royalty payments and (potentially) cash...
>H1 results were below our estimates, new facility launch in October 2024 - Avantium reported its 2024 H1 results where total revenues (including other income) came at €11.3m, -19% lower than our expectation of €13.9m. Largely the difference was in our expectation of higher revenues both in Renewable Polymers and R&D Solutions Business. On a per segment basis, R&D Solutions, along with securing €7.5m in committed orders which is an 88% yoy increase, showed sales came ...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: collaboration with Auping, Monosuisse and Antex
Yesterday evening, Avantium announced a strategic collaboration with its partners Monosuisse, Antex, and new joiner Auping to develop PEF-based yarns to be used in Auping mattresses. As such, while Avantium will continue to develop, supply and recycle PEF, Monosuisse and Antex will respectively spe
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Avantium: FDCA flagship opening set for Q4
Avantium yesterday announced that the official opening ceremony for its FDCA flagship plant will take place on 22nd October 2024 in Delfzijl (Netherlands). This fits entirely with the previously provided roadmap, with commissioning activities launched in Q1 2024 and a start-up of the plant that was
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum: Feedback from day three
>Feedback from 52 companies present on day three - Our 13th edition of the ODDO BHF Nextcap Forum takes place on June 4 and 5 in Paris, and on June 6 virtually. Following the third day, which took place yesterday virtually at our Paris office with 52 companies in attendance, we publish hereafter feedback for those companies present:Aedas HomesLhyfeAfyrenMaisons Du MondeAltamirMcPhy EnergyAltriMister SpexAtresmediaNein...
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
FGA FIGEAC AERO SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
SRP SRP GROUPE SA
AUB AUBAY SA
NTG NETGEM SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
FNAC FNAC DARTY SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BAMNB KONINKLIJKE BAM GROEP NV
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
GREEN GREENYARD NV
MCPHY MCPHY ENERGY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
LTA ALTAMIR ACT PORTEUR
INSD VERIMATRIX SA
SIFG SIF HOLDING NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
FFARM FORFARMERS
TRE TECNICAS REUNIDAS SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
AVTX AVANTIUM NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALKAL KALRAY SA
AEDAS AEDAS HOMES SA
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
ALCUR ARCURE SA
TOM2 TOMTOM NV
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
ZEL PHARMA MAR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
MRX MISTER SPEX SE
ALAFY AFYREN
FORSE FORSEE POWER SA
HDF HYDROGENE DE FRANCE
ALVGO VOGO SA
WAGA WAGA ENERGY SA
ALHAF HAFFNER ENERGY SA
EAPI EUROAPI
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
LHYFE LHYFE S.A.
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum : Feedbacks 3ème journée
>Feedback de 52 sociétés présentes le 3ème jour - Notre 13ème édition du ODDO BHF Nextcap Forum a lieu les 4 et 5 juin en physique à Paris et le 6 juin en virtuel. Suite à la troisième journée qui a eu lieu hier en virtuel avec 53 de sociétés présentes, nous publions ci-après un feedback pour chacune des sociétés couvertes :Aedas HomesLhyfeAfyrenMaisons Du MondeAltamirMcphy EnergyAltriMister SpexAtresmediaNeinor Homes§...
TNG TRANSGENE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
SRP SRP GROUPE SA
AUB AUBAY SA
NTG NETGEM SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
FNAC FNAC DARTY SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BAMNB KONINKLIJKE BAM GROEP NV
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
GREEN GREENYARD NV
MCPHY MCPHY ENERGY SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
LTA ALTAMIR ACT PORTEUR
INSD VERIMATRIX SA
SIFG SIF HOLDING NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
FFARM FORFARMERS
TRE TECNICAS REUNIDAS SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
AVTX AVANTIUM NV
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALKAL KALRAY SA
AEDAS AEDAS HOMES SA
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
ALCUR ARCURE SA
TOM2 TOMTOM NV
CLA CLARANOVA SE
S30 SOLUTIONS 30 SE
ZEL PHARMA MAR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
MRX MISTER SPEX SE
ALAFY AFYREN
FORSE FORSEE POWER SA
ALVGO VOGO SA
WAGA WAGA ENERGY SA
ALHAF HAFFNER ENERGY SA
EAPI EUROAPI
GVOLT GREENVOLT - ENERGIAS RENOVAVEIS S.A.
LHYFE LHYFE S.A.
- 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
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