bpost 1Q24 Conference call feedback

1Q24 sales decreased 5.3% to € 993m, or 3.2% below CSS expectations driven by soft results in N-A. Although the 1Q24 adj. EBIT of € 62.1m came in below expectations (kbcse: € 71.6m, css: € 69.7m), we want to highlight that the adj. EBIT was impacted by € 7.7m in M&A costs related to the Staci acquisition. Excluding this effect, profitability was in line with expectations driven by solid cost savings in E-logistics. Additionally, bpost mentioned that it does not expect any restructuring costs in ...

ODDO BHF Small & MIDCAP MORNING NEWS - 03/05/2024

Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/03/2024

Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...

Benelux Morning Notes

Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...

Morning Notes : BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

: BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

Bpost : Still in a challenging environment

>Top-line pressures and one-off costs - Bpost experienced pressure on both its Q1 24 revenues as well as its operating earnings. Group operating income (i.c. revenue) for the quarter came in at € 993m and adjusted EBIT at € 62m, respectively -3% and -11% vs. ccs, and -6% and -3% vs. our estimates. Bpost’s results continue to be driven by (a slowing) Belgium and E-Logistics Eurasia, while E-Logistics NA performed poorly once again due to challenging market conditions. ...

bpost - Waiting for impact of press negotiations

•              The Q1-24 REBIT was somewhat below expectations, mainly on higher corporate costs. No concrete FY24 guidance as not all negotiations on press distribution are finalized yet and impact is still unclear.•              The planned acquisition of Staci can strategically be justified, but in our view it looks stretched financially, both on multiple paid and on resulting leverage. •              Although multiples appear undemanding, we stick to Hold. There are still many uncertainties.

Yard response and dry bulk qualms

Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.

Benelux Morning Notes

Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...

Morning Notes : BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB,...

: BFIT NA, BPOST BB, COFB BB, CRBN NA, MTLS US, PROX BB, UMI BB, XFAB FP, XIOR BB, IMCD NA

Morning Notes : AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, ...

: AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

Belgian network utilities/Capex strain

Morning Notes : ARGX BB, EURN BB, EVS BB, VGP BB, DEME BB, TKWY NA, FA...

: ARGX BB, EURN BB, EVS BB, VGP BB, DEME BB, TKWY NA, FAST NA

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/04/2024

The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/15/2024

The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - ...

Elia Group : Valuation starts to make sense again

>Clarity needed on new shareholder structure - Since we initiated coverage on Elia Group with an Underperform recommendation mid-January, the stock has underperformed the market by more than 20%. One of the key points in our investment case are our doubts on the viability of the current shareholder structure. It in our view is not rational for local Belgian governmental entities, controlling 48% of shares, to strongly further invest in grid expansions in Eastern Germa...

bpost/Acquisition of Staci – a transformational deal/HOLD

bpost signed an agreement to acquire 100% of the shares in Staci, a European specialist in third-party logistics. This transformational deal further mitigates bpost's exposure to mail while adding additional volumes into its last mile parcel delivery network while is strengthens its position in the omni channel logistics, fulfilment, warehousing and cross border segment. In addition, Staci offers an international B2B logistics offering and adds new regions while strengthening others. The high ma...

bpost Staci acquisition conference call feedback: ready for a new dire...

Friday evening, bpost announced that it will acquire the France-based fulfilment and logistics service provider Staci, focussing on B2B, for an EV of € 1.3bn (EV/EBITDA of c.12.0x). The announcement will be followed by a conference call at 10 am today. We reiterate our Buy rating and €6.9 TP.

ODDO BHF Small & MIDCAP MORNING NEWS - 04/08/2024

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