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Corbion General Shareholders Meeting approves Board (re)appointments a...
Corbion General Shareholders Meeting approves Board (re)appointments and dividend The annual Corbion General Shareholders Meeting held on 15 May 2024 approved the reappointment of Ilona Haaijer and Steen Riisgaard as members of the Supervisory Board. Peter Kazius was appointed as CFO. He will succeed Eddy van Rhede van Kloot, and will form the Board of Management together with CEO Olivier Rigaud. At the shareholders meeting the proposed dividend of € 0.61 per ordinary share for the financial year 2023 was also approved. Dividends will be all-cash and will in principle be subject to Dutch ...
- Francesca Ferragina
CTP/Growth, profitability and appealing multiples/BUY
A sound first quarter was sustained by a strong operational trend. The top line was up 17.5% with 5.0% LFL and EPRA earnings up 11.7%. Average Yield on Cost (YoC) is stable at 10.3% while new developments are at a 10.7% YoC. 2024 guidance is confirmed and points to 10-12% bottom line growth and a LTV at c.45%. The 12.0% 2024-26F EPS CAGR and 9.7% NTA growth give us confidence in our BUY rating and €19 target price. We see strong profitability and attractive multiples, as CTP trades at a 5.2% dis...
- Wim Hoste
Belysse 1Q24 revenue -8.3%, adjusted EBITDA further recovers
1Q revenue declined by 8.3%, reflecting lower demand in both Europe and the US. Adjusted EBITDA improved on the back of lower COGS and reduced fixed costs, allowing leverage to drop to below 4x. Despite the difficult market conditions, we believe Belysse has overcome the raw materials volatility of the past two years. Valuation is attractive and prompts us to reiterate our Accumulate rating and € 1.6 target price.
Corbion reports the progress of its € 20 million share buyback program...
Corbion reports the progress of its € 20 million share buyback program 6 May – 10 May 2024 Corbion hereby reports the transaction details related to its € 20 million share buyback program announced on 26 April 2024. During the week of 6 May up to and including 10 May 2024 a total of 56,299 shares were repurchased at an average price of €21.3620 for a total amount of €1,202,658.73. To date, the total consideration for shares repurchased amounts to €1,999,484.52 representing 10.00% of the overall share buyback program. Corbion publishes on a weekly basis every Monday, an overview of the pr...
- ING Helpdesk
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly
Some signs of cooling economic data out of the US, and the start of DM rate-cutting cycles has offered some optimism for EM assets, with the grind tighter in credit spreads continuing as seen for much of this year. We expect the benign environment to offer further opportunities for new issuance, while spread levels look fairly tight.
- Juan Ros-Padilla
- Juan Ros-Padilla
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Research Team
WOOD Daily: PKO PW; KRU PW; BHW PW; NLBR SV; PGSUS TI; ADNOCDIS UH; CT...
HEADLINES: • PKO BP: strong 1Q24, with 9% beat, but big part due to lower quarterly tax charge POSITIVE • Kruk: 1Q24 results in line with earlier communication; strong trend continues, but digested by the market already NEUTRAL • Bank Handlowy: books neutral 1Q24, questions on future capital management NEUTRAL • NLB Group: guidance upgrade spices up vanilla 1Q24 bottom-line beat POSITIVE • Pegasus Airlines: 1Q24 in line, guidance for mild margin compression and 10-12% ASK growth maintained NEUTR...
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
ALR ALIOR BANK SA
ETEL TELECOM EGYPT
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
CTPNV CTP NV
2381 ARABIAN DRILLING CO.
AQ AQUILA PART PROD COM
- Gerardo Ibanez
- Steven Boumans
CTP NV : Q1 2024 results: Strong, but inline results with reiterated g...
>Guidance reiterated, solid underlying performance, developments as expected - CTP confirms its €0.80 - €0.82 guidance for FY2024.Like for like rental growth of 5.0% (FY 2023 7.4%) LTV 45.9% (YE 2023: 46.0% and 40-45% target), with a cost of debt of 2.13% (FY2023: 1.95%), with 99.6% of the debt fixed/hedged and debt maturity of 5.2yrs.New leases continued to be signed ahead of ERV with the rent reversionary potential unchanged versus YE2023 at 14.5%, wi...
- Wim Lewi
CTP FIRST LOOK: 1Q24 results proceed in top gear
Net Rental income grew 17.5% to EUR 153.6m vs.150.2m expected (KBCS) and benefited from 5.0% lfl growth. The EPRA EPS of 0.20 came slightly above our 0.19 expectation. The FY24 EPS outlook is confirmed at 0.80-0.82. The LTV declined slightly to 45.9% from 46.0% at FY23 end. The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 169k sqm deliveries (95% let) over 1Q24, CTP maintained its development pipeline to a record breaking GLA of 2.0m sqm (10.3% YoC). The pre-let% in the ...
Corbion reports the progress of its € 20 million share buyback program...
Corbion reports the progress of its € 20 million share buyback program 29 April – 3 May 2024 Corbion hereby reports the transaction details related to its € 20 million share buyback program announced on 26 April 2024. During the week of 29 April up to and including 3 May 2024 a total of 38,702 shares were repurchased at an average price of €20.5887 for a total amount of €796,825.79. To date, the total consideration for shares repurchased amounts to €796,825.79 representing 3.98% of the overall share buyback program. Corbion publishes on a weekly basis every Monday, an overview of the pro...
- Research Team
WOOD Daily: CTPNV NA; GE Macro; RBI AV; AIRA LI; TPEIR GA; ALK MS; ETE...
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
- Jakub Caithaml
- Peter Palovic
CTP: better late than never (upgraded to BUY)
As we may be getting closer to rate cuts by the ECB, we have upgraded CTP to BUY (from Hold), hiking our 12M price target (PT) to EUR 18.9/share. The risks related to CTP’s fairly high LTV (in the mid-40s) and the possibility of further yield expansion, which we flagged in our initiation (February 2023) are still relevant. However, values have been more resilient than we expected, as the demand for logistics space remained robust even when economic growth slowed down. This means that higher rent...
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Robert Jan Vos
Corbion N.V. : A decent Q1 2024 update; reiterated guidance could be r...
>Sales a notch below forecast, and EBITDA a tad higher than expected in Q1 - In its core operations, Corbion reported sales of € 301m and adjusted EBITDA of € 41.4m in Q1 2024. Reported sales were little lower than our forecast and consensus, but adjusted EBITDA came in slightly higher than expected, implying that EBITDA profitability of 13.8% was higher than our forecast (13.4%) and consensus (13.1%). Volume/mix growth was 1.7% (ABNe: 0.5%) and price had a negative i...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
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