reports
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Robert Jan Vos
B&S Group S.A. : Market reaction too bitter given solid Q3 and reassur...
>Q3 2024 sales 3.6% higher than our above-market expectation - B&S Group reported a solid Q3 2024, in our view. Sales came in 3.6% higher than our estimate, which we think was the highest in the market. In all divisions except retail, organic sales growth was either higher than expected or significantly better than forecast. Management’s tone on the business was generally positive, and the same applies to the comments about Q4 2024. We forecast 7.1% sales growth in Q4...
- Marc Zwartsenburg
- CEFA
- Tijs Hollestelle
B&S Group/Growing fast in difficult market conditions/BUY
The B&S 3Q24 trading update surprised positively on top line performance but disappointed somewhat on costs. 3Q24 revenue was c.8% above our expectations and growth was driven by most business segments. B&S indicated that gross margin decreased in 3Q24, while we expected flat YoY gross margin. Wage costs also increased, this in line with management expectations and our own. As a consequence B&S expects FY24 EBITDA margin to be in the lower half of the 5-6% guidance. We raise our FY24 revenue est...
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 11/11/2024
Springer Nature is one of the world’s leading professional publishing companies. Its highly recurring revenue base and strong market position, good FCF generation and a deleveraging balance sheet should lead to a rerating, we believe. We initiate coverage with an Outperform and a TP of €33. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
FNAC FNAC DARTY SA
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BSGR B&S GROUP S.A.
STM STABILUS SE
- Jean Danjou
ODDO BHF Small & MIDCAP MORNING NEWS - 11/11/2024
Springer Nature is one of the world’s leading professional publishing companies. Its highly recurring revenue base and strong market position, good FCF generation and a deleveraging balance sheet should lead to a rerating, we believe. We initiate coverage with an Outperform and a TP of €33. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
FNAC FNAC DARTY SA
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BSGR B&S GROUP S.A.
STM STABILUS SE
- ING Helpdesk
- Robert Jan Vos
B&S Group S.A. : Solid sales in Q3 2024, but EBITDA outlook marginally...
>Sales beat expectations in Q3 2024; gross margin under pressure - B&S Group reported net sales of € 609.1m in Q3 2024. Organic sales growth amounted to 11.8% in the quarter. Our estimates were € 588m and 7.8%, respectively. There was no consensus available, but from investors we understood that our estimates were the highest. All segment, except the retail segment, strongly outperformed our forecasts. Management added that turnover increased across all segments, whil...
- ING Helpdesk
Benelux Morning Notes
Adecco: 3Q24 miss; stabilising trends in 3Q24 and into 4Q24; accelerating cost savings. B&S Group: 3Q24 preview - liquor bottoming into 4Q24? Coca-Cola Europacific Partners: Almost the real thing. D'Ieteren: Belgian October car registrations down 5.5%, VW down 11%. Kinepolis: Oct US/Canada box office at 59% of pre Covid level, France recovery to 78%. Recticel: 3Q24 compares well with Kingspan. Renewi: 1H25 preview - battling cost inflation with self help. Syensqo: Slight beat on 3Q...
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Robert Jan Vos
B&S Group S.A. : We reiterate our Outperform, mainly on valuation
>Solid operational results show B&S Group is on track for its goals in 2024 - Following B&S Group’s H1 2024 results (19 August), we now put through some changes in our model. As a reminder, the group’s H1 2024 results were slightly better than our forecasts. Organic sales growth came in at 4.2% (ABNe: 2.6%) in H1 2024. The Personal Care and Food divisions outperformed our revenue expectations. On divisional EBITDA, we conclude that Personal Care reported strongly, an...
- Marc Zwartsenburg
- CEFA
- Tijs Hollestelle
B&S Group/Keep going/BUY
B&S reported solid interim results, with revenue and EBITDA slightly ahead of our and consensus expectations and net profit somewhat lower than expected due to higher finance costs. Several key divisions continued to grow strongly in 1H24 and posted healthy operating margins, underscoring B&S' ability to deal with cost inflation. Performance of the Liquor unit remained poor, with no signs of a recovery in 2Q24. But B&S has taken additional measures to improve efficiency and lower costs. Inventor...
- ING Helpdesk
- Robert Jan Vos
B&S Group S.A. : Sales and EBITDA solid; financial leverage/working ca...
>Decent sales and EBITDA performance, but financial leverage high in H1 2024 - B&S Group reported organic sales growth of 4.2% and sales of € 1,102.1m in H1 2024 (ABNe: 2.6% and € 1,085m). Gross profit amounted to € 166m, or a gross profit margin of 15.1% (ABNe: € 169.5m and 15.6%). Group EBITDA came in at € 52.7m, implying EBITDA profitability of 4.8% (ABNe: € 50.6m and 4.7%). Net profit to equity holders was € 13.2m, or slightly below our forecast of € 14.5m. Net de...
- ING Helpdesk
Benelux Morning Notes
B&S: Preview - chasing growth, battling cost inflation. CTP: 1H24 results call highlights. D'Ieteren: Belron US peer Boyd reports slightly better 2Q24 but outlook still weak. Fastned: Preview 1H24. Lotus Bakeries: Strong volume growth beat. Xior Student Housing: 1H24 results call highlights. Coverage change
- Andreas Riemann
- Andreas Riemann
- Robert Jan Vos
B&S Group S.A. : Seen to have taken steps in H1 2024 to achieve its go...
>B&S Group’s H1 2024 results are due on 19 August - B&S Group is set to report H1 2024 results on 19 August at 07:00 (conference call: 10:30). We forecast organic sales growth of 2.6% to € 1,085m, gross profit of € 169.5m (margin: 15.6%), EBITDA of € 51m (margin: 4.7%), net profit of € 14.5m and net debt of € 323.5m. We assume cash flow to include some € 32m spent on acquisitions, and we forecast financial leverage of 2.7x, or slightly down compared with 2.8x at end-2...
- Robert Jan Vos
B&S Group S.A. : Solid Q1 2024; new € 7 TP (up from € 6) still below a...
>Group revenue and organic sales growth ahead of our forecast in Q1 2024 - B&S Group reported net sales of € 529.7m and organic sales growth of 1.2% in Q1 2024. There was no consensus available, but reported sales and organic sales growth came in slightly ahead of our forecasts of € 524.6m and 0.5%, respectively. B&S Group commented qualitatively on gross profit and costs, saying that the gross profit margin improved slightly, while staff costs remained stable in abso...
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