reports
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
What's Cooking? New strategy continues to pay off
We updated our model and increase our Target Price for What's Cooking? from € 95 to € 110 as the 1H24 results confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. The 1H24 numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high. Recently What's Cooking? has started a review of the strategic options for the Savoury b...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
What's Cooking? FIRST LOOK : Expecting the good results of 1H24 to con...
1H24 results of What's Cooking? confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. We maintain our Buy and € 95 Target Price as these numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high. What's Cooking?'s operational performance is improving thanks to its cost optimisation program and the investments made in bot...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Fernand de Boer
What's Cooking? - Exploring strategic options, Savoury for sale
What's Cooking is exploring strategic options to create value and hasstarted discussion to sell its Savoury activities We welcome this move. The processed meat market has limited growthpotential, overcapacity and no pricing power. Given the marketcharacteristics we expect low proceeds. But even taking this into account,the full focus on Ready Meals, which is more stable, has more growthopportunities and higher margins, should create significant value. We upgrade to BUY raising our 12 TP...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Fernand de Boer
What's Cooking? - EBITDA beating, dividend raised
2023 results exceeded our estimate on EBITDA. Sales and net profit came in below. Company surprises with a 7% increase in dividend, all in cash and no longer a script dividend. This clearly illustrates its confidence. Based on the 2023 results we will raise our EBITDA estimates by some 5%We maintain our Hold rating, expecting a positive share price reaction today. Valuation is undemanding, but visibility and liquidity are very low
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Guy Sips
What's Cooking? FIRST LOOK – Nice 1H results, rating upped despite som...
The share price of What's Cooking? decreased sharply after they decided not to proceed with the acquisition of Sigma's operations in Belgium (Imperial) and the Netherlands (Stegeman). We now maintain our € 95 Target Price but increase our rating for What's Cooking to Accumulate (was Hold) after a good set of results knowing that -despite the challenging macroeconomic environment with continued cost inflation of raw materials, labour costs & ingredients- What's Cooking? remains confident that its...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Wim Lewi
- Fernand de Boer
What's Cooking? - Results in line thanks to good cost control
H1 23 underlying EBITDA came in line with our estimate, despite the lower-than-expected sales. Also net debt was in line with our estimate Company expects 2023 underlying EBITDA between 2021 and 2022 levels. Our estimate of EUR 46m is at the mid-point. Hence, we expect to only fine-tune our estimatesWe maintain our Hold rating. To reflect the lower market valuations we lower our TP from EUR 95 to EUR 85
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Wim Hoste
- Guy Sips
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Michiel Declercq
- Olivier Vandewoude
- Wim Hoste
Morning Note: EKOP BB, GIMB BB, LOTB BB, SIP BB, TERB BB, UMI BB
Ekopak: Making steps for (and expanding) ‘Waterkracht’ Gimv: Takes 30% interest in Picot Lotus Bakeries: Let's bake the future Sipef: AGM: approves dividend of € 2.0 ps Ter Beke: Offering its shareholders an optional dividend Umicore: European Parliament rules to stop ICE sales in 2035
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