reports
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB FIRST LOOK: $ 680m divestiture of mature assets in China
UCB divests its mature product portfolio in neurology (Keppra, Vimpat, Neupro) and allergy (Zyrtec, Xyzal) in China to CBC Group and Mubadala Investment Company for $ 680m. The divestment will create a new leading neurology company that operates at scale in China, as UCB's strategy for the country evolves toward a stronger focus on innovation and partnerships. We deem the transaction as a logical route forward in China at a seemingly fair price and reiterate our € 161 TP and Hold rating.
- 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...
- Thomas Vranken
UCB UCB's exceptional semester rally (post 1H24 model update)
Over the past few months, UCB's share price has shown an exceptional rally as investor sentiment on Bimzelx turned positive again on the back of strong early launch metrics. From its 52-week low of € 65.40 in November 2023, the share price is now up 135%, and includes a 95% YTD run. While UCB still holds several pipeline catalysts for further upside potential (incl. some earlier-stage moonshot programs) into the rest of the year, we believe the company has now reached a fair valuation. We slight...
- Guy Sips
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- David Vagman
- CFA
- Maxime Stranart
UCB/A decade of growth at a reasonable valuation/BUY
We reiterate our BUY rating and increase our target price from €140 to €180 as (1) we increase our Core EPS forecasts by 2.7% and 3.4% in FY24 and 25F; (2) we modestly increase long-term forecasts for some key drugs like Bimzelx and Evenity; (3) we are now more confident on Rystiggo growth prospects over 2024-30F; and (4) we include earlier stage pipeline drugs in our model. We were confident on UCB going into the results, despite 1H24 expected to be a weaker print in terms of operating profit d...
- ING Helpdesk
UCB SA: 3 directors
Three Directors at UCB SA sold after exercising options/bought 35,554 shares at between 154.450EUR and 155.190EUR. The significance rating of the trade was 75/100. 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 co...
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
- Bruno Cavalier
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
- Damien Choplain
- Martial Descoutures
UCB : The recovery continues
>H1 reassures that UCB will meet the upper end of its 2024 guidance range - UCB released a very solid set of H1 results yesterday while we were expecting them to reach a trough (-12% cc) due to the comparison base and the launch of Bimzelx. Bimzelx delivered the pleasant surprise of this release. Indication extensions in Europe and improvements to reimbursement policies in the USA pushed sales of the drug higher than we had expected. The drug is indeed enjoying excel...
- Damien Choplain
- Martial Descoutures
UCB : Une recovery qui se confirme
>Un S1 rassurant pour atteindre le haut de la fourchette de guidance 2024 - UCB publiait hier des résultats du S1 très solides alors que nous anticipions un point plus bas (-12% à tcc) du fait de sa base de comparaison et du lancement de Bimzelx. Ce dernier représente notamment la bonne surprise de cette publication. Les extensions d’indication européennes et l’évolution de la prise en charge aux Etats-Unis ont permis de faire ressortir des ventes au-delà de nos espé...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Numbers broadly in line with expectations. Air France-KLM: Costs hurt. Arcadis: Nice beat in 2Q24 and good prospects to continue. BAM: Strong EBITDA, cash flow somewhat weak. BE Semiconductor Industries: 2Q24 results; High-end offsets mainstream. Econocom: Large 1H24 miss, change in management, governance. UCB: Strong 1H24 with slight increase in FY revenue guidance. Unilever: Steadfast. Universal Music Group: Okay headline figures cannot hide serious questions for music label...
- Thomas Vranken
UCB 1H24 results show clear beat, path to growth has started
UCB's product sales land well ahead of consensus now that it is gaining steam across its 5 growth drivers, and especially Bimzelx. The launches require a massive opex uptake, however the company shows a clear beat on adj. EBITDA and EPS expectations. Mgmt. now points to upper end of FY24 guidance, and we adjust to a € 159 TP (prev. € 143), maintain Accumulate.
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Acomo: Bitter cocoa. Air France-KLM: Happily, Olympic Games only once in 100 years. AkzoNobel: 2Q24 Adj. EBITDA miss, FY guidance lowered in line with consensus. CM.com: 1H24 results; doing more with less. Euronext: 2Q24 preview. Lotus Bakeries: Lindt & Sprüngli 1H24 results. Philips: Preview 2Q24, back to normality. Randstad: 2Q24 misses 3% due to weak gross margin; outlook 3Q24 c.6-10% below but FY24 perhaps c.4%. UCB: 1H24 preview; confirming its return to growth. Universal ...
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