reports
- ING Helpdesk
Benelux Morning Notes
Aedifica: First sign of portfolio valuation stabilization. ArcelorMittal: Solid 1Q24 EBITDA beat, softer FCF reflects WC and CAPEX phasing. Belgian telcos: Peer Telenet 1Q24 results, still weak commercial performance. dsm-firmenich AG: Vita-still not-min. IBA: Contract to install a P1 system in Connecticut. KPN: VodafoneZiggo 1Q24 results confirm fixed losses, mobile weaker QoQ. Shell plc: Good start to the year
- David Vagman
- CFA
KPN reports on progress of € 200m share buyback
KPN reports on progress of € 200m share buyback KPN has repurchased 2,000,000 KPN ordinary shares in the period from 22 April to 26 April 2024. The shares were repurchased at an average price of € 3.39 per share for a total consideration of € 6.8m. These repurchases were made as part of the € 200m share buyback started on 1 February 2024, and are part of KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 50,006,611 for a total consideration of € 165.8m. Transaction details of the share buyback are avai...
- 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
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
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
Orange: Combined Ordinary and Extraordinary Shareholders’ Meeting of 2...
Orange: Combined Ordinary and Extraordinary Shareholders’ Meeting of 22 May 2024 Availability of documents Press releaseParis, 26 April 2024 Combined Ordinary and Extraordinary Shareholders’ Meeting of22 May 2024 Details concerning the availability of information on the Combined Ordinary and Extraordinary Shareholders’ Meeting The Orange combined Ordinary and Extraordinary Shareholders’ Meeting will be held on Wednesday 22 May 2024 at 3:00 pm CET at the Salle Pleyel - 252, rue du Faubourg-Saint-Honoré, 75008 Paris, France. The meeting notices were published on 26 February an...
Orange: Assemblée générale mixte du 22 mai 2024 Modalités de mise à di...
Orange: Assemblée générale mixte du 22 mai 2024 Modalités de mise à disposition des documents Communiqué de presseParis, le 26 avril 2024 Assemblée générale mixte du 22 mai 2024 Modalités de mise à disposition ou de consultation des informations relatives à l’Assemblée générale mixte des actionnaires L’Assemblée générale mixte des actionnaires d’Orange se tiendra le mercredi 22 mai 2024 à 15 heures, Salle Pleyel - 252, rue du Faubourg-Saint-Honoré, 75008 Paris. L’avis préalable de réunion et l’avis de convocation de l’Assemblée ont été publiés au Bulletin des Annonces Légale...
- Russell Waller
Proximus (Neutral, TP: €10.0, +30%) Q1 24: Good domestic revenue and ...
Proximus has reported a good set of numbers, with domestic EBITDA +2.7% ahead of consensus, with domestic EBITDA growth of +4.7% y/y from +0.8% y/y in Q4 23. Guidance has not been lifted, which is unusual given the pace of growth and the scale of the growth, but the Digi launch later in the year provides uncertainty.
- Konrad Zomer
Proximus : Q1 results a 3% beat with FY guidance now conservative
>A clear consensus beat which makes the FY guidance look conservative - In Q1, Proximus reported domestic underlying revenue growth of 4.5% at €1,201m, some 2.4% higher than consensus. This includes 5.9% growth in Residential (customer service revenues +6.5% and convergent revenues +10.9%, both strong) and 3.1% growth in Business (IT services +7.8% and fixed voice -5.6%). Wholesale revenue growth was -4.9% in Q1, with the loss of low margin interconnect revenues (like...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
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. ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Kris Kippers
Proximus - Commercial momentum continues, EBITDA +5% - guidance reiter...
• In Q1, Proximus' commercial momentum continued driven by its Domestic business where both sales & EBITDA growth exceeded expectations. International was again weak on sales but strong on margins• Costs are more under control and capex is gradually coming down as guided, altering its FCF profile• We stick to our BUY rating and EUR 11.0 TP, DCF-based
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Stephane Beyazian
Orange : Equilibrium to be restored. Downgrade to Neutral
>France: market in need of rebalancing and the risk of a return of Altice France - Orange’s Q1 2024 results are a reminder of the market’s current disequilibrium: Iliad and Bouygues are capturing 80% of revenue growth on the market (vs Orange ~20% excluding wholesale which is down), including 100% of net internet growth (Orange 0%) and 80% of net growth in mobile contracts (Orange ~20% - cf. page 1). Admittedly, the fall in Orange’s customer base seems limited to 1% p...
- Stephane Beyazian
Orange : Un équilibre à retrouver. Opinion abaissée à Neutre
>France : un marché à rééquilibrer et le risque d’un retour d’Altice France - Le T1 2024 d’Orange rappelle le déséquilibre actuel du marché : Iliad et Bouygues captent 80% de la croissance de CA du marché (vs Orange ~20% en excluant le wholesale en recul), dont 100% de la croissance nette internet (Orange 0%) et 80% de la croissance nette des contrats mobile (Orange ~20% - Cf. page 1). Certes, le recul du parc d’Orange semble limité à 1% par an ; mais le risque nous s...
- Chaima Ferrandon
- Sven Edelfelt
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
ORA ORANGE SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ASM ASM INTERNATIONAL N.V.
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
- Stephane Beyazian
Orange : Les hausses de prix compensent la faiblesse commerciale au T1...
>Des résultats au T1 2024 très légèrement au-dessus du consensus (1%) - CA du T1 2024 ressort en hausse de 2,1% à 9 850 M€ (0,9% au-dessus du cons. de 9 758 M€), tiré par la croissance en Afrique. L’EBITDAaL du T1 2024 est en hausse de 2,3% à 2 440 M€ (0,4% au-dessus du consensus de 2 430 M€). Les objectifs 2024 sont confirmés : légère croissance de l’EBITDAaL (+2,4% au T1), investissements disciplinés (+3%), FCF > 3,3 Md€ (pas de publication au T1) et dividende de 0,...
- Stephane Beyazian
Orange : Price hikes offset commercial weakness in Q1 2024
>Q1 2024 results a shade above the consensus (1%) - Q1 2024 revenues grew 2.1% to € 9,850m (0.9% above the consensus forecast for € 9,758m), driven by growth in Africa. Q1 2024 EBITDAaL grew 2.3% to € 2,440m (0.4% above the consensus at € 2,430m). The 2024 targets are confirmed: low growth in EBITDAaL (+2.4% in Q1), investment discipline (+3%), FCF > € 3.3bn (not published in Q1) and a dividend of € 0.75.The good news: effect of the price increases in Fra...
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