Diverging performances. Over the first half of the year, brewers were largely able to offset higher raw material costs by higher revenue per hl (price increases, premiumization, channel mix) in absolute terms, although gross margins were under pressure. AB InBev, Carlsberg and Heineken additionally cut into operating expenses allowing the groups to record operating profit growth of respectively 7.5%, 31.8% and 24.6%. Molson Coors and Royal Unibrew were slower off the mark and consequently suffer...
AB INBEV - BUY | EUR65(+22%) When high debt is no longer a liability Ever since the acquisition of SABMiller, AB InBev’s debt levels have been a worry for investors, reflected in a higher risk premium and lower valuation. However, in the current high-inflation environment, AB InBev’s debt is a significant source of value creation. While inflation increases top-line and profit figures, it decreases the value of debt. And no other beverages company has the same high debt levels as AB InBev (net...
Today we update our Dynamic Top Pick List : • We ADD : None • We REMOVE : Fugro • We KEEP Large Caps: AB Inbev, Ageas, Ahold Delhaize, ArgenX, ASML, bpost, D'Ieteren, Telenet, UCB and Umicore. • We KEEP Mid Caps: Care Property Invest, EVS, Intervest Offices and Warehouses, Kinepolis, Materialise,TINC and X-fab. Performance: In the previous month our Dynamic Top Pick List lost month-to-month 4.61% and ended a series of outperformance. We outperformed the BEL-20 by 0.6%, but underperformed the...
AB INBEV - BUY TOP PICKS | EUR65 Q1 revenue growth of 11.1% - full year outlook confirmed Q1 revenue growth of 11.1% and EBITDA growth of 7.4% Brazil revenues grew strongly but there was expected weakness in both the US and China Outlook confirmed – revenue growth ahead of EBITDA growth of between 4 and 8%
AB InBev: 1Q EBITDA +7.4%, FY guidance of +4-8% kept Argenx: Q1 results: The commercial rise of Vyvgart CFE: DEME: preparing for US offshore wind market ForFarmers: Substantially higher prices for raw materials IBA: Receives first order from CGNNT for a P+ solution IO&W: 1Q22 – Lease cancellation boosts profit Recticel: Baltisse acquires additional 4.36% call option Sofina: Price Correction Presents Favourable Entry Point Ter Beke: Next steps in important acquisition process Various: DTPL – Feed...
Today we update our Dynamic Top Pick List : • We ADD : Sofina • We REMOVE : None • We KEEP Large Caps: AB Inbev, Ageas, Ahold Delhaize, ArgenX, ASML, bpost, D'Ieteren, Telenet, UCB and Umicore. • We KEEP Mid Caps: Care Property Invest, EVS, Fugro, Intervest Offices and Warehouses, Kinepolis, Materialise,TINC and X-fab. Performance: In the previous month our Dynamic Top Pick List was month-to-month nearly flat outperforming our benchmark indices (AEX, Bel20 & Stoxx50) on average an impressive...
AB InBev: Preview 1Q21: top line to be supported by pricing Biotalys: FRAC granted Evoca’s active ingredient a new class DSM: 1Q EBITDA +10%, FY guidance reiterated Euronav: Note: Clash – or reconciliation? – of the Titans IBA: Acquires Modus Medical Devices Mithra: The era of E4 Solvay: Preview 1Q: 5% underlying EBITDA growth expected UCB: Fintepla Phase 3 trial data published
Today we update our Dynamic Top Pick List : • We ADD : TINC and We REMOVE : Ontex, Sipef (removed on 18/3) • We KEEP Large Caps: AB Inbev, Ageas, Ahold Delhaize, ArgenX, ASML, bpost, D'Ieteren, Telenet, UCB and Umicore. • We KEEP Mid Caps: Care Property Invest, EVS, Fugro, Intervest Offices and Warehouses, Kinepolis, Materialise and X-fab. Performance: Since our previous update (3/2) our DTPL gained 4.3% as markets recovered at the end of the quarter. That is 2.5% above the average of our close...
We feel it is time to adopt a more cautious stance. In Q1, we chose to push groups with strong pricing power (and high market share). However in light of a more challenging environment, we now favour stocks with more defensive profiles. Hence our Top Picks for Q2 are Carrefour, EssilorLuxottica, Pernod Ricard and AB Inbev.
Today we update our Dynamic Top Pick List : • We ADD : None and We REMOVE : None • We KEEP Large Caps: AB Inbev, Ageas, Ahold Delhaize, CFE, ArgenX, ASML, bpost, D'Ieteren, Telenet, UCB and Umicore. • We KEEP Mid Caps: Care Property Invest, Fugro, Intervest Offices and Warehouses, Kinepolis, Materialise, Ontex, Sipef and X-fab. Performance: Since our previous update (3/2) our DTPL lost 2.9%. In a very tough market, that is 3.4% above the average of our closest benchmarks, the AEX (-5.8%, Tech h...
AB InBev: 4Q EBITDA +5%, FY22 EBITDA guidance +4-8% AKKA: Adecco completes acquisition of majority stake in AKKA Biocartis: FY22 outlook: crosshairs on margin Deceuninck: FY adj EBITDA +13.6%, no precise FY22 guidance Ekopak: Investment in new business premises EVS: All indicators green to deliver success in FY22 ForFarmers: Worrying situation in Ukraine will impact rawmats UCB: A strong FY21 prior an expected temporary FY22 dip Van de Velde: Marleen Vaesen succeeded as CEO by Peter Corijn
AB InBev: Solid set of 3Q21 results Agfa: Partnering with Atos for its internal IT activities Arcadis: Q3: Slightly below estimates, strong balance sheet Argenx: 3Q21: Ready in the starting blocks Cofinimmo: 3Q21/9M21 update: No surprises, nice growth! Euronav: CEO: “Open for a merger with Frontline” Flow Traders: 3Q21: strong miss on fixed income Fugro: 3Q Results IBA: Collaboration with TRAD Tests & Radiations Inventiva: Initiation of LEGEND Trial Kinepolis: Visitor trend continued positively ...
AB InBev: 3Q21 preview – small volume drop expected Corbion: Preview 3Q: inflation headwinds to pressure margin Euronav: Company Note – Hold on, winter is coming Heineken: Preview 3Q: consol. beer volume expected -0.1% IBA: P1 Contract in Florida finalized Solvay: Preview 3Q – 20% adj EBITDA jump on easy comps?
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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