reports
- Guy Sips
Materialise Medical segment continued to lead the way
We updated our Materialise model after 1Q24 revenues decreased 3% y/y as 1Q23 was an exceptionally strong quarter showing 24% growth. In 1Q24, Materialise's Medical segment continued to lead the way with 8% y/y revenue growth, while revenue declined in its Manufacturing and Software segments amidst less favourable market conditions. While continued investments in sustainable growth and the ongoing conversion to a recurring revenue business model impacted Materialise's operational profitability,...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Marc Hesselink
- CFA
- Thymen Rundberg
Melexis/Slower growth period/HOLD
Melexis reported a comforting 1Q24 update pointing towards an end of destocking. The company is performing relatively well taking into account the weakness in automotive production. This is supported by R&D driving good levels of design wins. We leave our estimates largely unchanged but we still expect below average growth for 2024-25F on the back of limited car production growth and above-average price pressure. We reiterate our HOLD rating and maintain our DCF-based target of €85.
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 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. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 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. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : With a low point now identified, the stock should see a re-r...
>Outperform opinion and target price of € 105 maintained - The stock rallied by 17% yesterday following: 1/ better results than expected (EBIT 5% above forecasts); 2/ confirmation that the bottom was reached in Q1 (quarter-on-quarter growth of ~1% forecast in Q2); and 3/ a similar message conveyed by Texas Instrument (quarter-on-quarter growth in Q2 vs Q1) in an environment where sentiment was negative ahead of the reporting season for groups exposed to the automotive...
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Avec un point bas désormais identifié, le titre devrait rera...
>Opinion Surperformance réitérée, OC de 105 € maintenu - Le titre était en hausse de 17% hier suite à : 1/ des résultats meilleurs qu’attendus (5% au-dessus des attentes au niveau de l’EBIT) ; 2/ la confirmation que le point bas a été atteint au T1 (croissance séquentielle attendue au T2 à ~1%) ; 3/ un message similaire chez Texas Instrument (croissance séquentielle au T2 vs T1), dans un contexte où le sentiment était négatif à l’approche de la saison de résultats pou...
Flow Traders Q1 2024 Trading Update
Flow Traders Q1 2024 Trading Update Flow Traders Q1 2024 Trading Update Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces its unaudited Q1 2024 trading update. Highlights Flow Traders recorded Net Trading Income of €127.1m and Total Income of €129.6m in Q124, compared to €72.7m and €74.3m, respectively, in Q423, and €110.5m for both in Q123. Flow Traders’ Value Traded increased 7% in Q124 when compared to last quarter and was flat when compared to the same period last year.Total Operating Expenses were €68.5m in Q124, compared to €62.5m in Q423 and €70.3m in Q1...
- Michael Roeg
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- Jean-François Granjon
VAC PIERRE & VACANCES SA
EVT EVOTEC SE
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
POM PLASTIC OMNIUM SE
WHA WERELDHAVE N.V.
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
ALCAR CARMAT SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
BB SOCIETE BIC SA
NEX NEXANS SA
CTAC CTAC N.V.
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
TKO TIKEHAU CAPITAL SCA
ALKAL KALRAY SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
BAR BARCO NV
OVH OVH GROUPE
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
- ING Helpdesk
Benelux Morning Notes
ASM International: 1Q24 results - better on all fronts. Heineken: Uphill from here. KPN: 1Q24 in line, guidance slightly increased on Youfone acquisition. Melexis: 1Q24 results in line a relief. Universal Music Group: Spotify 1Q24 Results and guidance beat on margins. Vopak: Good progress to start the year. Wereldhave: 1Q24 LFL slows sharply
- Guy Sips
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Solid Q1 2024 results and Q2 2024 guidance, implying that th...
>Q1 2024 results in line with expectations on sales but above on profitability - This morning, Melexis reported its Q1 2024 results which were in line with expectations on sales but above on profitability. Revenues came in at € 241.8m, in line with consensus estimates at € 242.3m (vs the guidance range of € 240-245m). They were down 3% q-o-q and up 6% y-o-y. The euro-dollar exchange rate had no impact on sales compared to both the same quarter of last year and the pre...
- Martin Marandon-Carlhian
- Stephane Houri
Melexis : Solid Q1 2024 results and Q2 2024 guidance, implying that th...
>Q1 2024 results in line with expectations on sales but above on profitability - This morning, Melexis reported its Q1 2024 results which were in line with expectations on sales but above on profitability. Revenues came in at € 241.8m, in line with consensus estimates at € 242.3m (vs the guidance range of € 240-245m). They were down 3% q-o-q and up 6% y-o-y. The euro-dollar exchange rate had no impact on sales compared to both the same quarter of last year and the pre...
- Guy Sips
Melexis FIRST LOOK: Nice set of 1Q24 results, guidance reiterated
Despite the turmoil in the automotive semiconductor market recently, Melexis highlighted that the inventory corrections in some product lines throughout the past few quarters are now gone. Melexis mentioned even an “ever-increasing demand for automotive semiconductors addressing electrification and the increasing need for comfort and safety applications”. We reiterate our Accumulate rating and maintain our € 110 TP as Melexis highlighted that the cost optimization measures taken in 4Q23 will ens...
Melexis Q1 2024 results – First quarter sales of 241.8 million EUR
Melexis Q1 2024 results – First quarter sales of 241.8 million EUR Regulated information Intermediate declaration by the Board of Directors Ieper, Belgium - April 24th, 2024, 07.00 hrs CET Dear, Please find herewith the link to our most recent press release: Attachment
Melexis Q1 2024 résultats – Chiffre d'affaires de 241.8 millions d'eur...
Melexis Q1 2024 résultats – Chiffre d'affaires de 241.8 millions d'euros au premier trimestre Information réglementée Déclaration intermédiaire par le Conseil d'administrationYpres, Belgique - le 24 avril 2024, 07.00 H. CET Veuillez trouver ici le lien vers notre dernier communiqué de presse: Pièce jointe
- Michael Roeg
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Release of 1Q24 company-compiled consensus. AkzoNobel: Decent 1Q24 with 4% beat, FY guidance reiterated. Allfunds Group plc: On the verge. Barco: Weak 1Q24, more conservative wording on guidance. DWS: 1Q24 preview. Flow Traders: No respite in March. IMCD: Last hurdle before growth. Randstad: 1Q24 slight miss vs consensus, 2Q24 outlook below due to weak gross margin. TKH Group: Preview – a weak 1Q expected Vår Energi: Nice start to the year
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