Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
EVS started FY24 with a strong 1Q24, despite the reserved production capacity dedicated to this years Big Events (Olympics, EK). We welcome EVS indicated that at the same time the pipeline looks promising to ensure a strong FY24. EVS reiterated its revenue guidance of €180m to € 195m (KBCSe € 189.2m) and now expects FY24 EBIT to land between € 38.0m and € 45.0m (KBCSe € 43.6m). We maintain our Buy but increased our Target Price from € 37.5 to € 39, in line with our updated DCF.
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +0.6% which was mainly driven by single-asset holdings (+1.8%) while multi-asset holdings posted a negative return of -0.1%. The 3 top performers during the period were Financière de Tubize (+8.1%), Brederode (+7.4%), and Texaf (+6.9%) while the 3 worst performers were HAL Trust (-4.6%), Gimv (-1.5%), and D'Ieteren Group (-1.2%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univer...
A director at Umicore S.A. bought 5,100 shares at 19.820EUR and the significance rating of the trade was 60/100. 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 company's directors over the last two years clearly s...
The 1Q24 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 1Q24 adj. EBITDA performance was strong at VodafoneZiggo and Sunrise, while it was soft at Telenet and Virgin Media O2. We prefer to own Sunrise and Ziggo, today. Given similar credit profiles and the same (partial) owner at the moment, Liberty Global, we expect limited spread dispersion across the group. The main challenge to this view is our idea that we expect that Liber...
Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Publication le 16 mai 2024 à 18:30 CET après la clôture des marchésInformation réglementée et privilégéeEVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Liège, Belgique, le 16 mai 2024 En marche vers une année 2024 solide EVS démarre l'année 2024 avec un chiffre d'affaires solide au premier trimestre, malgré la capacité de production réservée dédiée aux grands événements de l'année. Dans le même temps, le pipelin...
EVS Q1 2024 business update Publication on May 16, 2024 at 18:30 CET after market closeRegulated / Inside information – Business update 1Q24EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) EVS Q1 2024 business update Liège, Belgium, May 16th, 2024 Building towards a strong 2024 EVS starts the year 2024 with a strong revenue result in the first quarter, despite the reserved production capacity dedicated to the Big Events of the year. At the same time the pipeline looks promising to ensure a strong 2024. Highlights Revenue achievement...
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
Umicore has nominated its Catalysis head Bart Sap as new group CEO, in succession of Mathias Miedreich, who is stepping down in mutual agreement with the Board. The press release points out that capex spend will be re-evaluated under the new CEO, suggesting that the company might slow down its growth plans somewhat in light of the slower battery materials market growth and taking into account the balance sheet implications of the initial capex plans. We continue to believe Umicore is well placed...
Care property invest reports EUR 9.9m EPRA earnings, 8% above our expectations. The difference is mainly due to EUR 0.5m other operating income. On a recurring basis the results are in line with slightly lower financial costs. This increases our EPRA EPS estimate from EUR 1.02 to EUR 1.03. This is above the repeated guidance of EUR 1.0-1.02 EPRA EPS. There are no operational surprises. The 25% EBITDAR hurdle rate for EPRA inclusion was passed at FY23 reporting. The annual report was published on...
>Outlook reiterated, strong EPS, low devaluations, underlying metrics strong - FY 2024 outlook adj. EPRA EPS of €1.00-1.02 reiterated.Variations in fair value of investment properties were limited to -0.3% (FY2023: -2.5%).Indexation (like-for-like rental growth) was 1.7% (FY 2023: 10.4%), with the majority of leases having added indexation in January.EPRA LTV 43.6%, unchanged vs FY2023, with only €14m capex committed (FY2023: €23m capex o/w €20m in 2024...
Rental income reached EUR 17m, up +6.6% YoYOperating margin increased to 84.8%, compared to 80% in 2023, which was affected by one-off effectsEPRA profit amounted to EUR 9.9m, up 17.4% YoYEPRA NTA is stable at EUR 18.91Management reiterated its full-year earnings guidanceWe downgrade our rating from Buy to Hold on the back of the valuation and leave our target price unchanged at EUR 14.50.
• As of today CEO Mathias Miedreich will be replaced by Bart Sap, who was leading the Catalysis division. • Priority of the new CEO will be to review all the developments plans in Battery materials.• We always had our question marks and doubts on all these investments and the return profile of Battery materials and this is only further increased by this surprising news. We put our rating (Hold), estimates and TP (was EUR 23) under review.
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
Two Directors at UCB SA sold/bought 4,187 shares at 129.920USD. The significance rating of the trade was 87/100. 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 company's directors over the last two years clearly s...
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