reports
- ING Helpdesk
- Thymen Rundberg
- Tijs Hollestelle
Alfen/Specific qualities for a specific audience/BUY (previously Hold)
Alfen's 4Q24 results were broadly in line with our expectations, but with the new medium-term objectives as well as the more specific 2025 guidance undershooting our below consensus expectations. We therefore cut our 2025-26 revenue estimates by 11% and 14% and our EBITDA estimates by 28% and 24% respectively. Management did bite the bullet and provided more cautious end market growth prospects for the different business segments. Equally importantly, several cost actions were taken that should ...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: Michelle Lesh steps down as CCO
This morning, Alfen announced that Michelle Lesh, who has served as Alfen's CCO since 2021, has decided to step down from her role, effective 31st March 2025. Over the past four years, Michelle was instrumental in leading Alfen’s commercial and business development efforts across all three of its b
- Guy Sips
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thibault Leneeuw
Alfen Between a rock and a hard place
In this note, we analyse Alfen's recent financial performance and future outlook. Despite being undervalued based on fundamentals, Alfen faces significant challenges. The company must navigate a delicate balance: they can't afford to set overly optimistic targets and risk missing them, but setting targets too low could undermine investor confidence. We lower our revenue and margin estimates based on the current market conditions. Consequently, our DCF based target price decreases from € 24 to € ...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: FY24 results, disappointing outlook
Yesterday, Alfen published FY24 revenues (down 3.3% YoY at EUR487.6m) broadly in line with consensus and BGe expectations (respectively EUR483.0m and EUR485.2m). Gross margin, however, came in at 23.7% (-6.3ppt vs. 30.0% in FY23) and was affected by significant one-off items whereas adjusted EBITDA
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
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AMG AMG ADVANCED METALLURGICAL GROUP N.V.
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BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
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AEDAS AEDAS HOMES SA
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NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- Baptiste Lebacq
- Klaus Ringel
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
CRI CHARGEURS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
TFI TELEVISION FRANCAISE 1 SA
MERY MERCIALYS SA
SZG SALZGITTER AG
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
XIL XILAM ANIMATION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
ALFEN ALFEN NV
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
FLOW FLOW TRADERS LTD
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Acquisition of boutique wealth manager Petram & Co. Alfen: Takes care of costs and debt, guidance misses. Arcadis: Solid backlog growth provides comfort. BAM: A friend of ours, 10% yield. CM.com: 2H24 results – FCF positive, capital restructuring. dsm-firmenich: Cash in, cash back. Flow Traders: Roller Coaster. KBC: Encouraging outlook to 2027, poor dividend. RELX: FY24 results – in line, £1.5bn buyback in 2025. Talabat: A beat at its maiden 4Q24 results...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Thijs Berkelder
- Emna Ben Bdira
- Markus Remis
- Maxime Kogge
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SCR SCOR SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BON BONDUELLE SCA
ERA ERAMET SA
01913 PRADA S.P.A.
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AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
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MELE MELEXIS NV
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BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
ALFEN ALFEN NV
GRE GRENERGY RENOVABLES
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- Emna Ben Bdira
- Markus Remis
- Maxime Kogge
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SCR SCOR SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
BON BONDUELLE SCA
ERA ERAMET SA
01913 PRADA S.P.A.
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
WAF SILTRONIC AG
MELE MELEXIS NV
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
ALFEN ALFEN NV
GRE GRENERGY RENOVABLES
TOM2 TOMTOM NV
FSNT FASHIONETTE AG
- Thijs Berkelder
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
- Youssef Besbes
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
EO FAURECIA SA
DAI DAIMLER AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
POM PLASTIC OMNIUM SE
INF INFOTEL SA
TYRES NOKIAN RENKAAT OYJ
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
FR VALEO SE
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WIZZ WIZZ AIR HOLDINGS PLC
VOW3 VOLKSWAGEN AG PREF
COR CORTICEIRA AMORIM SGPS SA
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NVG NAVIGATOR COMPANY SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
VLTSA VOLTALIA
AXS ACCSYS TECHNOLOGIES
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
MEDCL MEDINCELL SA
S30 SOLUTIONS 30 SE
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AERO MONTANA AEROSPACE AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
- Youssef Besbes
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
POM PLASTIC OMNIUM SE
INF INFOTEL SA
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
G24 SCOUT24 AG
WIZZ WIZZ AIR HOLDINGS PLC
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
COR CORTICEIRA AMORIM SGPS SA
NDA AURUBIS AG
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
NVG NAVIGATOR COMPANY SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
VLTSA VOLTALIA
AXS ACCSYS TECHNOLOGIES
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
MEDCL MEDINCELL SA
S30 SOLUTIONS 30 SE
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AERO MONTANA AEROSPACE AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Thijs Berkelder
- ING Helpdesk
- Youssef Besbes
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
EXE EXEL INDUSTRIES SA
SZG SALZGITTER AG
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
ATE ALTEN SA
VOE VOESTALPINE AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
ACX ACERINOX SA
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
COK CANCOM SE
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
NSI NSI N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
ALHG LOUIS HACHETTE GROUP
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