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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

RENK : Visibility + self-help + geographic diversification = a winning...

>Strong visibility and desensitisation to short-term political hazards in Germany - At a road show in Paris, management indicated that it anticipates FY 2025 revenue growth in line with the medium-term CAGR of c.15% (ODDO BHF: 19.8% in FY 2024 and 14.6% in FY 2026, Visible Alpha consensus: 18.6% and 16.1%) notably buoyed by VMS. Renk feels relatively immune to the vagaries of German politics since the big orders (Leopard, Puma, F126 frigates, Howitzer, etc.) have alre...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

RENK : Visibilité + self-help + diversification géographique = cocktai...

>Forte visibilité et désensibilisation aux aléas court terme de la politique allemande - Lors d’un road show organisé à Paris, le management a indiqué tabler sur une croissance du CA FY 25 en ligne avec l’objectif moyen-terme de TMVA de c.15% (ODDO BHF : 19.8% en FY 24 et 14.6% en FY 26, VA css : 18.6% et 16.1%) portée notamment par VMS. Renk se sent relativement immunisé face aux aléas politiques allemands puisque les commandes majeures (Leopard, Puma, frégates F126,...

Martijn Den Drijver
  • Martijn Den Drijver

TKH GROUP NV : Not 100% de-risked yet, estimates and TP lowered again

>Lowering estimates modestly, 2024 EBITA guidance still at risk - We have updated our estimates after the Q3 2024 earnings release, which disappointed and caused the full year EBITA guidance to be lowered, as we had feared. We are lowering our 2024-2026 sales estimates by 2%-3% and our 2024-2026 EBITAe by 3%, reflecting a continued cautious stance on Smart Vision and several businesses in Smart Connectivity. For 2024, we are now forecasting an EBITAe of €203m, which i...

 PRESS RELEASE

Transactions in connection with share buyback programme

Transactions in connection with share buyback programme Company Announcement Copenhagen, 18 November 2024 No. 58/2024 Transactions in connection with share buyback programmeISS A/S, a leading workplace experience and facility management company, announced on 22 February 2024 a new share buyback programme, see company announcement no. 4/2024. The share buyback programme is executed in accordance Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016, al...

Cancom SE: 2 directors

Two Directors at Cancom SE bought 3,500 shares at between 21.900EUR and 22.529EUR. The significance rating of the trade was 55/100. 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 ...

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/13/2024

La Française des Jeux enters the bond marketNexans: Unveiling its 2025-28 objectives.>...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 13/11/2024

La Française des Jeux fait son entrée sur le marché obligataireNexans dévoile ses objectifs 2025-28.>...

Manuel Martin ... (+3)
  • Manuel Martin
  • CEFA
  • CREA

TAG Immobilien AG : Q3 2024 results broadly in line –dividend payments...

>FY 2024e outlook confirmed and initial FY 2025e outlook broadly in line - This morning, TAG reported Q3 2024 figures that were broadly in line with our estimates and confirmed its FFO I guidance for FY 2024e of € 170-174m, translating into FFO I per share of € 0.98. Moreover, TAG has provided initial FFO I guidance for FY 2025e of € 172-176m, with our estimate of € 175.4m and FactSet consensus of € 176.8m being at the top-end of the guidance range. TAG has also annou...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

RENK : Q3 2024 EBIT 10.5%> css driven by the expected accelerated top-...

>Q3 adj. EBIT 10.5% ahead of css driven by VMS - Q3 2024 is showing the first effects of production getting back under control, albeit with some remaining inefficiencies. At € 43m (+6%), adjusted EBIT came in 10.5% ahead of expectations (ODDO BHF: € 35.9m; Vara css: € 38.9m) on sales growth of 10.5% to € 268m, giving a margin of 16.2% (-70bp). Deviation from the css stems essentially from VMS (+12% vs css at EBIT level), marking a return to normalised volumes at the t...

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime

>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

RENK : Q3 2024 EBIT 10.5%> css driven by the expected accelerated top-...

>Q3 adj. EBIT 10.5% ahead of css driven by VMS - Q3 2024 is showing the first effects of production getting back under control, albeit with some remaining inefficiencies. At € 43m (+6%), adjusted EBIT came in 10.5% ahead of expectations (ODDO BHF: € 35.9m; Vara css: € 38.9m) on sales growth of 10.5% to € 268m, giving a margin of 16.2% (-70bp). Deviation from the css stems essentially from VMS (+12% vs css at EBIT level), marking a return to normalised volumes at the t...

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