reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update July 2024: Fagron & Xior in; Alfen & Shur...
We anticipate a continued cautious stock market over 2H24 as expectations for steep and fast interest rate cuts by central banks have proven premature as inflation remains relatively sticky, especially in the US. Also corporate profit growth in Europe slows and the French elections have cast a negative spell. The strong US consumer also has run out of cheap financing and stimulus. The upcoming elections in the US could divide the biggest economy into extreme stances and political uproar. The li...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
TINC TINC COMM. VA
ARGX ARGEN-X SE
ALFEN ALFEN NV
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Thymen Rundberg
- Tijs Hollestelle
Alfen/Awaiting credible new targets/HOLD (previously Buy)
We cut our rating to HOLD after the material downward adjustment in 2024 guidance. Alfen has indicated that it will use 2H24 to reassess its medium term financial objectives, which we expect to be lowered. Alfen also stated that it is in constructive talks with its financiers about its bank covenants. We cut our target price to €19.00, in line with the current share price, awaiting the new medium term targets pivotal for the stock's future valuation metrics. Profitability and cash flow generatio...
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 07/01/2024
By calling a snap election in the hope of bringing a majority of voters back to a centrist bloc, Emmanuel Macron has gambled with the Constitution. And he lost. Yesterday's election, marked by a jump in turnout (+20pt vs 2022), confirmed the dominance of the National Rally (RN). There are now two possible scenarios. One is an absolute majority for the RN, enabling it to "conduct the nation's policy"... until a possible dissolution in a year's time. The other is a divided parliament, f...
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/07/2024
En provoquant des élections anticipées dans l’espoir de ramener une majorité d’électeurs vers un bloc centriste, Emmanuel Macron a joué avec la Constitution. Il a perdu. L’élection d’hier marquée par un bond de la participation (+20pts vs 2022) a confirmé la domination du Rassemblement National. Deux scénarios subsistent. L’un est une majorité absolue pour le RN lui permettant de "conduire la politique de la nation"… jusqu’à une possible dissolution dans un an. L’autre est une parleme...
- Thijs Berkelder
DEME Group : Agreement with Egypt on € 3bn green hydrogen production p...
>HYPORT Gargoub (Egypt) will be DEME’s 2nd large green hydrogen project - DEME has announced the signing of a milestone Cooperation Agreement with the Egyptian Government to establish an industrial-scale green hydrogen production facility in Egypt’s western desert:HYPORT Gargoub is a three-phase project, with the first phase targeting an annual green ammonia production of approximately 320,000 tonnes. It will be located within the industrial zone of the Port of G...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
Onward Medical € 52.5m debt financing through Runway Growth Capital
Onward obtained access to up to € 52.5m in secured venture debt through Runway Growth Capital, a leading US-based specialty finance lender with a solid track record in supporting life sciences companies. The loan will bear an interest rate of approx. 12.5%, and will be split across 5 tranches, up to Onward's discretion and subject to certain covenants. The first tranche will likely serve to repay Onward's existing RVO loan, hence no immediate impact on cash runway (mid-2025) expected. We reitera...
- Thibault Leneeuw
Alfen Confidence break-down needs time to repair
In this note we zoom in on last week's profit warning, the financing situation and the site visit to Alfen. In the short term Alfen needs to get a waiver for their RCF, as long as that hasn't materialised, we expect limited upside. Additionally, we lower our estimates, due to the slowdown and increased costs. The market is now focussed on the short term issues and has given up on the long term energy transition potential. We adjust our valuation method to include both horizons : a multiple appr...
ONWARD® Medical Obtains Debt Financing with up to €52.5 Million Secure...
ONWARD® Medical Obtains Debt Financing with up to €52.5 Million Secured Loan from Runway Growth Capital LLC THIS PRESS RELEASE CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE (7)(1) OF THE EUROPEAN MARKET ABUSE REGULATION (596/2014) Runway Growth Capital LLC is a leading U.S.-based specialty finance lender Relationship further strengthens Company’s balance sheet ahead of pending FDA approval and expected Q4 launch of ARC-EX System in the U.S. EINDHOVEN, the Netherlands, June 28, 2024 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD), the medical technology company crea...
- Oliver Metzger
- Stephan Wulf
- Oliver Metzger
- Stephan Wulf
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: Managing ups and downs
Following Alfen's profit warning on Wednesday, we revise our estimates to reflect the new FY 2024 guidance as well as the ongoing medium-term targets reassessment. With significant ordering delays in Energy Storage, lower BEV ramp-up in Europe and supply-constrained Smart Grids division, the revise
- Thijs Berkelder
Alfen : Full pressure on new CFO: key is to regain investor trust
>Feedback site visit + management Q&A - No surprise probably, but main analyst focus was on the new ad-interim CFO. Yesterday - June 27, a day after the profit warning and the following collapse of the share price by around 50%, Alfen hosted a sell-side analyst tour around its newly upgraded manufacturing sites in Almere (the Netherlands) followed by a Q&A session with management including CEO Marco Roeleveld and CCO Michele Lesh, but with a special focus to get to kn...
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 06/26/2024
Our conviction on the long-term growth potential and opportunities of generative AI is renewed. The enabler sectors (semiconductors, software and IT services) and those that provide the infrastructure (utilities, metals, capital goods and real estate) will be the primary beneficiaries, leading us to make certain target price changes. Among AI ‘user’ sectors (media, healthcare, automotive, banking and insurance, oil services, defence, aerospace and airlines), the effects will doubtless...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
ACX ACERINOX SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
TWEKA TKH GROUP N.V. CERT
HBH HORNBACH HOLDING AG & CO. KGAA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
ALFEN ALFEN NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
IOS IONOS GROUP SE
- Baptiste Salaville
- Marc Lavaud
- Nicolas David
- Philippe Ourpatian
ODDO BHF Small & MIDCAP MORNING NEWS - 26/06/2024
Notre conviction sur le potentiel de croissance LT et d’opportunités de l’IA générative est renforcée. Les secteurs 'enablers' (semiconducteurs, software et IT services) et fournisseurs d’infrastructures (utilities, métaux, biens d'équipements et immobilier) en seront les premiers bénéficiaires, conduisant à certains changements d’OC. Parmi les secteurs ‘utilisateurs’ de l’IA (média, santé, automobile, banque et assurance, services pétroliers, défense, aéronautique et compagnies aérie...
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
ACX ACERINOX SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
TWEKA TKH GROUP N.V. CERT
HBH HORNBACH HOLDING AG & CO. KGAA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
ALFEN ALFEN NV
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
FQT FREQUENTIS AG WIENER
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
OVH OVH GROUPE
EBUS EBUSCO HLDG NV
IOS IONOS GROUP SE
- Thijs Berkelder
Alfen : Cutting guidance for all business lines
>Revenue guidance down by 20% to around € 500m - Alfen this morning announces it lowers it 2024 guidance for revenues by c. 20% to € 485-520m (from € 590-660m), and lowers its guidance on the adjusted EBITDA margin to mid single digit (from > 11.3%). Alfen expects to be FCF negative in 2024, but improved compared to - € 27.2m in 2023.Its downward adjust guidance on all its business lines:- Energy Storage Systems: a number of large Energy Storage Systems deal...
- ING Helpdesk
Benelux Morning Notes
Alfen: Profit warning. ASR: CMD expectations, capital accumulation substantial in 2025-26. Barco: Co-CEO Charles Beauduin steps down. Belgian telecoms: Orange Belgium prepares for battle ahead of Digi arrival. D'Ieteren: PHE day feedback, ambition to double in size. Exor: Increases its stake in Philips to 17.51% Gimv: Investing in Infrastructure, optional dividend terms. Just Eat Takeaway.com: DoorDash reportedly interested in Deliveroo. SBM Offshore: Preparating for two new hull...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: Lowered FY24 outlook
This morning, Alfen has adjusted its FY24 revenue and EBITDA guidance, now eyeing EUR485-520m revenue (-19% vs previous range at EUR590-660m) with mid-single-digit adjusted EBITDA and negative FCF (vs >11.3% and positive FCF), below the consensus at EUR599m revenue with 11% EBITDA. Medium-term o
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Wim Lewi
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