reports
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Kempower: FY24 results, back to growth trajectory in 2025
This morning, Kempower published FY24 results. FY24 revenue came in at EUR223.7m (-21% YoY vs. EUR283.6m in FY23). This is in line with updated revenue guidance of EUR220-230m and with consensus expecting EUR221m for FY24. While gross margin stood at 48.7% in FY24 (-3.4ppt YoY), Kempower suffered f
- 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
- 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
G24 SCOUT24 AG
WIZZ WIZZ AIR HOLDINGS PLC
VOW3 VOLKSWAGEN AG PREF
COR CORTICEIRA AMORIM SGPS SA
CIE CIE AUTOMOTIVE S.A.
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
- Youssef Besbes
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE 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
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: contract for a utility-scale BESS in Netherlands
This morning, Alfen announced it signed a contract with FlevoBESS in December 2024 to build one of the first utility-scale 4-hour BESS in the Netherlands. Planned to be completed in Q3 2025, the site located near Dronten in Flevoland will be equipped with a 31.6MW/126.4MWh BESS to enable grid stabi
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
KBC KBC GROUP N.V.
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
FAST FASTNED
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PLNW PLANISWARE
- Fehmi Ben Naamane
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
TKA THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SHOT SCANDIC HOTELS GROUP
ALBFR SIDETRADE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
RIO RIO TINTO PLC
LDO LEONARDO SPA
SAE SHOP APOTHEKE EUROPE NV
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
IHG INTERCONTINENTAL HOTELS GROUP PLC
FAST FASTNED
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
SHA SCHAEFFLER AG
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
KBC KBC GROUP N.V.
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
FAST FASTNED
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PLNW PLANISWARE
- Fehmi Ben Naamane
- Jeremy Garnier
- Marc Lavaud
- Youssef Besbes
TKA THYSSENKRUPP AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
IDL ID LOGISTICS GROUP
SZG SALZGITTER AG
MTU MANITOU BF SA
LSS LECTRA SA
CDA COMPAGNIE DES ALPES SA
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
DEZ DEUTZ AG
TUB TUBACEX S.A.
NDA AURUBIS AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SHOT SCANDIC HOTELS GROUP
ALBFR SIDETRADE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
RIO RIO TINTO PLC
LDO LEONARDO SPA
SAE SHOP APOTHEKE EUROPE NV
BHP BHP GROUP LTD
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
IHG INTERCONTINENTAL HOTELS GROUP PLC
FAST FASTNED
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
- Jeremy Garnier
ODDO : Make Small Caps Great Again
Amid persistently unfavourable market conditions (with few IPOs, meagre funds flowing in and high-risk aversion) and uncertainties over the macroeconomic environment, small caps are yet to rebound. In the meantime, some opportunities may arise. Our new European H1 2025 Nextcap list includes: Compagnie des Alpes, Deutz, Fastned, ID logistics, Lectra, Manitou, Planisware, Roche Bobois, SMCP, Stabilus and Tubacex.
- Jeremy Garnier
ODDO : Make Small Caps Great Again
Dans un contexte de marché toujours peu porteur (peu d’IPO, absence de collecte des fonds, aversion au risque élevée) et un environnement macroéconomique source d’incertitudes le rebond des small caps se fait attendre mais quelques opportunités pourraient se présenter. Notre nouvelle European Nextcap liste S1 2025 intègre : Compagnie des Alpes, Deutz, Fastned, ID logistics, Lectra, Manitou, Planisware, Roche Bobois, SMCP, Stabilus et Tubacex.
- Marc Hesselink
- CFA
- Thymen Rundberg
Fastned/Liquidity needs a fast charge/HOLD
Fastned reported a disappointing 4Q24 trading update in our view. Our key takeaways were: (1) lower-than-expected charging volumes, (2) faster-than-expected increases in the cost-base and (3) a weaker looking balance sheet. In our view, the 2025 guidance downgrade across several key metrics highlights the slowdown in BEV penetration growth, as well as less attractive financials for Fastned. We maintain our HOLD rating and lower our target price to €19.50 (from €20.50).
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