reports
- Marc Zwartsenburg
- CEFA
Randstad/3Q24 beat and outlook provide comfort/BUY
We reiterate our BUY rating and keep our target price of €60.00 post a comforting 3Q24 reporting. Randstad reported a 2% beat on 3Q24F, reiterated to see stable trends through the quarter and into October, has room to manoeuvre on the OPEX to mitigate headwinds in 4Q24 if needed, and sees early cyclical segments still showing the typical cyclical pattern. It thus seems we are at a trough bouncing around a bottom with a recovery in slow-motion while we still lack visibility on a turning point. We...
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 22/10/2024
Nous initions la couverture de Vontobel avec une recommandation Surperformance et un objectif de cours de 65 CHF. Le groupe présente un potentiel de croissance à moyen long terme de l’activité (renforcé par l’acquisition d’une participation dans Ancala) et d’amélioration de sa rentabilité. (croissance annuelle moyenne du RN de 15%e entre 2023 et 2027) qui ne nous semble pas pleinement intégré par le consensus à ce stade (estimation ODDO BHF 1%-5% > au css. La valorisation actuelle du ...
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 10/22/2024
We are initiating coverage of Vontobel with an Outperform recommendation and a target price of CHF 65. The group presents medium- to long-term growth potential in terms of its activity (strengthened by the acquisition of a stake in Ancala) and improvement to its profitability (an average annual increase in net income of 15% between 2023 and 2027) which does not appear to be fully factored in by the consensus for the time being (ODDO BHF estimate some 1-5% above the consensus). Therefo...
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Konrad Zomer
Randstad : A sound performance in tough market circumstances
>EBITA 2% above consensus, some stabilisation in challenging markets - In Q3, Randstad reported organic revenue growth of -5.9% (consensus: -5.6%, we at -6.6%) with revenues at € 6,015m (css: € 6,002m, we at € 5,834m). Adjusted EBITA declined 28% in Q3 at €196m, which was 2% above consensus at € 192m (we at € 195m). Both the gross margin as well as the adjusted EBITA margin declined 110bps YoY. Temp fees had a 60bps negative impact on the gross margin and perm fees a ...
- Thomas Couvreur
Randstad Strong cost control, but not enough to compensate weak gross ...
Randstad's 3Q24 results show a significantly weaker gross margin than expected. The company once again demonstrates its strong cost control, though not enough to fully compensate. We adjusted our numbers down last week on the back of weak economic environment, though todays numbers still represent a mis. We reiterate our rating & TP, though note further short-term downside risk if the environment doesn't improve.
- Thijs Berkelder
Alfen : More clarity needed on new strategic direction
>Q3 results will be published on 6 November after trading hours - Alfen will publish its 24Q3 results on Wednesday 6 November after trading hours. An analyst call will take place on Thursday 7 November at 9.00h CET hosted by CEO Marco Roeleveld, CFO Onno Krap, and CCO Michele Lesh. Q3 guidance. After H1, Alfen guided for EV Charging revenues in Q3 lower than Q2 (previously sequential rise) and stronger Q4, for Energy Storage Q3 revenues similar as Q1 and a strong...
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 3Q24 results strong, membership ingrowth ahead, on track to FY24 outlook. BE Semiconductor Industries: 3Q24 preview - a mixed picture. CM.com: 3Q24 trading update – in the right direction. Coca-Cola Europacific Partners PLC: No more pussyFTSEing around. Exor: Once-in-a-decade launch of Ferrari's next flagship supercar. Signify: 3Q24 Preview, prolonged market weakness. Staffing sector: Manpower 3Q24 results a slight miss, 4Q24 outlook weak and well below. WDP: Results in ...
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Couvreur
Randstad Adjusting model for a more subdued market
We have updated our estimates following a significant weaker macro environment than we had anticipated last quarter. While we were banking on a recovery of confidence, fuelled by lower interest rates, we have seen many indicators for the quarter take a significant hit. Adjusting our FY24-FY25 estimates, we come to a new DCF valuation of €47.5, down from €52 previously. We reiterate our Accumulate rating.
- Emira Sagaama
- Thijs Berkelder
- Emira Sagaama
- Thijs Berkelder
- ING Helpdesk
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: 2025 guidance unveiled
This morning, Alfen has provided initial elements from its strategy validation and cost reduction measures assessment. Based on these elements, Alfen has drawn up sluggish 2025 guidance, eyeing limited revenue growth in FY25 compared to FY24 (vs cons. at 15% with revenue estimates standing at EUR48
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thijs Berkelder
Alfen : Preparing for weaker for longer
>Update on strategy and cost reduction measures: 15% job reduction - Alfen this morning publishes an update on its strategy and cost reduction measures, with three core decisions / points to mention:(1) Three business segments to remain: "Strategy validation confirms Alfen’s continued focus on its three product lines Smart Grid Solutions, Energy Storage Systems and EV Charging."(2) Outlook 2025: "Limited revenue growth is projected from 2024 to 2025 due to c...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
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