reports
- Jacob Mekhael
- Thomas Vranken
Sequana Medical FDA approval for alfapump
Sequana receives a nice Christmas present this year as it obtained PMA approval from the FDA for its alfapump system in the treatment of r/r ascites due to liver cirrhosis, ahead of the guided 1Q25 timeline. We see the approval as an important derisking event for the company, which will enable the company to address a market opportunity of $ >2bn (mgmt. estimates) in the US. The commercialisation intends to specifically target 90 liver transplant centres and is expected to launch in 2H25. We not...
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Wim Lewi
- Hilde Van Boxstael
- Michiel Declercq
- Wim Lewi
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Hans D’Haese
- Maxime Stranart
Ahold Delhaize/3Q23 postview: US margin starts to fall/HOLD
We reiterate our HOLD rating and €32 target price on Ahold Delhaize as we continue to carry below consensus estimates for FY24/25F due to required price investments in the United States to reignite volume growth for some store formats. We expect this to allow Ahold Delhaize to meet its HSD Core EPS CAGR target over 2024-28F, with INGF standing c.5% above Visible Alpha consensus on Core EPS 2028F. In the short term, however, we see limited catalysts for the group, except for a potential corporate...
- Jerôme Bodin
ALLIX WALLIX GROUP SA
APAML APERAM SA
DEC JCDECAUX SA
NRG NRJ GROUP SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
BAMNB KONINKLIJKE BAM GROEP NV
BON BONDUELLE SCA
ADV ADVA AG OPTICAL NETWORKING
AALB AALBERTS N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VGP VGP NV
SIFG SIF HOLDING NV
FNTN FREENET AG
ALFEN ALFEN NV
COP COMPUGROUP MEDICAL SE & CO. KGAA
TCH TECHNICOLOR SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
IVG IVECO GROUP
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
BRE BREMBO S.P.A.
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Jerôme Bodin
ALLIX WALLIX GROUP SA
APAML APERAM SA
DEC JCDECAUX SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
BAMNB KONINKLIJKE BAM GROEP NV
BON BONDUELLE SCA
ADV ADVA AG OPTICAL NETWORKING
AALB AALBERTS N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VGP VGP NV
SIFG SIF HOLDING NV
FNTN FREENET AG
ALFEN ALFEN NV
COP COMPUGROUP MEDICAL SE & CO. KGAA
TCH TECHNICOLOR SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
IVG IVECO GROUP
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
BRE BREMBO S.P.A.
- Thijs Berkelder
Alfen : Smart Grids under control, but tough charging equipment market...
>Feedback analyst conference call - Alfen’s analyst call was hosted by CEO Marco Roeleveld, CCO Michele Lesh and CFO Onno Krab. Key topics were the following:Outlook per sector:- Smart Grid Solutions, substation production is to increase to c. 100 per week in Q4, but in H1 2025 will drop back to 70 per week because of customer constraints. Hopes H2 2025 to be able to up production further, but dependent on clients. Key clients are the grid operators as small...
- Thijs Berkelder
Alfen : Smart Grids under control, but tough charging equipment market...
>Feedback analyst conference call - Alfen’s analyst call was hosted by CEO Marco Roeleveld, CCO Michele Lesh and CFO Onno Krab. Key topics were the following:Outlook per sector:- Smart Grid Solutions, substation production is to increase to c. 100 per week in Q4, but in H1 2025 will drop back to 70 per week because of customer constraints. Hopes H2 2025 to be able to up production further, but dependent on clients. Key clients are the grid operators as small...
- Robert Jan Vos
Ahold Delhaize N.V. : Entering next growth phase – TP increased to € 3...
>Q3 2024 EBIT 2% ahead of consensus, behind strong recovery in Europe - Ahold Delhaize’s Q3 2024 underlying EBIT of € 855m came in 2% ahead of consensus and slightly higher than our forecast. The results were in line with consensus for the US, and materially better than expected for the European operations. Comparable growth came in stronger than expected for both regions. Management added that the European operations reported their fourth consecutive quarter of volum...
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- ING Helpdesk
Benelux Morning Notes
Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: Q3 results, big Q4 ahead
Alfen published Q3 2024 figures yesterday. Revenue came in at EUR106m (-18% QoQ vs. EUR129m in Q2 2024, -22% YoY vs. EUR136m in Q3 2023) pointing to EUR352m YTD (vs. cons. eyeing EUR489m for FY24). Q3 numbers were mostly impacted by modest revenue growth in Smart Grids (+1% YoY) and a sluggish pace
- Thijs Berkelder
Alfen : Outlook for Q4 and 2025 seems weaker than before
>Q3 better than consensus FY24 outlook slightly weaker = weaker Q4 - Revenues in-line, with strength in Smart Grids offsetting weakness in EV Charging. Revenues in 24Q3 were down 22% y-o-y to € 106.2m (1% below consensus of € 107.4m) with Smart Grid Solutions up 1% to € 50.3m (14% above consensus of € 44.3m), EV Charging Equipment down 6% to € 32.9m (14% below consensus of € 38.3m), and Energy Storage Systems down 55% to € 23.1m (consensus € 23.5m). Profitabil...
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