ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2024

As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2024

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Elia Group : TenneT exploring IPO of its Germany TSO

>TenneT looking for new equity funding - TenneT, TSO in Netherlands and Germany, and 100% owned by the Dutch government, yesterday issued a press release indicating:Equity requirement: "TenneT's recently announced 10-year investment plan in both countries for the period 2024-2033 adds up to EUR 160 billion, which is expected to be funded primarily through debt but also requires equity."No agreement yet on potential sale TenneT Germany to German government. "...

Benelux Morning Notes

Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/29/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 29/04/2024

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Benelux Morning Notes

Alfen: Production resumed in mid-April, cost hit €5m. Exor: Read-across from Philips personal injury settlement. Philips: 1Q24 results – settlement reached. Recticel: 1Q24 in line with expectations. Sofina: Exit Petit Forestier

Alfen: Substation supply back in action

This morning, Alfen announced it has agreed with Liander on the implementation of a new production method to address substation moisture issues, and thereby expects to restart the supply of Pacto substations in May based on this new method. Alfen expects the overall FY24 impact to be limited as it

Morning Notes : RECT BB, SOF BB, ALFEN NA

: RECT BB, SOF BB, ALFEN NA

Alfen : Production Pacto substations to restart

>Production catch-up = no change in revenue guidance; extra costs c. € 5m - New production method Pacto substations. "Alfen and Dutch grid operator Liander announce today that they have agreed on a new production method to avert moisture in the Pacto substation." "Liander approved Alfen’s new production method mid-April."Production resumed. "Alfen has resumed production with Liander beginning to receive supply in May based on this new production method. ... As pr...

Alfen - Pacto issues resolved & faster than expected

Alfen resumes supply of Pacto transformers after adjusting production methodLiander approved new method and will inspect installed base furtherAlfen expects costs to be EUR 5, below our estimate of EUR 10-20mThis will bring relief to the market and likely result in a nice upward jump. The cost came in lower than expected and the guidance for the segment was repeated. The overhang from the CFO departure remains and hence we remain cautious on the stock, explaining our Hold rating.After updating o...

Belgian network utilities/Capex strain

Fastned/Slowdown in charging demand/HOLD

Fastned reported a weak 1Q24 update with charging volume significantly below our expectations. We expect charging volume to continue to show YoY growth going forward, but lower our estimates considerably given that recent trends reflect a high level of uncertainty around consumers' preferred charging locations. Combined with higher OPEX on the back of announced investments we now believe the company will be net income positive in 2026 instead of 2025. We keep our HOLD rating but lower our target...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2024 Date Performance sin...

NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 17/04/2024 Date Performance dep...

NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...

Fastned : Preparing for much stronger growth in 2025

>Feedback analyst conference call - Home charging customers back to home CEO Michiel Langezaal and CFO Victor van Dijk were the hosts of Fastned’s 24Q1 conference call. They primarily blamed the normalisation of retail power prices for the weaker than expected energy sales in 24Q1, explaining that last year many home charging clients suffered from high priced electricity bills and therefore more than usual charged at Fastned. Average utilisation was 13.5%, up just 60b...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/16/2024

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Benelux Morning Notes

ASM International: 1Q24 Preview - focus on order intake. Barco: Preview 1Q24 - a slow start to the year. B&S Group: Solid year-end performance and healthy outlook. Fastned: 1Q24 trading update – disappointing charging volume. Staffing: Hays' 3Q23/24 trading update - warning on 3Q23/24, weaker trends

Fastned : Q1 sequential growth disappoints

>Energy sold in Q1 up 52% y-o-y but slightly below Q4 - Energy sold +52% y-o-y but below Q4. Fastned in 24Q1 grew its energy volume sold by 52% y-o-y to 31.4 GWh, again stronger than the growth in the EV fleet (+43%), but was slightly down from 32.2 GWh in 23Q4 (still +80% y-o-y). On the EV market it expects: “ Prospects for sales in 2024 and beyond remain positive as EV fleet penetration is expected to more than double by 2026 and increase five-fold by 2030.”Act...

Fastned: ready to shift up a gear

Fastned has published its Q1 2024 key metrics and adjusted FY24 guidance for the number of operating stations this morning. Q1 sales came in at EUR18.9m (+42% YoY), leaving an implied annual run-rate of at least EUR76m (vs cons. at EUR104m for FY24 and BGe EUR106m). Fastned posted a gross margin of