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Andreas Riemann ... (+3)
  • Andreas Riemann
  • Jean Danjou
  • Usama Tariq

ODDO BHF Small & MIDCAP MORNING NEWS - 03/28/2024

With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a substantia...

Andreas Riemann ... (+3)
  • Andreas Riemann
  • Jean Danjou
  • Usama Tariq

ODDO BHF Small & MIDCAP MORNING NEWS - 28/03/2024

Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Azelis: Acquisition of MDK in personal care APAC. Fastned: FY23 annual report published. Results Calendar

Wim Lewi
  • Wim Lewi

Fastned Annual Report FY23 stays on track

Fastned already reported a trading statement on 16th January with revenues and gross margins for 4Q23. The annual FY23 report drills further in to P&L. The EBITDA fell short vs. our expectations at 4.5m vs. 11.0m expected. The EPS loss narrowed from -1.27 FY22 to -1.00, but missed our 0.88 expectation. The FTE count rose from 114 to 172. As Fastned is opening more regions, it has to invest in new areas with low initial scale. Fastned changed its P&L reporting to a more traditional split of opera...

Hilde Van Boxstael ... (+9)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Morning Notes : AED BB, BFIT NA, EURN BB, HAL NA, IVA FP, MITRA BB, SE...

: AED BB, BFIT NA, EURN BB, HAL NA, IVA FP, MITRA BB, SEQUA BB, TESB BB, AZE BB, FAST NA

Paul de Froment ... (+3)
  • Paul de Froment
  • Sebastián Marroquin Mérida
  • Thomas Mordelle

Fastned: First time EBITDA positive

Fastned published its FY2023 annual report this morning. As stated during the last trading update, sales came in at EUR60.5m and the gross margin reached 74% in 2023. The company reported a positive EBITDA for the first time, of EUR4.6m (-25% vs cons. of EUR6.2m, and +48% vs. BGe EUR3.1m). As a rem

Kristof Samoy
  • Kristof Samoy

Euronav Regulation & ESG drive first mover advantage in grey to green ...

At the January CMD the Saverys family informed the markets on the future strategy of Euronav and explained how the acquisition of CMB.Tech would be instrumental in this regard. The outcome of the mandatory tender brought ownership of the family to 81% suggesting investors need more time to evaluate the strategic overhaul. We believe the newbuild contracting of green vessels is economically sound and not dogmatic. Strengthening regulation & rising ESG scrutiny will bring a first mover advantage t...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Millennium BCP : The Fosun overhang should not obscure the appealing i...

>Outperform rating confirmed – target price raised to € 0.43 (vs € 0.41) - The Q4/full-year 2023 results confirmed our fundamentally positive approach on BCP, which as a reminder is based on a significant recovery on the underlying operating and profitability fronts in the short to medium term, as well as a notably strengthening of solvency (and ultimately the related prospect of a notable improvement in shareholder returns). The relative pause in the share re-rating ...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Millennium BCP : L’overhang Fosun ne doit pas occulter l’attractivité ...

>Opinion Surperformance confortée – OC porté à 0.43 € (vs 0.41 €) - Les résultats T4/annuels 2023 sont venus conforter notre approche fondamentalement positive sur BCP, reposant pour rappel sur le redressement significatif de l’opérationnel underlying et de la rentabilité à CMT ainsi que le renforcement notable de la solvabilité (et in fine la perspective associée d’amélioration notable du retour à l’actionnaire). La relative pause observée depuis notre dernier point ...

 PRESS RELEASE

Weekly share repurchase program transaction details

Weekly share repurchase program transaction details March 27, 2024 SBM Offshore reports the transaction details related to its EUR65 million (c. US$70 million) share repurchase program for the period March 21, 2024 through March 27, 2024. The repurchases were made under the EUR65 million share repurchase program announced on February 29, 2024 and effective from March 1, 2024. The objective of the program is to reduce share capital. Information regarding the progress of the share repurchase program and the aggregate of the transactions (calculated on a daily basis) for the period March 1, ...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 27/03/2024 Date Performance dep...

Rieter est leader mondial dans les équipements de filature à fibres courtes destinés au marché textile. Il s’agit d’une activité à cycles courts (4 ans en moyenne) dont l’exercice 2024 devrait représenter un point bas avec un CA proche de 1 MdCHF (-28% y-o-y). Le programme de performance « Next Level », présenté en juillet 2023, devrait permettre de réduire la cyclicité du business model et de revenir sur des niveaux normatifs de rentabilité (c. 6% de marge d’EBIT). Rieter est donc en...

Anis Zgaya ... (+2)
  • Anis Zgaya
  • Philippe Ourpatian

ODDO BHF Small & MIDCAP MORNING NEWS - 03/27/2024 Date Performance sin...

Rieter is the world’s leading supplier of short-staple fibre spinning equipment designed primarily for textile, a short-cycle business that spans four years on average. The group is set to hit a low in 2024 with close to CHF 1bn in revenues, down 28% YoY. Next Level, a performance programme presented in July 2023, should enable the group to reduce the cyclicality of its business model and return to normal profitability with around 6% in EBIT margin. Rieter is indeed on track to embark...

ForFarmers N.V.: 1 director

A director at ForFarmers N.V. bought 8,500 shares at 2.350EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

 PRESS RELEASE

EQS-News: INDUS erwirbt britisches Unternehmen COLSON im Zukunftsfeld ...

EQS-News: INDUS Holding AG / Schlagwort(e): Firmenübernahme INDUS erwirbt britisches Unternehmen COLSON im Zukunftsfeld Mess- und Regeltechnik 27.03.2024 / 08:10 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. INDUS erwirbt britisches Unternehmen COLSON im Zukunftsfeld Mess- und Regeltechnik Hersteller von Industriearmaturen zur Steuerung und Regulierung von Flüssigkeiten und Gasen ergänzt Aktivitäten der INDUS-Beteiligung HORNGROUP Internationalisierungsstrategie der INDUS-Gruppe setzt auf Local for Local Bergisch Gladbach, 27. Mär...

 PRESS RELEASE

EQS-News: INDUS acquires British company COLSON X-Cel in the future fi...

EQS-News: INDUS Holding AG / Key word(s): Takeover INDUS acquires British company COLSON X-Cel in the future field of measurement and control technology 27.03.2024 / 08:10 CET/CEST The issuer is solely responsible for the content of this announcement. INDUS acquires British company COLSON X-Cel in the future field of measurement and control technology Manufacturer of industrial valves for the control and regulation of liquids and gases complements activities of INDUS portfolio company HORNGROUP The INDUS Group's internationalisation strategy focuses on local for local m...

Anis Zgaya ... (+3)
  • Anis Zgaya
  • Louis Boujard
  • CFA

Encavis AG : A non-event after the announcement of prelims and KKR’s o...

>FY 2023 results contained no surprises after the announcement of preliminary results on 14 March - Yesterday afternoon, Encavis reported its 2023 results. These were in line with the 2023 prelims announced on the fringes of KKR’s offer on 14 March (see our Equity Flash of 15 March). Sales totalled € 449.1m (guidance > than € 440m and the consensus at € 455m), EBITDA at € 319.2m (guidance > € 310m and the consensus at € 315m), EBIT came in at € 194m (guidance > at € ...

Anis Zgaya ... (+3)
  • Anis Zgaya
  • Louis Boujard
  • CFA

Encavis AG : Un non-évènement après l’annonce des préliminaires et de ...

>Résultats sans surprise après l’annonce des préliminaires le 14 mars dernier - Encavis a annoncé hier après-midi ses résultats 2023. Ceux-ci viennent sans surprise en ligne avec les résultats préliminaires annoncés en marge de l’annonce de l’offre de KKR le 14 mars dernier (voir notre Flash du 15/03). Le CA est ressorti à 449.1 M€ (guidance > à 440 M€ et consensus à 455 M€), l’EBITDA à 319.2 M€ (guidance > à 310 M€ et consensus à 315 M€), l’EBIT à 194 M€ (guidance >...

Robert Jan Vos ... (+2)
  • Robert Jan Vos
  • Salome Charamalet

Fagron N.V. : On the road to achieve mid-term objectives supported by ...

>Trust from shareholders is coming back - In the past two months two of Fagron’s major investors reinforced their position in the company. Back in January, AOC Pharma SARL passed the 10% threshold (c.8m shares). Their first notification was in October 2022 when they acquired c.4m shares and their second was in December 2022 when they acquired additional shares adding up to c.6.4m. The last increase to c.8m of shares was done following an extensive due diligence of mo...

 PRESS RELEASE

Regulated information: Filing of the 2023 Universal registration docum...

Regulated information: Filing of the 2023 Universal registration document Regulated information: Filing of the 2023 Universal registration document Paris, March 26, 2024 Believe (Ticker: BLV, ISIN: FR0014003FE9), one of the leading digital music companies, announces today, Tuesday 26, 2024, that it registered its 2023 Universal Registration Document (Document d’enregistrement universel), established in European Single Electronic Format (ESEF) with the French Autorité des Marchés Financiers (AMF). The 2023 Universal Registration Document is made available to the public free of charg...

 PRESS RELEASE

Mise à disposition du Document d’enregistrement universel 2023 incluan...

Mise à disposition du Document d’enregistrement universel 2023 incluant le rapport financier annuel Mise à disposition du Document d’enregistrement universel 2023 incluant le rapport financier annuel Paris, le 26 mars 2024 – Believe (Ticker : BLV, ISIN : FR0014003FE9), l’un des leaders mondiaux de la musique numérique, annonce avoir déposé ce jour, mardi 26 mars 2024, son Document d’enregistrement universel 2023, établi au format ESEF (European Single Electronic Format), auprès de l’Autorité des Marchés Financiers (AMF). Il est tenu à la disposition du public dans les co...

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