In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
Over 2023 Fugro realised impressive comparable growth of 27.5% and 11.5% margins (up 540bps!). Results over the last two quarters showed that self-help measures combined with the favourable outlook will contribute to continued margin growth prompting a model update. We appreciate Fugro for its leading market positions, market agnostic fleet, strong balance sheet, growth profile and undemanding valuation.
>Feedback analyst conference call - Europe & Asia Pacific prime growth drivers. Strong growth Europe (offshore wind) and Asia Pacific (offshore wind + gas), but temporary stagnation in US (Biden ban on LNG export + offshore wind delays) and Middle East (two Gaza projects halted = c. € 20m orders + Saudi's changing NEOM plans = c. € 20-30m). So Fugro for instance is bringing one US high end vessel to Europe.Offshore wind now close to 40% of revenues. Offshore wind...
CHAILLÉ-SOUS-LES-ORMEAUX, France--(BUSINESS WIRE)-- Regulatory News: Hoffmann Green Cement Technologies (ISIN : FR0013451044, Mnémo : ALHGR) (Paris:ALHGR) (« Hoffmann Green Cement »), acteur industriel engagé dans la décarbonation du secteur de la construction qui conçoit et commercialise des ciments innovants sans clinker, annonce le renouvellement pour une durée de 4 ans et l’extension de son partenariat avec le groupe Ravate, enseigne historique de La Réunion et de l’Océan indien. Signé en septembre 2021, le contrat initial est étendu jusqu’en 2028. La prolongation de la collaboration e...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
>Outlook reiterated, inline results, underlying metrics look good - Outlook FY2024 Net result from core activities reiterated at €6.40 and €6.20 DPS.Like-for-like devaluations of -€46m or -0.7% (FY 2023: -2.7%).Healthcare operator performance is improving, with underlying occupancy being strong at >90% for all countries with the exception of Germany (84%) from the data collected.Gross rental income up +2.2% on a like-for-like basis (vs FY2023: +5.5% and...
Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...
Cofinimmo reports 1Q24 results in line with our expectations. We were however more negative on potential fair value corrections (-46m,-0.7% vs -99m exp). They were mainly driven by the office segment -1.3% versus -0.7% in HC. In FY24 it expects divestments to be almost net neutral. This was the case in 1Q24 with both 30m divestments and investments. There is another 31m assets held for sale (60/270m confirmed). To date asset sales are lagging a bit but markets are likely to pick up in 2H24. Div...
Gross rental income reached EUR 88.6 m, up 3.4% YoY and +2.2% on an LfL basis. Net income from core activities was EUR 55m, down -3.6% year-on-year.Occupancy remains high at 98.4%.EPRA NTA is stable at EUR 98.31 per share.EPRA net initial yield is stable at 5.5% on average (gross yield at 5.8%).We maintain our Hold rating and leave our TP unchanged at EUR 70.00.
GENFIT: Publication of the 2024 Extra-Financial Performance Report (fiscal year 2023) Lille (France), Cambridge (Massachusetts, USA), Zurich (Switzerland), April 25, 2024 - GENFIT (Nasdaq and Euronext: GNFT), a late-stage biopharmaceutical company committed to improving the lives of patients with rare, life-threatening liver diseases, today announced the publication of its 2024 Extra-Financial Performance Report (fiscal year 2023). Third edition of the Extra-Financial Performance report Since 2022, GENFIT has published a detailed Extra-Financial Performance report in response to the g...
GENFIT : Publication du rapport de performance extra-financière 2024 (exercice 2023) Lille (France), Cambridge (Massachusetts, États-Unis), Zurich (Suisse), le 25 avril 2024 – GENFIT (Nasdaq et Euronext: GNFT), société biopharmaceutique de stade clinique avancé engagée dans l’amélioration de la vie des patients atteints de maladies rares du foie pouvant engager le pronostic vital, annonce aujourd’hui la publication de son rapport de performance extra-financière 2024 (exercice 2023). Troisième édition du rapport de performance extra-financière Depuis 2022, GENFIT s’engage à pub...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
>Q1 EBITDA up 41% and EBIT up 75% - Fugro this morning published its 24Q1 trading update:- Revenues up comparable up 9.0% y-o-y to € 503.2m (AAOB € 500.9m) with Marine up 13.8% to € 378.2m (AAOB € 363.6m) and Land down 3.5% to € 125.0m (AAOB € 137.2m)- Adjusted EBITDA up 41% y-o-y to € 82.8m (AAOB € 61.1m), equivalent to an EBITDA margin of 16.5% (12.6% a year ago, AAOB 12.2%)- Adjusted EBIT up 75% y-o-y to € 44.2m (AAOB € 21.7m), equivalent to an EBIT ...
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
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