A director at Umicore S.A. bought 14,000 shares at 7.700EUR and the significance rating of the trade was 61/100. 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 s...
We reiterate our BUY rating and set our TP at €30.00 (was €35.50), which is explained by our lowered estimates due to the investments in France and slow-down of the club roll-out. We do note that we see some upside to estimates beyond FY25 as the investments in France might come down in case of a change in the 24/7 staffing model. The FY24 results were not well received but we expect BFIT to repair and come up with (a) a strong trading update on 1Q25, (b) we expect to receive some comfort on the...
In this sector note we take a close look at the semiconductor universe and go over end market dynamics, semi manufacturing trends and the impact on the WFE market. We provide detailed overviews of historical market trends and short term adjustments. We show that lower demand from China is a real risk for the WFE market, as we don't expect the non-China WFE revenues will increase with 28% y/y in 2025, which CSS implies. Our analysis shows a clear 10% risk on WFE estimates based on fundamentals, e...
Today we publish a company note on Basic-Fit. Basic-Fit sacrificed part of its growth to do a limited SBB of EUR 40.0m (2.6% Mcap) while it has to repay a EUR 303.75m bond in June FY26. It missed its 2023 CMD targets of capex/club and yield/member and lowered its guidance for 2 consecutive years. Nevertheless, Basic-Fit will remain the fastest growing fitness chain in Europe even after its lower growth outlook. We continue to believe in the business model but it will take time to rebuilt investo...
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