reports
- Hilde Van Boxstael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Aperam: In-line 1Q24 EBITDA, FCF marked by WC build, 2Q24 guidance below consensus. Ayvens: Taking the brakes off. BAM: Not the best start to the year. bpost: 1Q24 in line with consensus but beat vs INGF, no outlook yet. Brunel International: good set of 1Q24 results – 5% beat on EBIT, comforting trends. B&S Group: Preview - should be a non-event. DEME Group: Preview - should be a non-event. D'Ieteren: Febiac April registrations flat YoY, VW brands up 8.4%. GBL: NAV per share in ...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
GBL 1Q FY24: NAV rises 2%; Adidas Stake Trimmed To 6.9%
During 1Q FY24, GBL posted a NAVps of €115.9ps, up 2.0% vs €113.6ps during FY23-end. GBL crystallized value on a portion of its Adidas stake by trimming its position from 7.9% to 6.9% - this generated €258.0m in cash proceeds of which €155.0m was capital gains. Both healthcare participations reported strong top line growth which was complimented by M&A while private assets cumulatively rose by €36.0m in FV. GBL Capital generated €94.0m in value and €37.0m in cash earnings. Sienna IM recorded inf...
- Kris Kippers
GBL - Q1 24: NAV +2% and stable dividend guided
• Q1 NAV at EUR 115.9 p/s, up 2% YTD, was in line. Pro-forma for the share cancellation approved on May 2, NAV would have been EUR 118.6• Partial sale of Adidas shares, cutting its stake to 6.9% and Affidea and Sanoptis continue their growth streak, whereas Canyon continues to struggle• Dividend guided to be ‘at least stable at EUR 2.75' for FY24• We estimate today's NAV to be EUR 118.2 p/s, implying a 41.1% discount. This remains elevated and above the long-term discount of about 27%....
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Robert Jan Vos
Basic-Fit N.V. : Solid Q1 2024 update on most lines; estimates in line...
>Clubs and memberships as expected, and revenue 2% below estimates for Q1 - Basic-Fit reported 4.05m memberships as at end Q1 2024 (ABNe: 4.055m), implying 13% year-on-year growth, and 250k more memberships compared with end-2023. The acquisition of RSG Spain added over 100k memberships. The new uptake of the premium membership remains at c. 50% and is now 43% of the base. The number of clubs increased to 1,506, or 238 more clubs than a year ago, and 104 more clubs th...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
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. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
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. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Robert Jan Vos
Basic-Fit N.V. : Memberships and clubs fine; sales 2% shy; guidance in...
>On most key headlines, Basic-Fit reported in-line Q1 2024 results - Basic-Fit reported 4.05m memberships, 1,506 clubs and revenue of € 284m in Q1 2024. We had forecasts 4.055m memberships, 1,510 clubs and € 290m in revenue (there is no reliable consensus available). The average monthly revenue per membership amounted to € 23.57, which was a tad lower than our forecast of € 23.67. The number of clubs were as expected in France (814) and in Spain (199), a tad below our...
- ING Helpdesk
Benelux Morning Notes
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. ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Fernand de Boer
- Emmanuel Matot
- Emmanuel Matot
- Robert Jan Vos
Basic-Fit N.V. : 1,510 clubs, 4m+ members and revenue of € 290m expect...
>Growth in clubs, members and revenue seen skewed to H1 2024 - Basic-Fit is set to report its Q1 2024 trading update on 26 April at 07:30. In its Q1 and Q3 updates, Basic-Fit only reports on the number of clubs, memberships, revenue and yield only. Furthermore, Basic-Fit does not host a conference call following its Q1 and Q3 updates. Including the 47 Spanish clubs acquired from RSG Group on 27 March, we forecast 1,510 clubs (+19.1%), or well on track to achieve 1,575...
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Filtering the noise/BUY
We keep our BUY rating but lower our target price from €40.0 to €37.50, reflecting our lowered estimates. The FY23 results underlying disappointed due to a slower-than-anticipated underlying ingrowth of members in 1Q24 and less support from energy cost decreases in FY24F. We do believe the market over-reacted in terms of share price correction, but we also see that the consensus estimates are too much in flux, membership ingrowth still sluggish with very low visibility and BFIT trying to get a g...
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