Ahold Delhaize N.V. : A solid Q1 2025 expected, but cut in estimates d...

Benelux Morning Notes

Aalberts: Preview - priced like it is 2009 all over again. ABN AMRO: Pre-close 1Q – focus on capital & new CEO. Ahold Delhaize: Preview 1Q25. Arcadis: Gatwick work. Basic-Fit: 1Q25 trading update; strong membership ingrowth; CB repayment refinancing. CM.com: 1Q25 trading update. Fastned: 1Q25 trading update; disappointing charging volumes. NSI: A steady quarter, increasing vacancy on the horizon. Sligro: Soft 1Q25 sales, no outlook provided. Wereldhave: Guidance at the higher e...

Benelux Morning Notes

Ackermans & van Haaren: Another Delen Private Bank acquisition in the Netherlands. Ahold Delhaize: Peer Albertsons FY24/25 results. ASML: 1Q25 results; already weaker ahead of the tariffs. Barco: Calm before the storm. Heineken: In the hold. Melexis: Partial move to China. Staffing sector: Hays' 3Q24/25 trading update; in line. Vopak: New industrial terminal or energy transition facility? WDP: €60m investment with KDL

Benelux Morning Notes

Acomo: A game of two halves. Ahold Delhaize: Peer Kroger FY24 results. Belgian telecoms: Telenet 2.9% price increase. D'Ieteren: FY24 results preview. Elia: Strong results and 2025 outlook, €2.2bn equity financing. Eurocommercial Properties: Sound results, positive revaluations, lighter LTV. Melexis: Attractive bid on direct peer Allegro. Universal Music Group: Much better Q4 - on strong subscription, DSP catch-up payment.

Benelux Morning Notes

AB InBev: Cash is King. Adecco: 4Q24 result beats by 6%, stabilising trends in 4Q24, balance sheet relief. ASM International: 1H25 guidance slightly better but orders missed in 4Q24. Colruyt: Expects to open OKay stores on Sundays. Deceuninck: Soft FY24 results due to Turkey. DEME Group: Strong FCF. JDE Peet's: Mean green beans. Kinepolis: Peer AMC 4Q24 results. NEPI Rockcastle: Strong performance at all levels. Wolters Kluwer: FY24 results; in line, new CEO in 2026

Ahold Delhaize/4Q24 postview: US margins still a question mark/HOLD

We reiterate our HOLD rating on Ahold Delhaize but increase our target price from €32 to €33 on increased estimates in the United States thanks to the strength of the dollar. We, however, continue to carry below-consensus estimates for FY25/26F due to required price investments in the United States to reignite volume growth for some store formats. We expect this to allow Ahold Delhaize to meet its HSD Core EPS CAGR target over 2024-28F, our estimates being roughly in line with Visible Alpha Cons...

Benelux Morning Notes

Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/17/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/02/2025

Ahold Delhaize N.V. : € 39 TP and Outperform reiterated following a so...

Benelux Morning Notes

Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/12/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/02/2025

Ahold Delhaize N.V. : Decent results 2024; Europe’s margin strong; out...

Benelux Morning Notes

ABN AMRO: Strong results ex one-off, capital, cautious outlook. Ahold Delhaize: FY25F outlook calls for consensus downgrade. DEME Group: Preview - FCF machine. Heineken: Nothing missing. Kinepolis: Canadian peer Cineplex 4Q24 results and Jan 2025 box office revenue. Montea: Good results, guidance reiterated, focus on 2025 investments. Randstad: 4Q24 results beat 3% but key drivers miss, 1Q25 outlook disappoints. Var Energi: Raising outlook and dividend

Morning Notes : ABN NA, AD NA, GIMB BB, HEIA NA, MONT BB, RAND NA, UCB...

: ABN NA, AD NA, GIMB BB, HEIA NA, MONT BB, RAND NA, UCB BB

INFORME DIARIO 12 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER, TALGO, TELEFÓNICA. EUROPA: AHOLD DELHAIZE. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’24 que se publicarán en España y Europa en los próximos días. El mercado sigue positivo En otra jornada sin grandes novedades macro ni nuevas sorpresas en materia arancelaria, la mayoría de índices europ...

Morning Notes : AD NA, MELE BB, PROX BB, NXFIL NA

: AD NA, MELE BB, PROX BB, NXFIL NA

Ahold Delhaize 4Q24 Earnings preview and model update make us revise o...

Running up to the publication of the FY24 results on Wednesday Feb 12, we have adjusted our model to include the recently closed Profi acquisition, while also accounting for the positive fx tailwind. We further expect the group to meet its FY24 outlook and expect group margins to remain above the 4.0% again in 2025, despite ongoing price investments in North-America, and some expected margin drag from the Profi acquisition. We reiterate our Buy rating and increase our TP from € 32.5 to 38.0 ps.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/06/2025