reports
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment The pipeline looks promising to ensure a stron...
EVS started FY24 with a strong 1Q24, despite the reserved production capacity dedicated to this years Big Events (Olympics, EK). We welcome EVS indicated that at the same time the pipeline looks promising to ensure a strong FY24. EVS reiterated its revenue guidance of €180m to € 195m (KBCSe € 189.2m) and now expects FY24 EBIT to land between € 38.0m and € 45.0m (KBCSe € 43.6m). We maintain our Buy but increased our Target Price from € 37.5 to € 39, in line with our updated DCF.
- Sharad Kumar S.P
Holdings Report - April 2024 KBCS Holdings Universe Up 0.6% Thanks To ...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +0.6% which was mainly driven by single-asset holdings (+1.8%) while multi-asset holdings posted a negative return of -0.1%. The 3 top performers during the period were Financière de Tubize (+8.1%), Brederode (+7.4%), and Texaf (+6.9%) while the 3 worst performers were HAL Trust (-4.6%), Gimv (-1.5%), and D'Ieteren Group (-1.2%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univer...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Michael Roeg
Points sur résultats de l’activité du 1er trimestre 2024 d’EVS
Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Publication le 16 mai 2024 à 18:30 CET après la clôture des marchésInformation réglementée et privilégéeEVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) Points sur résultats de l’activité du 1er trimestre 2024 d’EVS Liège, Belgique, le 16 mai 2024 En marche vers une année 2024 solide EVS démarre l'année 2024 avec un chiffre d'affaires solide au premier trimestre, malgré la capacité de production réservée dédiée aux grands événements de l'année. Dans le même temps, le pipelin...
EVS Q1 2024 business update
EVS Q1 2024 business update Publication on May 16, 2024 at 18:30 CET after market closeRegulated / Inside information – Business update 1Q24EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) EVS Q1 2024 business update Liège, Belgium, May 16th, 2024 Building towards a strong 2024 EVS starts the year 2024 with a strong revenue result in the first quarter, despite the reserved production capacity dedicated to the Big Events of the year. At the same time the pipeline looks promising to ensure a strong 2024. Highlights Revenue achievement...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
PROX PROXIMUS SA DE DROIT PUBLIC
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
RAND RANDSTAD NV
MONT MONTEA SCA
AALB AALBERTS N.V.
BRNL BRUNEL INTERNATIONAL N.V.
TWEKA TKH GROUP N.V. CERT
OBEL ORANGE BELGIUM SA
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
AGN AEGON N.V.
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: 1Q24 Preview. ABN AMRO: Press reports on sale of French Life Neuflize JV with AXA. Agfa-Geveart: A miss on every line. ASR: Dutch residential rental income risk insignificant. B&S Group: Solid start to the year, costs under control. DEME Group: 1Q solidifies FY24 revenue outlook. GBL: Accelerating its share buybacks. Just Eat Takeaway.com: M&A appetite. OCI: Improving 1Q24 performance at RemainCo assets, strategic update due on 2Q24
- Guy Sips
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
Fagron shareholders approve all voting items at AGM and EGM
Fagron shareholders approve all voting items at AGM and EGM Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 13 May 2024 – 7PM CET Fagron shareholders approve all voting items at AGM and EGM Fagron, the leading global player in pharmaceutical compounding, held its annual general meeting of shareholders and extraordinary general meeting of shareholders today. Both meetings approved all. voting items. ResolutionsThe annual general meeting approved, amongst other things, Fagron’s annual financial statements and dividend proposal of €0.30 per share for the fiscal year 20...
Aandeelhouders Fagron keuren alle stempunten AVA en BAVA goed
Aandeelhouders Fagron keuren alle stempunten AVA en BAVA goed Gereglementeerde informatieNazareth (België)/Rotterdam (Nederland), 13 mei 2024 – 19:00u CET Aandeelhouders Fagron keuren alle stempunten AVA en BAVA goed Fagron, de toonaangevende mondiale speler in farmaceutische bereidingen, hield vandaag haar jaarlijkse algemene vergadering van aandeelhouders en buitengewone algemene vergadering van aandeelhouders. Beide vergaderingen keurden alle voorgelegde besluiten goed. BesluitenDe algemene jaarvergadering heeft onder andere Fagron’s jaarrekening en het dividendvoorstel van €0,30 per ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- 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%....
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis
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...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Frank Claassen
Fagron - Compounding for growth
• New 40p report: Fagron is an excellent play on the structural growth drivers of personalized medication (e.g. demographics, drug shortages). • It has high visibility on high single digit organic growth and in combination with Buy-and-build this offers double digit EBITDA growth.• We reiterate our Buy with a TP of EUR 24 (was EUR 23) based on our SOTP and DCF on the back of 2% higher EBITDA estimates following Q1.
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