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
- Wim Lewi
Xior Balance Sheet recovery is priority nr1, for real
Xior explained that patching up the balance sheet takes priority over EPS growth. Despite rising debt costs, the EPRA EPS stabilised with new deliveries, strong lfl growth and some exceptionals. Thanks to a strong underlying market, Xior opts not to take low-ball bids for its large assets/projects. It also extended the bridge loan to 3Q24. Selling smaller non-core assets takes more time, but will eventually push the LTV% below 50%. The next 2 years will show slow EPS growth, but the LTV% decline...
- 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
Inventiva annonce la recommandation positive du quatrième DMC de l’étu...
Inventiva annonce la recommandation positive du quatrième DMC de l’étude clinique NATiV3 Phase III avec lanifibranor dans la MASH/NASH Le Data Monitoring Committee recommande sur la base d’une revue planifiée des données de sécurité que l’étude clinique de Phase III continue sans modification du protocole actuel.L’évaluation réalisée par le DMC est basée sur l’examen non masqué des données de sécurité provenant de plus de 900 patients randomisés dans les cohortes principale et exploratoire, incluant respectivement plus de 360 et plus de 80 patients ayant été traités pendant plus de 48 et 72...
Inventiva announces the positive recommendation of the fourth DMC of t...
Inventiva announces the positive recommendation of the fourth DMC of the NATiV3 Phase III clinical trial with lanifibranor in patients with MASH/NASH The Data Monitoring Committee recommended to continue the clinical trial without modification of the current protocol, based on the pre-planned review of safety data.The recommendation was based on the unblinded review by the DMC of safety data from more than 900 patients randomized in the main and exploratory cohorts, including more than 360 and 80 patients that have been treated for more than 48 and 72 weeks, respectively.The patient who exp...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Carole Braudeau
Credit Morning 05/16/2024
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
- Carole Braudeau
Morning Crédit 16/05/2024
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Robert Jan Vos
Ahold Delhaize N.V. : Upcoming strategy days likely to focus on improv...
>Ahold Delhaize’s strategy days set across two days in the Netherlands - Ahold Delhaize will host strategy days on 22 and 23 May. On the first day, there are two options. Option one is tours of the Mechanised Albert Heijn Home Shop Centre in Barendrecht and the BOL fulfilment Centre in Waalwijk (09:45-18:00). Option two is a sustainability event (14:00-16:30). The second day consists of tours of the Albert Heijn Distribution Centre in Zaandam and the Albert Heijn XL ...
- Guy Sips
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Jacob Mekhael
Inventiva Additional NATIVE data supportive of lanifibranor's benefit ...
Yesterday, Inventiva announced the publication of additional results from the phase 2 (NATIVE) trial of lanifibranor in MASH (previously NASH), which are in line with previously reported benefits on cardiometabolic outcomes, leading the stock to trade +7% intraday. We believe the results continue to support lanifibranor's positioning in MASH, and look forward to the last patient first visit (expected by 1H24) in the phase 3 (NATiV3) trial. We reiterate our BUY rating and € 10 TP.
Inventiva announces the publication in Nature Communications of additi...
Inventiva announces the publication in Nature Communications of additional results from NATIVE Phase IIb clinical trial demonstrating improvement of markers of cardiometabolic health in patients with MASH/NASH treated with lanifibranor Improvements were observed for insulin resistance (insulin levels, HOMA-IR), lipid metabolism (triglycerides, HDL-cholesterol, apolipoproteins), control of glycemia (HbA1c, fasting glucose (FG) levels), systemic inflammation (hs-CRP, ferritin), hepatic steatosis and diastolic blood pressure.Among the patients who had prediabetes at study entry and were treate...
Inventiva annonce la publication dans Nature Communications de résulta...
Inventiva annonce la publication dans Nature Communications de résultats complémentaires de l’étude clinique de Phase II NATIVE démontrant l’amélioration de marqueurs de santé cardiométabolique chez les patients atteints de MASH/NASH traité Des améliorations ont été observées au niveau de la résistance à l'insuline (taux d'insuline, HOMA-IR), du métabolisme lipidique (triglycérides, HDL-cholestérol, apolipoprotéines), du contrôle de la glycémie (HbA1c, taux de glucose à jeun), de l'inflammation systémique (hs-CRP, ferritine), de la stéatose hépatique et de la pression artérielle diastolique...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Robert Jan Vos
Ahold Delhaize N.V. : € 33 TP and Outperform reiterated following a so...
>Underlying EBIT beats consensus by 6.4% in Q1 2024 - Ahold Delhaize’s sales and underlying EBIT beat both our and consensus expectations in Q1 2024. We were surprised by the strong revenue and underlying EBIT reported in Europe, but noted that the US operations outperformed sales and EBIT expectations as well in Q1 2024. Also, Global Support Office costs came in lower than we (and consensus) had expected.US – Apart from Stop & Shop, all is fine - Com...
- Michiel Declercq
Ahold Delhaize 1Q24: Conference call feedback
Ahold Delhaize reported a nice set of 1Q24 results, with comparable sales increasing 1.6% y/y to € 21.7bn (kbcse: € 21.6bn, css: € 21.5bn), while the underlying operating result increased 0.7% at constant fx to € 861m (kbcse: € 825m, css: € 824). Following the good results, Ahold reiterates its outlook. Given that we expected 1Q24 to be the softest quarter of the year, we reiterate our Buy rating and € 32.0 TP.
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