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. - ...
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. - ...
Proximus has reported a good set of numbers, with domestic EBITDA +2.7% ahead of consensus, with domestic EBITDA growth of +4.7% y/y from +0.8% y/y in Q4 23. Guidance has not been lifted, which is unusual given the pace of growth and the scale of the growth, but the Digi launch later in the year provides uncertainty.
>A clear consensus beat which makes the FY guidance look conservative - In Q1, Proximus reported domestic underlying revenue growth of 4.5% at €1,201m, some 2.4% higher than consensus. This includes 5.9% growth in Residential (customer service revenues +6.5% and convergent revenues +10.9%, both strong) and 3.1% growth in Business (IT services +7.8% and fixed voice -5.6%). Wholesale revenue growth was -4.9% in Q1, with the loss of low margin interconnect revenues (like...
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. ...
Fluxys hydrogen appointed as “Hydrogen Network Operator” in Belgium Brussels - 26 April 2024 - Implementing the Federal Hydrogen Act of 11 July 2023, Federal Energy Minister Tinne Van der Straeten has appointed Fluxys hydrogen, a subsidiary of Fluxys Belgium, as operator for the development and management of a hydrogen transmission grid in Belgium. The appointment as “HNO” – Hydrogen Network Operator - for Belgium is a major step forward in the energy transition. Leveraging Fluxys' decades of expertise in gas transport, Fluxys hydrogen will develop the necessary infrastructure for tran...
We update our model after the 1Q24 results and take into account the exit from the Dutch market, JV closing and non-strategic asset sales announced in 1Q24. We believe the stock price did not react enough to the positive catalyst of the Dutch sales and JV closing at 15.13% IRR. Hence, we repeat our BUY recommendation and EUR 13.0 TP. Standing asset valuations increased with 1.3% in 1Q24 signalling the revival of retail real estate. This is also reflected in the record high occupancy rate at 99....
• In Q1, Proximus' commercial momentum continued driven by its Domestic business where both sales & EBITDA growth exceeded expectations. International was again weak on sales but strong on margins• Costs are more under control and capex is gradually coming down as guided, altering its FCF profile• We stick to our BUY rating and EUR 11.0 TP, DCF-based
Azelis: Strong margin performance in weak trading results in 3% EBITA beat. BE Semiconductor Industries: 1Q24 results; prolonged downcycle. Coca-Cola Europacific Partners plc: Messy but good. DWS: Record breaking. Flow Traders: Crypto Kings. Fugro: Here we go again. Kinepolis: Weak start to the year, but a bit better than feared. UCB: Changes in the group executive committee. Unilever: Heading in the right direction. Vonovia: Disposal of 4,500 apartments for €700m. Wolters Kl...
Despite the weaker 1Q24 film offering and the lower visitor numbers associated with this (7.3m in 1Q24 -perfect in line with our estimates- versus 8.1m in 1Q23), we applauded that Kinepolis indicated they generated strong results per visitor and 1Q24 FCF was even stronger than in 1Q23. Kinepolis highlighted that this ‘Sales/visitor' remained high, thanks to strong demand for premium products, but was occasionally impacted by the product mix in 1Q. We maintain our € 53 Target Price and Buy.
VGP and Areim Complete First Closing in 50:50 ‘SAGA’ Joint Venture PRESS RELEASE Regulated Information Antwerp, Belgium 25 April 2024 (7.00 a.m. CET) VGP NV ('VGP') and AREIM Pan-European Logistics Fund (D) AB, today announced the signing of the first seed closing between VGP and their 50:50 joint venture, SAGA (The ‘Sixth Joint Venture’). The transaction comprises 17 logistics buildings in 10 VGP Parks. The 17 buildings are located in Germany (6 parks, 8 buildings), the Czech Republic (3 parks, 5 buildings) and Slovakia (1 park, 4 buildings). The transaction with the SAGA ...
VGP en Areim Voltooien Eerste Closing in 50:50 'SAGA' Joint Venture PERSBERICHT Gereglementeerde informatie Antwerpen, België 25 april 2024 (7.00 uur CET) VGP NV ('VGP') en AREIM Pan-European Logistics Fund (D) AB, kondigden vandaag de ondertekening aan van de eerste 'seed closing' tussen VGP en hun 50:50 joint venture, SAGA (de 'Zesde Joint Venture'). De transactie omvat 17 logistieke gebouwen in 10 VGP Parken. De 17 gebouwen bevinden zich in Duitsland (6 parken, 8 gebouwen), Tsjechië (3 parken, 5 gebouwen) en Slowakije (1 park, 4 gebouwen). De transactie met de SAGA Joint Ve...
Kinepolis had a tough start of the year with visitor numbers almost down double digit. The key culprit was the clear lack of a decent movie slate, which is caused by the strikes of last year, resulting in hiccupsPremiumisation and cost control continue, resulting in solid FCF generation. With the movie slate improving from May onwards, we ought to see improving visitor numbersWe stick to our BUY and DCF-based TP of EUR 56.6, using a 7.8% WACC
Weekly share repurchase program transaction details April 24, 2024 SBM Offshore reports the transaction details related to its EUR65 million (c. US$70 million) share repurchase program for the period April 18, 2024 through April 24, 2024. The repurchases were made under the EUR65 million share repurchase program announced on February 29, 2024 and effective from March 1, 2024. The objective of the program is to reduce share capital. Information regarding the progress of the share repurchase program and the aggregate of the transactions (calculated on a daily basis) for the period March 1, ...
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