reports
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: 1Q25 Preview. Azelis: 1Q25 EBITA miss on tariff uncertainty, €20m self-help to support margins. Exor: Announces oversubscribed €1bn SBB tender offer, strike at VWAP +2%. Flow Traders: Mike drop. Fugro: 1Q25 as expected but outlook a question mark. IMCD: Breaking with tradition: CEO gone within 15 months. Kinepolis: Weak 1Q25, offset by a strong 2Q25 start. KPN: Small 1Q25 EBITDAal beat, guidance reiterated. Randstad: Capital Markets Event. RELX: 1Q25 trading...
- ING Helpdesk
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LR LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LR LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Pierre Tegner
- Pierre Tegner
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Acquisition of boutique wealth manager Petram & Co. Alfen: Takes care of costs and debt, guidance misses. Arcadis: Solid backlog growth provides comfort. BAM: A friend of ours, 10% yield. CM.com: 2H24 results – FCF positive, capital restructuring. dsm-firmenich: Cash in, cash back. Flow Traders: Roller Coaster. KBC: Encouraging outlook to 2027, poor dividend. RELX: FY24 results – in line, £1.5bn buyback in 2025. Talabat: A beat at its maiden 4Q24 results...
- Reg Watson
- CFA
Unilever/New Year, New U/BUY
We have updated our Unilever forecasts to account for lower-than-expected price inflation and the recent weakness of the Euro. The net result is that our EPS forecast for 2024F is almost unchanged while our EPS forecast for 2025F declines by 5%. We maintain our 12-month target price of €58.90 and BUY recommendation.
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre Tegner
Unilever PLC : Ice cream IPO more likely according to the FT
>According to a FT article, an IPO is the most likely exit option - According to the Financial Times, Unilever has put an end to discussions with private equity funds on the disposal of the ice cream business. The plan is still an exit by the end of 2025 and a spin-off through an IPO is reportedly the most likely option. Last but not least, the FT article says that a € 10bn to € 15bn valuation for this business remains a credible range according to people close to th...
- Pierre Tegner
Unilever PLC : Ice cream IPO more likely according to the FT
>According to a FT article, an IPO is the most likely exit option - According to the Financial Times, Unilever has put an end to discussions with private equity funds on the disposal of the ice cream business. The plan is still an exit by the end of 2025 and a spin-off through an IPO is reportedly the most likely option. Last but not least, the FT article says that a € 10bn to € 15bn valuation for this business remains a credible range according to people close to th...
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Pierre Tegner
Unilever PLC : 4.5% organic growth. Slightly better but reported sales...
>Q3 sales slightly below in reported terms - Unilever released Q3 sales of € 15,246m, flat vs Q3 2023 and vs the VA consensus at +1.2%. The gap comes from a more-negative-than expected FX impact (-2.8% vs css at -2.0%) and scope effect (-1.5% vs css at -0.7%). Nevertheless, the organic sales growth of 4.5% is better than expected (VA css at 4.1% and ODDO BHF at 3.4%) with a price effect of 0.9% that is in line but a volume/mix of 3.6% that is better (VA css at 3...
- Pierre Tegner
Unilever PLC : 4.5% organic growth. Slightly better but reported sales...
>Q3 sales slightly below in reported terms - Unilever released Q3 sales of € 15,246m, flat vs Q3 2023 and vs the VA consensus at +1.2%. The gap comes from a more-negative-than expected FX impact (-2.8% vs css at -2.0%) and scope effect (-1.5% vs css at -0.7%). Nevertheless, the organic sales growth of 4.5% is better than expected (VA css at 4.1% and ODDO BHF at 3.4%) with a price effect of 0.9% that is in line but a volume/mix of 3.6% that is better (VA css at 3...
- ING Helpdesk
Benelux Morning Notes
Acomo: Hot Chocolate. Azelis: 3Q24 not flawless, but organic growth is back. BE Semiconductor Industries: 3Q24 results, putting its money where its mouth is. Ebusco: Rigorous turnaround plan, but many liquidity related concerns; recommendation moves to Under Review. GBL: Looking to take vitamins. Kinepolis: Solid 3Q24 attendance, in line, confident in the movie outlook for 4Q24, 2025. Ontex: Guidance Stumble. Unilever: Momentum maintained. Vastned: End of the disposal program, wa...
Unilever Plc: 1 director
A director at Unilever Plc sold 5,170 shares at 4,988p and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showin...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Numbers broadly in line with expectations. Air France-KLM: Costs hurt. Arcadis: Nice beat in 2Q24 and good prospects to continue. BAM: Strong EBITDA, cash flow somewhat weak. BE Semiconductor Industries: 2Q24 results; High-end offsets mainstream. Econocom: Large 1H24 miss, change in management, governance. UCB: Strong 1H24 with slight increase in FY revenue guidance. Unilever: Steadfast. Universal Music Group: Okay headline figures cannot hide serious questions for music label...
- MarketLine Department
LG H&H Co Ltd - Company Profile and SWOT Analysis
Summary LG H&H Co Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights LG H&H Co Ltd (LG H&H), a subsidiary of LG Corp, is a manufacturer, marketer and seller of household, cosmetics products, and beverages. The company's household product portfolio includes oral care, perso...
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