reports
- Robert Jan Vos
Basic-Fit N.V. : Expected short-term tapering to serve long-term growt...
We cut our target price on Basic-Fit to € 35 from € 37, and reiterate our Outperform. The TP cut is related to the possible early redemption of the convertible bond, and the refinancing this may trigger. As a result (in order to optimise financial leverage), we expect a deceleration in club openings, which the market may not like initially. That said, Basic-Fit’s valuation remains very compelling. - >Convertible bondholders could request early redemption in 2026 - In...
- ING Helpdesk
- Hilde Van Boxstael
- Thibault Leneeuw
- Wim Lewi
- Quirijn Mulder
- Stijn Demeester
Azelis/Bottoming out/BUY
Azelis' 2Q24 results confirmed early green shoots amidst a still patchy economic backdrop. We make minor changes to our estimates and raise our target price to €29, mainly driven by higher peer multiples. We reiterate our BUY, as we believe Azelis' business model is intact as the industry recovers from an extended downcycle, with our positive stance supported by Azelis' attractive discount of 35% to key peer IMCD.
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
- ING Helpdesk
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Comforting 2Q24, all eyes now on “Boost your Mood” campaign/...
We keep our BUY rating and fine-tune our target price from €35.75 to €36.00, reflecting our raised underlying EBITDA estimates and partly offset by higher NWC usage built into our model. The 1H/2Q24 results were comforting - with slightly better membership ingrowth, some early signs of improvement in France, and lower overhead costs. This led us to move towards the mid-point of the guided range for underlying EBITDA FY24F and more or less in line with consensus. We have raised our underlying EBI...
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Stijn Demeester
AkzoNobel/Cost savings yet to kick in/HOLD
We update our model to reflect the slight miss in 2Q24 results due to higher OPEX inflation and AkzoNobel guiding towards the low end of its 2024F Adj. EBITDA guidance. We stick to our HOLD rating and we reduce our target price to €61 per share from €64, as we believe that mid-term growth targets are well captured by consensus expectations.
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- ING Helpdesk
Benelux Morning Notes
ABN Amro: CEO leaving in 1H 25, another management change AB InBev: Does what it says on the can AMG: Solid 2Q24 beat and guidance raise, Brazil on track for full capacity by 4Q24 Aperam: Good quarter on EBITDA and FCF, 3Q24 guide in-line Ayvens: Mixed bag Azelis: In-line 2Q24, cautious return to organic growth in Americas yet outlook remains fragile Fagron: Nice 2Q24 beat and guidance raise, higher capex to support growth Fugro: 15% beat but missing balance in its results GBL: Lackluster NAV pe...
- Salome Charamalet
- Stefano Toffano
Azelis Group NV : Improving yoy growth on easier comps
>Signs of end market stabilisation - Azelis’ end-markets are showing signs of a sustained recovery in volumes, albeit still (partly) offset by continuing pricing pressures in many of its markets. The company generated Q2 24 revenues of € 1,095m, +4% yoy and +3% vs our estimates. Operating EBITA for the quarter was c. € 130m, stable yoy (+2% vs. AAOBe). Profitability remained relatively high despite the cyclical weakness, but the group’s conversion margin decreased yoy...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
Azelis Recovery in America offsets slightly weaker EMEA and APAC
Azelis revenues were slightly above expectations given a recovery in the US CASE and LatAm market, supported by FX dynamics. This partially offset by lower organic growth in APAC and EMEA. The shift towards more Industrial Chemicals resulted in a slightly lower Gross profit margin compared to our estimates, yet in line with CSS. This resulted in an EBITA of € 130m and was slightly better than our and CSS expectations, both at € 128m. Overall decent results in line with what we expected. Given th...
- Carole Braudeau
- Olfa Taamallah
- Yan Derocles
BFIT BASIC-FIT NV
RHK RHON-KLINIKUM AG
BLC BASTIDE LE CONFORT MEDICAL SA
ERA ERAMET SA
PAT PATRIZIA AG
GCO GRUPO CATALANA OCCIDENTE S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
CASH PROSEGUR CASH SA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
VK VALLOUREC SA
STM STABILUS SE
ORP ORPEA
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