reports
- Luuk Van Beek
(Sponsored) Cabka - Slower margin recovery, dividend cut
2024 revenues in line and gross margin a touch below our estimate, EBITDA-margin of 11-12% below guidance of ca 13% (DP: 13.6%)Changes capital allocation, no dividend over 2024, which we consider positiveWe will modestly cut out 2024 and 2025 estimates
- Fernand de Boer
ForFarmers - Leading in a consolidating feed market
We upgrade ForFarmers to from Hold to Buy, for the following reasons:Management successfully turns around the company. Under the helm of new management ForFarmers has been delivering on its strategy in the past few years, resulting in improving key positions through selective M&A with a focus on growth metrics such as free cash flow generation and EBITDA. It also has strengthened its market segments like poultry, horse and organic feed. Team agrar & HaBeMa boosting EBITDA by 25-30%. In 2024, For...
- Research Team
(Sponsored) Luxempart - Family-owned compounder with strong track reco...
Luxempart has a ~15% IRR over the last 30 years, which is a very impressive track record for any investment company in EuropeAfter the Nexus AG tender, Luxempart's war chest would still be more than EUR 300m (almost 10% of its portfolio) positioning it well for any investment opportunityAny event that would improve the liquidity of the stock would serve as a significant catalyst in our view to narrow its discountWe estimate the current NAV to be EUR 113.9 p/s, implying a discount of 38%. TP...
- Michael Roeg
(Sponsored) Triodos Bank - Takes EUR 101m provision for settlement
Triodos takes a EUR 101m pre-tax provision for settling with DR holdersDR holders will receive EUR 10 per DR for full and final dischargeWe put our estimates for FY24 under review, and also our target price.
- Fernand de Boer
(Sponsored) Sligro Food Group - Q4 sales marginally below, but trend i...
Q4 sales marginally missed our expectations, partially due to lower than expected tobacco sales. Thanks to extra efforts, underlying sales trends are improving although market condition remain subdued. Based on the Q4-24 trading update we do not expect material changes to our estimates. We maintain our Hold rating and keep our TP of EUR 14 unchanged.
- Research Team
(Sponsored) Whitestone Group - Buying a 28% stake in Telemis for EUR ...
• Whitestones acquires a 28% stake in Telemis for EUR 9.1m• Acquisition is sizeable and in line with recently adjusted strategy• We estimate the NAV at EUR 14.5 p/s, implying a 11.5% discount. That is in line with our target discount (10%). Hence, we reiterate our Hold rating. Our TP moves up from EUR 13.5 to EUR 14.1
- Amal Aboulkhouatem
(Sponsored) NEPI Rockcastle - Acquisition of Silesia City Center in Po...
NEPI Rockcastle signed a binding agreement to acquire the Silesia City Center in Poland for EUR 405m.The investment yield was not disclosed but should be slightly above 7% based on our estimates.LTV should remain below 31% following this transaction.
- Luuk Van Beek
(Sponsored) Cabka - CMD highlights new growth opportunities
During its Capital Markets Day, Cabka presented new 2030 targets including EUR 300m in revenues and a 15-17% EBITDA-marginThe new EU PPWR regulation will be an important driver for demand for reusable and recyclable packaging, supporting Cabka's sales growth We reiterate our Buy recommendation and EUR 4.60 target price
- Amal Aboulkhouatem
(Sponsored) NEPI Rockcastle - Solid 9M business update
9M net operating income stood at EUR 411m, up 12.3% YoY.9M tenant sales remained strong at +9% YoY (LfL, excl. hypermarkets).Occupancy increased 40bps vs June end to 97.7%.LTV is down to a comfortable 30.7%, down 170bps vs June end, following the EUR 300m capital increase.NEPI has reaffirmed its guidance updated in August 2024 based on an expected DEPS for the year to be approximately 5.5% higher than the DEPS of 56.98 cents per share in 2024 and a payout ratio of 90%.
- Research Team
(Sponsored) Whitestone Group - H1-24: Very active first half and read...
Whitestone's NAV almost tripled in size over H1 from EUR 34.4m to EUR 99.7m at June 30.The majority of the immense growth is thanks to two capital raises with in total EUR 59.7m raised.The remainder of the growth comes from the solid performance in the portfolio (+EUR 6m).The company still has more than EUR 20m in cash available to deploy, even after its most recent investment in Lambda X Ophtalmics.We estimate today's NAV at EUR 14.5 p/s implying a discount of 16.5%. Our TP moves to E...
- David Seynnaeve
- PhD
(Sponsored) Oncodesign Precision Medicine - Final Ph1 results of RIPK2...
*OPM reported the final results of its Ph1 study with RIPK2 inhibitor ‘OPM-101'. Ph1b/2a expected to launch early 2025.*While results look highly encouraging, with strong safety data and no cardiac toxicity, we await clarity on the Ph1b/2a trial protocol and pursued indication.*Our rNPV-based valuation takes into account estimates related to OPM-101 and OPM-201 and does not factor in the potential dilutive impact of any future capital raises. Discovery/preclinical-stage programs are conside...
- Luuk Van Beek
(Sponsored) Cabka - Encouraging sales trend in Q3
Q3-24 sales increased 8% to EUR 42.4m, showing an encouraging sequential trendManagement reiterates its guidance for EUR 180-185m in revenues and a 13-15% EBITDA margin in 2024We will fine-tune our estimates and reiterate our Buy and EUR 4.60 TP
- Luuk Van Beek
(Sponsored) Cabka - Profit growth about to come out of the box
Encouraging underlying trend in H1-24Cabka's H1 results showed encouraging underlying trends, despite headwinds from declining raw material prices and clearly weaker demand in two segments. Management confirmed its guidance for an EBITDA-margin of 13-15% (2023: 12%), with ongoing growth in the strategic segments. Buy with EUR 4.60 target priceBased on the peer group comparison (EUR 4.40) and DCF (EUR 4.80), we come to a target price of EUR 4.60. We also apply a rating to Cabka for the first...
- David Seynnaeve
- PhD
(Sponsored) Oncodesign Precision Medicine - H1 update: clarity around ...
*Recently, OPM provided an H1 update, most notably confirming Ph1b/2a commencement with OPM-101 end of 2024/early 2025. *Furthermore, the company indicated that the Ph1 for Parkinson's disease with OPM-201 is wrapping up soon - we expect results in H1 2025 (10% TP upside) – with Servier preparing for a follow-up Ph1b/2a study which is likely to trigger a milestone payment and consequently strengthen OPM's cash position (which stood at close to EUR 10m end of June).*Based on an updated ...
- Michael Roeg
(Sponsored) Triodos Bank - Discounting a tougher interest rate environ...
We have lowered our earnings estimates based on a cooling interest rate environment, cost inflation in general, and higher than expected legal costsThe impact on adjusted EPS is resp. -6%, -10%, and -19% for 2024/25/26We introduce a target price of EUR 34 (previously target valuation range of EUR 35-49), and a Hold rating (previously no rating)
- Vincent Koppmair
(Sponsored) Banimmo - H1 2024 - Encouraging results close to breakeven
Rental income up 38% YoY to EUR 3.6m.Net results land at EUR 2.5m (vs. EUR 160k in 1H23), mainly due to EUR +2.6m portfolio revaluation. Leverage rose to 38.0%.Pipeline remains on track and is progressing positively.
- Michael Roeg
(Sponsored) Triodos Bank - H1-24 broadly in line, interest environment...
Topline and adjusted profits beat our estimates, one-offs were also higherManagement expects interest margins to be affected by upcoming rate cutsCEO Rijpkema will step down at the end of his term in 2025We expect to lower our estimates, target price under review
- Amal Aboulkhouatem
(Sponsored) NEPI Rockcastle - Solid 1H results
• Net operating income was up 13.5% YoY to EUR 274m. Net operating income was up 10 % on a LfL basis.• EPRA earnings landed at EUR 199.96m, up 12.6% YoY. On a per share basis, EPS was up 8.3% YoY to EUR 0.3026.• EPRA occupancy stood at 97.7 %, up 10 bps vs December end.• EPRA NTA increased by 3.6 % vs December end to EUR 7.20 per share• EPRA LTV stood at 32.4%, down 60 bps vs December end• NEPI has revised the guidance released in February 2024 and now expects DEPS for the year to be approximate...
- David Seynnaeve
- PhD
(Sponsored) Oncodesign Precision Medicine - OPM-101 Ph1 data prompt fu...
Yesterday, OPM announced successful completion of its Ph1 study with healthy volunteers for its RIPK2 inhibitor ‘OPM-101'. Data indicates safety, rapid onset of action, and strong/sustained target engagement.Ph1b/2a expected to commence by year-end with indication to be determined (prioritization of immune checkpoint inhibitor-induced colitis not reiterated) and study design to be finalized. Hence, we are somewhat left in the dark regarding next steps and therefore look forward to an update...
- Fernand de Boer
Colruyt - Result beat, cautious guidance
• Results exceeded expectations, especially thanks to a strong gross margin in H2. Thanks to the results and portfolio changes it also strengthened its financial position to a net cash position on a pre-IFRS 16 basis• However, its outlook is cautious as market conditions are challenging and competition remains fierce. Hence, Colruyt is aiming for a flat result on an underlying base. Based on the outlook we expect to only finetune our estimates following these numbers• We stick to Hold and keep o...
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