reports
- Luuk Van Beek
(Sponsored) Fastned - Gearing up for a growth spurt
Scaling up its succesful station approachRolling out tried-and-tested concept. Fastned is a clear market leader in highway fast charging in the Netherlands. In the past years it has optimized its concept to provide market-leading reliability and a high service level to customers at competitive costs. It is now rolling out this concept to other European countries, aiming to grow from 346 stations at YE2024 to 1,000 stations by 2030.Significant operating leverage. The stations have been operating ...
- David Seynnaeve
- PhD
(Sponsored) Biotalys NV - Fungal foes, natural fixes
Today, we initiate coverage on Biotalys, a Belgian regulatory-stage agricultural biotech (AgBiotech) company, with a BUY rating & TP of EUR 7.2.In this report, we deep-dive into the company's differentiated AGROBODY FoundryTM platform and the unique value-add of its protein-based biocontrols (AGROBODIESTM) meant to treat fungal diseases affecting fruits & vegetables. We consider Biotalys a compelling investment opportunity, based on:1/ Growing awareness on the impact of chemical crop protec...
- Joren Van Aken
(Sponsored) Whitestone Group - FY24: Important step in transparency
Whitestone launched its annual report for FY24 including some important improvement to its transparency to shareholdersWith the disclosure of a NAV overview and more financial data per portfolio company, Whitestone's transparency is now in line with some of the biggest investment companies in EuropeWe estimate today's NAV to be EUR 16.2 p/s, implying a discount of 20.5%. Our target valuation comes in at EUR 17 p/s. Applying our target discount of 10%, we arrive at our new TP of EUR 15 ...
- Fernand de Boer
(Sponsored) ForFarmers - Key figures on track
In Q1-25, ForFarmers continued to deliver on strategy with positive LFL volume and earnings growth. ROACE came in at 13.8%, in line with FY ‘24.We maintain our Hold rating, and 12m TP of EUR 5.3. Company continues to perform well, solidly executing its strategy. However, market conditions and the consolidation of the feed activities of team agra/HaBeMa create some lower visibility. Hence our Hold rating.
- Luuk Van Beek
- Luuk Van Beek
- Fernand de Boer
(Sponsored) Sligro Food Group - Ready for the market recovery, Buy
Upgrade to Buy, TP raised to by 18% to EUR 16.5We upgrade our rating to Buy from Hold for the following reasons:Difficult years behind. Sligro Food Group has faced four difficult years after the Covid-19 pandemic and energy crisis causing high inflation, low consumer confidence and pressure on consumer spending. On top came the labour scarcity depressing the capacity in the restaurant market. This resulted in negative volume growth. Last but not least, a failed SAP implementation and other issue...
- Luuk Van Beek
- Michael Roeg
(Sponsored) Triodos Bank - FY24 broadly in line, yet outlook is coolin...
* The H2-24 results were broadly in line from top to bottom* No quantified guidance for FY25, yet comments in the press release suggest profitability will face pressure* We trim our earnings estimates for FY25 and beyond by low teens, and set our TP at EUR 30, Hold rating maintained
- Vincent Koppmair
(Sponsored) Banimmo - FY24 - Results are back in the green
Rental income up 39% YoY, on the back of higher occupancy (now at 91.4%) & more.adj. EBIT margin strongly improves from 3% to now 32% in 2024 on the back of cost control and higher occupancy.Net income/results in the green at EUR 2.9m, positively impacted by revaluation (of EUR +4.9m). Highlighting that the business model is able to break-even despite a lack of office disposals.Leverage increases to 44.9% (from 34.7% in 2023) on the back of execution of the pipeline.Development pipeline is ongoi...
- Amal Aboulkhouatem
(Sponsored) NEPI Rockcastle - Another year of strong growth
Gross rental income grew by 10.9% to EUR 566m.Distributable earnings per share (DEPS) stood at EUR 0.57, up 5.6% YoY (in-line with the guidance).Portfolio value stood at EUR 7.9bn, up 16.2% YoY.Guidance 2025: DEPS are expected to increase 1.5% YoY to EUR 0.6017. Dividend payout set at 90%.The company hosts a conference call today at 9:00am CET.
- 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
- 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%.
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