- ExchangeEuronext Amsterdam
No-moat DSM reported first-quarter EBITDA of EUR 424 million, a 14% increase over 2018 and ahead of expectations because of a strong performance in nutrition. Given the strong start, DSM ratcheted up 2019 guidance to high-single-digit EBITDA growth from mid- to high-single-digit EBITDA growth. Shares are up 5% intraday. We may tweak our near-term forecast upwards but don’t expect to make a material change to our EUR 69 fair value estimate. At current levels, the shares look overvalued. An improvement in the margin drove outperformance in nutrition. The first-quarter EBITDA margin was 20.8%, a...
No-moat DSM reported first-quarter EBITDA of EUR 424 million, a 14% increase over 2018 and ahead of expectations because of a strong performance in nutrition. Given the strong start, DSM ratcheted up 2019 guidance to high-single-digit EBITDA growth from mid- to high-single-digit EBITDA growth. Shares are up 5% intraday. We may tweak our near-term forecast upwards but don’t expect to make a material change to our EUR 69 fair value estimate. At current levels, the shares look overvalued. An improv...
AB InBev: Slow boat to China. Adecco: 1Q19 results beat; quality beat and improved pricing. DSM: Pearls before swine. Kendrion: Automotive continues to be weak. PostNL: 1Q19 in line, 2019 outlook reiterated, mid term Parcels guidance encouraging. SBM Offshore: Liza Unity decided, more to follow. Sligro: Increasing its market position in the Dutch foodservice market. Solvay: Solid results on tough comps and headwinds, outlook slightly lowered. Vonovia: Boosts guidance and explains itself
AB InBev: 1Q volumes +1.3%, REBITDA +8.2% Bone Therapeutics: 1Q19 – cash at € 7.1m, phIIa ALLOB mid-June DSM: 1Q REBITDA +10% underlying, FY guidance upped PostNL: In line Q1 results / update of parcel business Sligro: Acquired parent company of De Kweker Solvac: TP to € 133 following Solvay’s 1Q19 update Solvay: 1Q REBITDA +2%, FY guidance lowered
The general evaluation of KONINKLIJKE DSM (NL), a company active in the Specialty Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 26, 2019, the closing price was EUR 94.18 and its potential was estimated at EUR 98.89.
AB InBev (ABIBB) reported first quarter results that were strong, albeit somewhat short of consensus estimates. Revenue came in at US$12,589m, set against consensus of US$12,644m. Revenue fell 3.8% against the 1Q18 reference base, which includes the effects of lease accounting under IFRS16 and hyperinflation accounting for Argentina. Guidance for 2019 was left unchanged as the company continues to expect strong revenue and EBITDA growth. AB InBev further confirmed that it is actively pursuing the listing of a minority stake in the Asia Pacific business on the Hong Kong Stock Exchange.
Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.
Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2
Nestlé (NESNVX) reported organic sales growth of 3%, in line with management guidance. This compares to 2.4% in FY17. Nestlé saw stronger momentum in its two largest markets, the US and China, and also reported higher organic growth in infant nutrition and confectionery. For the year ahead Nestlé expects a further improvement in organic sales growth and underlying TOP margin in line with the 2020 targets. We view today's results as solid and in line with expectations, balanced out by increased shareholder returns. As such we believe the effect on spreads to be neutral. (For full story, downloa...
In general, Koninklijke DSM ("DSM") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 9b, the supervisory board seeks authorisation to increase the Company's share capital in connection with mergers, acquisitions and/or strategic alliances. In aggregate, the authorities requested to issue shares are limited to 20% of the Company's share capital, which exceeds' ECGS' guidelines. Consequently, ECGS recommends to vote OPPOSE. There are no further peculiarities.
Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...
Under agenda item 5a, it is proposed to amend the Articles of Association in relation to the Cumulative Preference Shares A. The changes are such that the dividend percentage of the Preference Shares will every year be based upon the dividend yield of the ordinary shares in the preceding year. We have no concerns over the proposed amendment, we consider the proposed return on the Cumprefs A to be fair. We recommend approval.Under agenda item 10b, it is proposed to authorize the Management Board for a period of 18 months to restrict or exclude the pre-emptive rights allowed to shareholders in r...