NIBC HOLDING N.V.

NIBC Holding NV is a Netherlands-based merchant bank with a focus on the mid-cap segment in Western Europe. NIBC offers corporate finance, risk management and investment management solutions to corporate and financial institutions, institutional investors, financial sponsors and family offices. The Bank's activities are centered on two main pillars. The Merchant Banking business offers advisory, financing and co-financing services to businesses in the technology, manufacturing and food, agricultural and retail sectors in the Benelux and Germany. The Specialised Finance pillar offers asset and project financing services to a range of business sectors, including the shipping, oil & gas services, infrastructure & renewables and commercial real estate sectors. The Company also provides Treasury services. As of December 31, 2010, the Bank owned direct and indirect subsidiaries in the Netherlands, the United States, Germany and Singapore, including NIBC Bank NV.
  • TickerNIBC
  • ISINNL0012756316
  • ExchangeEuronext Amsterdam
  • SectorBanks
  • CountryNetherlands

Analysts

ING
Research Department

Benelux Morning Notes

Deutsche Wohnen: Low NAV growth. Kendrion: It is what it is. NIBC: Rebalancing the corporate book on track, some temporary cost headwinds. Takeaway.com: Deliveroo throws in the towel in Germany. TKH: Operating income lower than expected. Van Lanschot Kempen: 1H19 difficult for NNM, expect reassurance on cost discipline

ING
Research Department

Benelux Morning Notes

AMG: Issues over US$300m in bonds to fund catalyst recycling capacity expansion. Arcadis: Do not count on disappointments. Cofinimmo: Surprises with €300m Belgian acquisitions. Deceuninck: Taken to court over its “So-Easy Aluminium” JV. Fagron: US$22m DOJ settlement: limited impact; overhang removed. NIBC: Review by DNB results in B3 CET 1 ratio reduction but neutral impact on Basel 4

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/CSPP2 to include BB high yield?, Tesco and NIBC

CSPP2 to include BB high yield paper?

NIBC HOLDING NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of NIBC HOLDING NV (NL), a company active in the Investment Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 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 April 16, 2019, the closing price was EUR 8.64 and its potential was estimated at EUR 9.28.

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

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.

ING
Research Department

Benelux Morning Notes

Deutsche Wohnen: Low NAV growth. Kendrion: It is what it is. NIBC: Rebalancing the corporate book on track, some temporary cost headwinds. Takeaway.com: Deliveroo throws in the towel in Germany. TKH: Operating income lower than expected. Van Lanschot Kempen: 1H19 difficult for NNM, expect reassurance on cost discipline

ING
Research Department

Benelux Morning Notes

AMG: Issues over US$300m in bonds to fund catalyst recycling capacity expansion. Arcadis: Do not count on disappointments. Cofinimmo: Surprises with €300m Belgian acquisitions. Deceuninck: Taken to court over its “So-Easy Aluminium” JV. Fagron: US$22m DOJ settlement: limited impact; overhang removed. NIBC: Review by DNB results in B3 CET 1 ratio reduction but neutral impact on Basel 4

ING
Albert Ploegh, CEFA

NIBC/Building the curve(s)/BUY

NIBC delivered a good set of results after the IPO last year. The turnaround in profitability has been impressive in recent years. We expect NIBC to build the curve on dividend pay-out. 2018 DPS was €0.87 (pay-out ratio: 58%) or, excluding €0.25 in special elements, €0.61 (at a 50% pay-out ratio). We estimate DPS of €0.75 for 2019 (at 60% pay-out) or 9.2% yield. We rate NIBC a BUY; TP €10.0.

ING
Research Department

Benelux Morning Notes

Ahold Delhaize: Ending 2018 in style. Air France-KLM: Dutch State stepping into AF-KLM. Colonial: Prime position pays off in 2018. GrandVision: FY18 EBITDA in line with consensus. Heineken: The OXXO gravy train keeps running. NIBC: Delivering on IPO promises – 2019F div yield >8%. NSI: Acquisition in Amsterdam. Signify: CEO sell-side dinner feedback. Solvay: 4Q18 in line, 2019 outlook cautious as anticipated

ING
Research Department

Benelux Morning Notes

DWS: Cost efficiency measures well on track, NNM worse than expected. KPN: Bloomberg reports bid talks instigated by Brookfield. NIBC: 2H18F preview - bringing home the goodies. Signify: Mixed 4Q18 update; margin improvement, but FCF trend negative. Staffing sector: Manpower 4Q18 results, 1Q19 outlook weak. January trend stabilization. Vonovia: The elephant has officially left the room. WDP: Boosts growth plan & strong value uplift

NIBC HOLDING NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of NIBC HOLDING NV (NL), a company active in the Investment Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 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 April 16, 2019, the closing price was EUR 8.64 and its potential was estimated at EUR 9.28.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/CSPP2 to include BB high yield?, Tesco and NIBC

CSPP2 to include BB high yield paper?

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

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.

ING
Suvi Platerink Kosonen

European banks/How deep is your NPS need

We take a look at the European banks bail-in senior issuance plans for 2019 after the lively start to the year. We continue to see value in bail-in senior paper over preferred senior debt and note that several banks are already very well positioned in terms of their full year issuance plans.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Ahold Delhaize, NIBC, Vodafone, AT&T, Iberdrola, A2A and Suez

Ahold Delhaize (ADNA) released its full 4Q18 and FY18 earnings report this morning, having already issued a trading statement on 23 January. Underlying operating income for the full year reached €2,554m, up from €2,456m in FY17 and a touch ahead of company compiled consensus. The underlying operating margin advanced from 3.9% to 4.1%. Ahold Delhaize enjoyed a solid final quarter, in which underlying operating profit grew to €691m (cons: €675m, 4Q17: €631m).

ING
Suvi Platerink Kosonen

NIBC/NPS issuance to support preferred paper/CHALLENGED

NIBC has a bail-in resolution strategy at NIBC Bank level. The MREL requirement is not published, but we estimate a MREL gap of €0.6-1.3bn, to be met by non-preferred senior paper. This should provide technical support to the outstanding senior paper. Also, NPS issuance may result in a rating upgrade by S&P. We stick to a Challenged credit assessment and see the upgrade potential to be limited because of the concentrated business model.

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