NIBC HOLDING N.V.

NIBC Holding NV. 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

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
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
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
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

ING
Research Department

Benelux Morning Notes

Aperam: EU Commission opens Phase II investigation into VDM acquisition. NIBC: Investor day feedback– part 2. Royal Dutch Shell: Western Hemisphere upstream shows strong progress

ING
Research Department

Benelux Morning Notes

Befimmo: Doubling down on (re)developments. bpost: higher than expected tariff increases. Cofinimmo: appoints Germany country head. Covivo: BNS interim div, merger exchange ratio adjusted. NIBC: Investor day – second interim dividend. PostNL: more favourable bargaining position vs Sandd? TomTom: Telematics sale into round two according to FD. Unilever: Changing of the guard. VGP: Enters Austria. Vopak: More clarity on its plans, interesting times ahead

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
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.

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

Coffee, Croissants & Credit/Pernod Ricard and NIBC Bank

Pernod Ricard (RIFP) reported FY18 results this morning, which we view as a moderate positive for the company's bonds. Sales were in line with consensus of €9bn and were down 0.3% on a reported basis. Organically, however, sales improved 6% overall with growth in all regions, but this was offset by an FX headwind of 6%, mainly due to the US dollar. Sales growth was fuelled by a strong performance in India and China, as well as another solid year for the Jameson brand, which recorded 14% organic growth. The company's Strategic International brands grew 7% on an organic basis, compared to 4% in ...

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