Euronext Brussels: the upward channel of Euronav
Euronext Brussels is a red lantern in Europe. The fact that Agfa-Gevaert makes its offset printing plates more expensive points to margin pressure. Euronav steams through the entry of John Fredriksen.
After Thursday’s good performance (+1.6%), the European stock markets are continuing their rally sluggishly. On average, they gain 0.3 percent around 12:55 PM. They are thus heading for their best week in seven months: a plus of 2.3 percent. The season of the third quarter figures has got off to a sunny start and is heading into the background.
The Bel20
lags behind and even turns slightly red: the Brussels index drops 0.1 percent to 4,198 points. It is mainly the biopharma companies that are holding the brakes – Galapagos
drops 2.3 percent and Argenx
1.4 percent – but also defensive values such as Colruyt
(-0.9%) and Aedifica
(-0.9%) investors ignore.
In front of UCB
it’s an important day. This week, the US drug service FDA gives the green light for the launch of the psoriasis drug Bimzelx. That could become the biggest blockbuster in the history of the Belgian pharmaceutical company. Analysts estimate peak sales at more than 2.5 billion euros. In anticipation of good news from the US, UCB is 0.2 percent higher to 97.48 euros.
Withholding tax
Cofinimmo
is indirectly the victim of the government’s quest for new revenue. When drawing up the 2022 budget, the government decided that from next year, real estate companies should be set up in healthcare real estate for 80 instead of 60 percent of their portfolio in order to receive a dividend withholding tax of 15 instead of the most common 30 percent. can apply.
Real estate player Cofinim has been working for several years now to shift the center of gravity of its portfolio from offices to healthcare real estate, investing several million euros there. In the second quarter, the weight of healthcare real estate rose to 59 percent, so that the threshold of 60 percent was in sight. The shift to 80 percent is mainly a setback for small investors in Cofinimmo. The share fell 0.2 percent to 137.70 euros.
offset plates
For the third time in less than ten months Agfa-Gevaert
commits to increasing the price of offset plates and chemicals. It’s a double-digit increase, ie more than 10 percent. The most important raw material prices, especially aluminum, are the most important raw materials, but the trading activities also play a role.
Analyst Guyps of KBC Securities applauds the price increase, as it will absorb some of the more expensive commodities. However, it contains estimates for 2022 and beyond for the Offset Solutions branch. That brings him to lower the price target from 4.75 to 4.40 euros. His ‘buy more’ advice.
The following are the raw material prices and are further calculated on the half-year results already warned for a first second half of the year, this is not a big surprise, says Kris Kippers. ‘The aim is our vision that further margin improvement is not just around the corner.’ Kippers believes that Agfa is taking the right measures, but this will take time. He maintains his advice (hold) and price target (3.95 euros).
The margin pressure brings Agfa down 1.7 percent to 3.70 euros.
‘The Warren Buffett of Shipping’
Coup de theater at Euronav
. announced on Thursday that the Norwegian Cypriot shipping magnate John Fredriksen has bought the structural financial shares Euronav. According to an SEC filing, an official message to the American stock market watchdog, he now owns 9.8 percent of the Antwerp tanker shipping company. he is the largest shareholder.
That large position immediately before speculation that Fredriksen is looking for a combination of cooperation with his own tanker shipping company Frontline and Euronav. However, according to the Belgian company, it is a purely financial investment and there is – at the moment – no contact between Fredriksen and Euronav.
Fredriksen has a good nose for investments in the shipping sector. Specialists expect that the tanker sector, which has been in the rags for about a year, will see a recovery next year. According to analyst Peter Sand of the international shipping association Bimco, Fredriksen the Warren Buffett of shipping. He expects others to follow him.
Coincidence or not, Oddo BHF’s rating for Euronav goes from ‘neutral’ (hold) to ‘outperform’ (buy). The price target of analyst Thijs Berkelder rise from 7.50 to 10 euros.
The Euronav share, which has been on a strong climb since the annual low in mid-August (see chart) is busy, wins 2.7 percent to 9.08 euros.