Euronext Brussels: bemol at the insurer, praise for the grocer
Ageas is not ready for a solid quarterly report and that has to do with the capital buffer. After a strong summer, Ahold Delhaize is boosting its profit forecast, which translates into a record price.
European stocks will remain close to home on Wednesday. After eight days of gains, the American stock markets closed in the negative on Tuesday. The perfect fear is back. The Chinese producers knew their selling prices in 26 years last month and the future figure will be published after the afternoon price.
The Bel20
follows the general trend, trading 0.1 percent lower at 4,382 around 12:25 PM. In the index there are two striking opposites: Colrut and Ageas.
The retailer from Halle wins 3.5 percent to 44.05 euros without company-specific news. pursuit of profit Colruyt
of the message that yet another retailer is disappearing from the stock market after a billion-dollar bid. The major shareholder of ICA, together with the pension fund AMF, is making an offer with the intention of delisting the Swedish supermarket chain.
One of the biggest fallers in the Bel20 is ageas
. The listed group above AG Insurance recorded a net profit of EUR 568 million in the first nine months, better than expected. CEO Hans De Cuyper talks about ‘excellent results’ that were achieved despite the impact of the floods and low interest rates in China.
The fact that the share is still under pressure has to do with the capital buffer. Investors focus more on this than on earnings because capital buffers are important for estimating the regulatory minimum and therefore for future payments on top of regular dividends.
“The biggest negative factor is the capital buffer, which is well below expectations,” said UBS analyst Colm Kelly. He maintains his ‘hold’ advice.
Still in the Bel20 wins aedifica
0.5 percent to 116.20 euros. The lessor makes excellent results over the first nine months and forecast forecast for the result of the operating activities 4.28 euros per share in prospect. The figure on the result, restated to 12 months, was 4.23 euros per share.
Margin of profit
Another shop is in the spotlight on the broad market. Ahold Delhaize
had an excellent summer quarter in which turnover increased by 5 percent to a revenue that exceeded 8.5 billion euros. US stores in particular performed strongly, with nearly 3 percent growth in stores that have been open for at least a year.
Ahold Delhaize exceeds the bar with its operating profit of 812 million euros and a profit margin of 4.4 percent. Frans Muller, the CEO of Ahold Delhaize, expects a profit margin of 4.4 percent for the full year, compared to 4.3 percent earlier.
“Once again a very strong set of results that match the consensus estimates on all fronts,” said analyst Michiel Declercq of KBC Securities, who reiterated his buy recommendation and price target of 32 euros.
Ahold Delhaize jumped 3.8 percent to 29.60 euros, a record price. The Dutch-Belgian retailer has already become a quarter more expensive on the stock exchange this year.
Cheap Chinese packages
It goes less well bpost
that 1.6 percent lost weight to 7.57 euros. Tuesday evening’s quarterly report was broadly in line with the analyst consensus: turnover that is almost stabilizing compared to the strong percentage of 2020 and an operating profit that falls by 44 percent from 30 million to 39 million euros. CEO Dirk Tirez maintains the annual forecast for an operating profit of ‘at least 340 million euros’.
Analyst Frank Claassen of Degroof Petercam changed his price target from 12 to 10.5 euros. In his sum-of-the-parts calculation, he past a lower multiple toe, named 9 instead of 10 times the operating profit (EBIT). This represents a slight discount to European peers, whose multiples are somewhat lower.
A second reason is that Claassen’s forecast for the recurring operating profit (rebit) for 2022 has decreased by approximately 5 percent, from 320 to 304 million euros. He refers to automatic wage indexation in Belgium
The new price target offers more than 35 percent upside potential, so the analyst is advised to buy.