Euronext Brussels: Recticel’s spring-loaded bed
Recticel has found a buyer for its mattress division and is thus arming itself even more against its attacker Greiner. IBA is going for a quarterly update that is positive across the board.
There is not much movement in the European stock markets on Thursday. Excellent results from, among others, ThyssenKrupp
are offset by price losses for oil stocks and miners. Nevertheless, the trend is over the positive weeks. Reuters news agency notes that the broad Stoxx Europe 600 has risen 17 times over the past 19 sessions. Thanks to the better policy plan and the still ultra-easy monetary policy of the ECB. Around 1 pm the Euro Stoxx 50 is trading stable.
The Bel20
, which often performed contrary to the day due to its composition, is on the same line on Thursday. The Brussels basket of star shares remains almost unchanged (-0.02%) at 4,284 points. If the biotech values made a slip on Wednesday, they will take the lead in the Bel20 today: Galapagos
2 percent up, Argentx
is 1.7 percent higher.
GBL in Klarna
The day after its investor day, GBL
completely zen. The share remains almost stable at 102.15 euros. GBL makes it clear that it is more about unlisted companies. The interest of listed companies, now accounting for 77 percent of the portfolio, should fall to around 60 percent.
Beka and Lattoflex
Recticel is the topper on the broad market
, which jumped 5.8 percent to 16.48 euros. The foam rubber producer has found a buyer for the Bedding department, known for the Beka and Lattoflex brands, among others. Payment 122 million euros including the Portuguese Aquino, which includes 97 million euros net.
Since the beginning of this year, Recticel has been looking for a buyer for the Bedding branch, the smallest and least realized of the company. The sale comes on top of that of Engineered Foams to the American Carpenter. In this way, Recticel wants to put a heel on the Austrian Greiner, which has a takeover bid for the company.
‘The sale of the bedding activities was expected for a long time (…). It is a further step in the transformation. The endgame is now approaching’, says Wim Hoste, an analyst at KBC Securities. He believes that there is considerably more value in the Recticel than (withdrawn) per Greet share and thinks there is a normal chance of agreeing to the sale of the Engineered Foams branch on 6 December. His additional buy advice and price target of 18 euros.
‘This deal reduces the valuation risk and settlement that Recticel will become an investment player Keuvreux,’ the stock exchange said. The advice continues to buy, the price target is 19 euros.
No forecast
Still in the highest regions is IBA
. The Walloon specialist in irradiation equipment came up with a qualitative trading update. All publications good progress. The proton therapy systems market is recovering in the US and remains active in Asia. The Other Accelerators branch is also doing well with 23 machines sold this year. CEO Olivier Legrain still does not dare to correct a financial forecast. He refers to the corona pandemic.
The analysts their targets and price targets. Investors know the update to taste and send the share 3.7 percent higher to 16.30 euros.
on security
Gimv
– which has a broken financial year – was able to present an excellent half-year report. At the end of September, the net asset value was EUR 51.60 per share, 11 percent more than at the end of March. Due to the significant growth of the companies in its portfolio, Gimv achieved a portfolio return of more than 14 percent.
What the second half of the year brings is a different story. The disruptions in the supply chains, the high prices of raw materials and energy and the limited impact on growth, says Gimv.
Despite the solid half-year report, KBC Securities adopted its advice from ‘buy’ to ‘hold’. Analysts Michiel Declercq and Guy Sips are impressed by the increased net asset value, it offers too little upside potential compared to the price of 59 euros.
The Gimv share crumbles 1.8 percent to 54.80 euros.
eye-catcher
The European stock markets are down slightly. But the markets should not complain: the 19 trading sessions rose no less than 17 times. In Brussels, Recticel scored with the sale of the mattress division. The figures of Lucas Bols and ThyssenKrupp are popular abroad.
The steel wire maker Bekaert publishes its quarterly update before the fair. It remains to be seen how the delays at the car and truck manufacturers due to a lack of chips will seep into the figures. Last month, KBC Securities lowered its forecasts for annual turnover and profit by 1 percent after poor figures from tire maker Michelin. For the first nine months of the year, analysts expect a turnover of 3.46 billion euros. Importantly, Bekaert reiterates its revenue forecast of 4.6 billion with a margin above 10 percent for 2021.