Dia 1 · 2019. 9. 30. · Title: Dia 1 Author: Bart Created Date: 9/26/2019 12:55:58 PM

VFB Dag van de Tips 2019 www.beurstips.com

Socfinasia (-19,2%; Max: -19,2%)

Luxemburg beperkte handel

Impact handelsoorlogpalmolie: +9,8% | rubber -0,22%

Operationeel beter dan Sipef

Geen vulkaanproblemen

Exmar (+0,6%; Max: +25,5%)

Contract Tango FLNG

Herfinanciering NOK obligatieSaverex van CEO verkocht

EnWave (+74%; Max: +116,3%)

Succes cannabismarkt

Sucess verkoop gedroogde kazen (MoonCheese)

VFB Selectie 2018: (+18,5%; max. +40,85%)23/09/2019 12.60 EUR (-2.33%)SOCFINASIA

11.8

12

12.2

12.4

12.6

12.8

13

13.2

13.4

13.6

13.8

14

14.2

14.4

14.6

14.8

15

15.2

15.4

15.6

15.8

16

16.2

16.4

16.6

16.8

+7%

+5%

+3%

+2%

0%

-2%

-3%

-5%

-6%

-7%

-9%

-10%

-11%

-12%

-14%

-15%

-16%

-17%

-18%

-19%

-20%

-21%

-22%

-23%

-24%

-25%

1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%

5.4%5.4%5.4%5.4%5.4%5.4%5.4%5.4%5.4%

2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%

5.1%5.1%5.1%5.1%5.1%5.1%5.1%5.1%5.1%

5.1%5.1%5.1%5.1%5.1%5.1%5.1%5.1%5.1%

3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%

4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%

4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%4.2%

6.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0%

3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%

10.4%10.4%10.4%10.4%10.4%10.4%10.4%10.4%10.4%

5.8%5.8%5.8%5.8%5.8%5.8%5.8%5.8%5.8%

15.8%15.8%15.8%15.8%15.8%15.8%15.8%15.8%15.8%

6.6%6.6%6.6%6.6%6.6%6.6%6.6%6.6%6.6%

0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%

3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%

0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%

0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%

0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%

2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%

CloseCloseCloseCloseCloseCloseCloseCloseClose Avg. (40 M)Avg. (40 M)Avg. (40 M)Avg. (40 M)Avg. (40 M)Avg. (40 M)Avg. (40 M)Avg. (40 M)Avg. (40 M) Avg. (200 M)Avg. (200 M)Avg. (200 M)Avg. (200 M)Avg. (200 M)Avg. (200 M)Avg. (200 M)Avg. (200 M)Avg. (200 M)

OctSepAugJulJunMayAprMarFeb19DecNovOctSepAug

VolumeVolumeVolumeVolumeVolumeVolumeVolumeVolumeVolume Avg. (50 E)Avg. (50 E)Avg. (50 E)Avg. (50 E)Avg. (50 E)Avg. (50 E)Avg. (50 E)Avg. (50 E)Avg. (50 E)

23/09/2019 5.53 EUR (-0.72%)EXMAR

5.2

5.25

5.3

5.35

5.4

5.45

5.5

5.55

5.6

5.65

5.7

5.75

5.8

5.85

5.9

5.95

6

6.05

6.1

6.15

6.2

6.25

6.3

6.35

6.4

6.45

6.5

6.55

6.6

6.65

6.7

6.75

+6%

+5%

+4%

+3%

+2%

+1%

+1%

-0%

-1%

-2%

-3%

-4%

-5%

-5%

-6%

-7%

-8%

-9%

-9%

-10%

-11%

-12%

-12%

-13%

-14%

-14%

-15%

-16%

-16%

-17%

-17%

-18%

0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%

4.1%4.1%4.1%4.1%4.1%4.1%4.1%4.1%4.1%

5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%

2.3%2.3%2.3%2.3%2.3%2.3%2.3%2.3%2.3%

1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

4.4%4.4%4.4%4.4%4.4%4.4%4.4%4.4%4.4%

6.5%6.5%6.5%6.5%6.5%6.5%6.5%6.5%6.5%

2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%

5.3%5.3%5.3%5.3%5.3%5.3%5.3%5.3%5.3%

7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%

5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%5.6%

1.9%1.9%1.9%1.9%1.9%1.9%1.9%1.9%1.9%

3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%

5.4%5.4%5.4%5.4%5.4%5.4%5.4%5.4%5.4%

4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%

4.6%4.6%4.6%4.6%4.6%4.6%4.6%4.6%4.6%

2.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%2.2%

3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%

6.7%6.7%6.7%6.7%6.7%6.7%6.7%6.7%6.7%

0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%

0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

1.2%1.2%1.2%1.2%1.2%1.2%1.2%1.2%1.2%

2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%

1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%

5.2%5.2%5.2%5.2%5.2%5.2%5.2%5.2%5.2%

3.9%3.9%3.9%3.9%3.9%3.9%3.9%3.9%3.9%


OctoberSeptemberAugustJulyJuneMayAprilMarchFebruari2019DecemberNovemberOctoberSeptember


23/09/2019 2.14 CAD (+3.88%)ENWAVE

1.25

1.3

1.35

1.4

1.45

1.5

1.55

1.6

1.65

1.7

1.75

1.8

1.85

1.9

1.95

2

2.05

2.1

2.15

2.2

2.25

2.3

2.35

2.4

2.45

2.5

2.55

2.6

+71%

+65%

+59%

+53%

+48%

+43%

+38%

+34%

+30%

+26%

+22%

+19%

+16%

+13%

+10%

+7%

+4%

+2%

-0%

-3%

-5%

-7%

-9%

-11%

-13%

-14%

-16%

-18%

2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%

2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%

2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%

3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%

6.2%6.2%6.2%6.2%6.2%6.2%6.2%6.2%6.2%

2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%

3.2%3.2%3.2%3.2%3.2%3.2%3.2%3.2%3.2%

4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%

2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%

2.3%2.3%2.3%2.3%2.3%2.3%2.3%2.3%2.3%

0.8%0.8%0.8%0.8%0.8%0.8%0.8%0.8%0.8%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

3.7%3.7%3.7%3.7%3.7%3.7%3.7%3.7%3.7%

2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%

0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%

4.1%4.1%4.1%4.1%4.1%4.1%4.1%4.1%4.1%

0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%

3.7%3.7%3.7%3.7%3.7%3.7%3.7%3.7%3.7%

8.1%8.1%8.1%8.1%8.1%8.1%8.1%8.1%8.1%

12.1%12.1%12.1%12.1%12.1%12.1%12.1%12.1%12.1%

4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%

4.8%4.8%4.8%4.8%4.8%4.8%4.8%4.8%4.8%

4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%

5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%

4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%


1000000

OctSepAugJulJunMayAprMarFeb19DecNovOctSep



Resilux: Na het zaaien zal de oogst volgen…

VFB Selectie 2019

Belgische petpreformproducent, blaast ook plastic flessen + pet-recyclagefabriek in Zwitserland

9 productiefaciliteiten BE, ESP, GRE, RUS, CH, USA, HU, ROE, SERB + Inhouse CH, GER

Margeverbeteringlightweight, dubbele wanden, andere toepassingen food & drinks, recyclage



VFB Selectie 2019

Komt uit zware investeringscyclus2017 8,1 mio euro2018 34,5 mio euro Nieuwe recyclagefabriek in CH2019 H1: 17,4 mio euro Nieuwe fabriek Roemenië

Nieuwe machines

Combinatie van: te late opstart recyclagete late levering machinesslechte zomer 2019

Volumes + 6,4% Omzet +11,3%Toegevoegde waarde +0,7%

www.beurstips.com


VFB Selectie 2019

H2 2019Groei volumesEBITDA H2 2019 = H2 2018: 20,7 mio euro -> 2019 EBITDA: 42,7 mio euro

Investeringen gaan fors dalen

2020? De oogst zal volgenInvesteringen nemen verder af -> eind 2020 schuldenvrijGroei t.o.v. referentiejaar 2018 (43,8 moi euro EBITDA)Hefboom op winst!

Waardering 2019K/W = 16,8 EV/EBITDA = 5,8 Div%= 2,3 K/boekwaarde = 1,9

VFB Dag van de Tips 2019



VFB Selectie 2019

24/09/2019 130.50 EUR (-0.38%)RESILUX

118

120

122

124

126

128

130

132

134

136

138

140

142

144

146

148

150

152

154

156

158

160

162

164

166

168

170

172

174

176

178

180

182

184

186

188

+11%

+9%

+7%

+5%

+4%

+2%

0%

-1%

-3%

-4%

-5%

-7%

-8%

-9%

-11%

-12%

-13%

-14%

-15%

-16%

-17%

-18%

-19%

-20%

-21%

-22%

-23%

-24%

-25%

-26%

-27%

-27%

-28%

-29%

-30%

-31%

0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%

0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%

0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%

0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%

1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%

3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%

1.8%1.8%1.8%1.8%1.8%1.8%1.8%1.8%1.8%

3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%

2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%

2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%

3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%

4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%4.7%

10.2%10.2%10.2%10.2%10.2%10.2%10.2%10.2%10.2%

3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%

4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%

5.1%5.1%5.1%5.1%5.1%5.1%5.1%5.1%5.1%

6.8%6.8%6.8%6.8%6.8%6.8%6.8%6.8%6.8%

4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%

3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%

6.5%6.5%6.5%6.5%6.5%6.5%6.5%6.5%6.5%

3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%3.3%

3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%

2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%

2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%

2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%

1.8%1.8%1.8%1.8%1.8%1.8%1.8%1.8%1.8%

1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%

8.5%8.5%8.5%8.5%8.5%8.5%8.5%8.5%8.5%


20000

40000

60000

OctSepAugJulJunMayAprMarFeb19DecNovOctSepAugJulJunMayAprMarFeb18DecNovOctSepAugJulJunMayAprMarFeb17DecNovOctSepAugJulJunMayAprMarFeb16DecNovOctSepAugJulJunMay


LT Koersdoel: 205 euro

Overnamekandidaat

Enorme honger Private equityspelers


Exmar: Van opportuniteit naar realiteit

VFB Selectie 2019

Uitbater & bouwer van LNG-infrastructuur, LPG-schepen en ondersteunende diensten



VFB Selectie 2019

Okt 2018 – Huurinkomsten FSRU - GunvorEBITDA = 23,5 mio $/jaar

Okt 2018 – Herfinanciering drukvloot | 60 mio $

Nov 2018 - Verhuur Tango FLNG aan YPFEBITDA > 43 mio $/jaarOpgestart in mei 2019 Volledige productie – sept 2019

April 2019 – nieuw contract 2 VLGC-tankers voor Equinor

Juni 2019 – obligatielening 650 mio NOK/75 mio $



VFB Selectie 2019

H1 2019 2018 2017 2017

Meerwaarden 31.900.000 73.800.000 25.000.000

Operating Income ↑↑↑ 99.500.000 170.400.000 214.900.000 305.900.000

EBITDA ↑↑↑ 48.500.000 67.400.000 141.400.000 116.500.000

LNG ↑↑ 2.100.000 6.100.000 42.600.000 50.400.000

Offshore ↑ -700.000 -1.800.000 -7.300.000 -1.700.000

LPG ↑↑ 24.600.000 29.800.000 31.300.000 41.700.000

Services & Holding ↑ 100.000 1.800.000 25.500.000 -1.200.000

Net Income ↑↑↑ -7.800.000 -15.900.000 28.000.000 40.400.000

Net debt ↙↙ 550 576 554 559

RE

BIT

DA

2020

130



VFB Selectie 2019

Koersdoel: 11,5 euro

Eenmaal borg FLNG vrijKapitaalvermindering?Inkoop eigen aandelen?Om Saverex schuldenvrij te maken

BonusForse toename LPG-tarieven

24/09/2019 5.45 EUR (-1.45%)EXMAR

4

4.2

4.4

4.6

4.8

5

5.2

5.4

5.6

5.8

6

6.2

6.4

6.6

6.8

7

7.2

7.4

7.6

7.8

8

8.2

8.4

8.6

8.8

9

9.2

9.4

9.6

9.8

10

10.2

10.4

10.6

10.8

+36%

+30%

+24%

+18%

+14%

+9%

+5%

+1%

-3%

-6%

-9%

-12%

-15%

-17%

-20%

-22%

-24%

-26%

-28%

-30%

-32%

-34%

-35%

-37%

-38%

-39%

-41%

-42%

-43%

-44%

-45%

-47%

-48%

-49%

-50%

2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%

1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%

2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%

3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%3.6%

2.3%2.3%2.3%2.3%2.3%2.3%2.3%2.3%2.3%

2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%

3.8%3.8%3.8%3.8%3.8%3.8%3.8%3.8%3.8%

4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%

6.1%6.1%6.1%6.1%6.1%6.1%6.1%6.1%6.1%

10.5%10.5%10.5%10.5%10.5%10.5%10.5%10.5%10.5%

7.9%7.9%7.9%7.9%7.9%7.9%7.9%7.9%7.9%

6.9%6.9%6.9%6.9%6.9%6.9%6.9%6.9%6.9%

5.7%5.7%5.7%5.7%5.7%5.7%5.7%5.7%5.7%

4.8%4.8%4.8%4.8%4.8%4.8%4.8%4.8%4.8%

2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%

1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%

2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%2.6%

3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%

1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%

1.1%1.1%1.1%1.1%1.1%1.1%1.1%1.1%1.1%

1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%

1.2%1.2%1.2%1.2%1.2%1.2%1.2%1.2%1.2%

0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%

0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%0.9%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%

1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%

1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%

1.9%1.9%1.9%1.9%1.9%1.9%1.9%1.9%1.9%

2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%

2.1%2.1%2.1%2.1%2.1%2.1%2.1%2.1%2.1%

1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%

1.1%1.1%1.1%1.1%1.1%1.1%1.1%1.1%1.1%

1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%

0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%


2019201820172016



ForFarmers: Na de slechte oogst…

VFB Selectie 2019

Nederlandse veevoederspecialist: #1 Europa

Opgestart als coöperatie in 1896 – 2016 IPO Euronext Amsterdam

Actief in Nederland, Duitsland, België, Polen en het VK



VFB Selectie 2019

H2 2018 – H1 2019: Rampjaar

Ondanks groei volumes: (H1: totaal +5,2% & mengvoer +7,2%)EBITDA en nettowinst onder druk

Verkeerde hedgingpositiesUitzonderlijke droogte in 2018

Woog tot in Q2 2019H1 2019: Courante EBITDA 35,8 mio euro; -31,5%H1 2019: Courante nettowinst 11,9 mio euro; -61,5%

ActieKostenbesparingsprogramma 10 mio euro; impact Q4 2019Inkoopprogramma 30 miljoen euro



VFB Selectie 2019

25/09/2019 5.70 EUR (-0.18%)FORFARMERS

5.8

6

6.2

6.4

6.6

6.8

7

7.2

7.4

7.6

7.8

8

8.2

8.4

8.6

8.8

9

9.2

9.4

9.6

9.8

10

10.2

10.4

10.6

10.8

11

11.2

11.4

11.6

11.8

12

-2%

-5%

-8%

-11%

-14%

-16%

-19%

-21%

-23%

-25%

-27%

-29%

-30%

-32%

-34%

-35%

-37%

-38%

-39%

-41%

-42%

-43%

-44%

-45%

-46%

-47%

-48%

-49%

-50%

-51%

-52%

-52%

3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%

2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%

1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%

4.6%4.6%4.6%4.6%4.6%4.6%4.6%4.6%4.6%

1.6%1.6%1.6%1.6%1.6%1.6%1.6%1.6%1.6%

8.2%8.2%8.2%8.2%8.2%8.2%8.2%8.2%8.2%

6.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0%

2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%

5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%

3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

2.4%2.4%2.4%2.4%2.4%2.4%2.4%2.4%2.4%

1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%

1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%1.4%

2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%

3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%

2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%2.7%

1.1%1.1%1.1%1.1%1.1%1.1%1.1%1.1%1.1%

4.1%4.1%4.1%4.1%4.1%4.1%4.1%4.1%4.1%

3.2%3.2%3.2%3.2%3.2%3.2%3.2%3.2%3.2%

4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%4.9%

7.6%7.6%7.6%7.6%7.6%7.6%7.6%7.6%7.6%

4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%

3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%3.1%

1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%1.7%

3.7%3.7%3.7%3.7%3.7%3.7%3.7%3.7%3.7%

3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%

1.6%1.6%1.6%1.6%1.6%1.6%1.6%1.6%1.6%

0.8%0.8%0.8%0.8%0.8%0.8%0.8%0.8%0.8%

2.1%2.1%2.1%2.1%2.1%2.1%2.1%2.1%2.1%

2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%2.9%

1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%


OSAJJMAMF19DNOSAJJMAMF18DNOSAJJMAMF17DNOSAJJ


Koersdoel: 10,5 euro

Sterke verbetering EBITDAin H2 2019~ 120 mio euro in 2020

= +20% tov 2018

Dia 1 · 2019. 9. 30. · Title: Dia 1 Author: Bart Created Date: 9/26/2019 12:55:58 PM

Documents

Transcript of Dia 1 · 2019. 9. 30. · Title: Dia 1 Author: Bart Created Date: 9/26/2019 12:55:58 PM