Just Eat Takeaway buys shares, it is perhaps the biggest surprise of the trading day with many figures.
And what the share price does to it… The market really does not know what to do with the figures of Just Eat Takeway. Opening of more than +5%, then the share fell to -6% and you can see the closing price. More about the trading update of the meal delivery service in a moment, because there is certainly something to be said about that.
The AEX is out of tune in Europe today with a fall and we only have to look at Veldhoven for that. The Q1 figures (or rather the order book) of ASML are poorly received and this fund forms approximately 15% of the AEX value. Wall Street is narrowly falling, interest rates are rising and the dollar is losing some.
ASML
ASML may have exceeded its own expectations and those of analysts, but the fund was still judged on the stock exchange… on the sharply reduced order book? Equity analyst Niels Koerts puts the quarterly figures to the test for the IEX BeleggerDesk and tells you more:
The order intake amounted to €3.75 billion, which is a clear setback. ASML says nothing concrete about this, but we suspect that TSMC has withdrawn part of its orders. Rumors about this already came out last Monday.
This is not unimportant, because TSMC is by far ASML’s largest customer. TSMC will present its first quarter figures tomorrow and more clarity is expected then. CEO Peter Wennink reports that he sees mixed signals from the various end markets.
The number of orders is negatively affected by the fact that companies reduce their inventories. The fact is that demand is still higher than ASML’s production capacity, so the backlog is €38.9 billion.
The chip machine manufacturer from Veldhoven was able (once again) to issue a strong outlook for the coming year. The big question for the IEXInvestorsDesk: is this enough to adjust the price target? You can read that in the following analysis:
Rock-solid number set from ASML IEX Premium via @IEXnl
— IEX Investors Desk (@Beleggersdesk) April 19, 2023
Look, this is how CNBC presents the ASML story. Does the unfamiliarity with a non-American share radiate from it again?
$ASMLa key supplier to chipmakers, beat Q1 estimates, but noted signs of caution. @KristinaParts has a read on the health of the chip sector: pic.twitter.com/ta2FBvF7s7
— Squawk Box (@SquawkCNBC) April 19, 2023
Where ASML is, ASMI and Besi are and Patrick Beijersbergen looks at the latter for an option construction:
Earn even more with Besi IEX Premium via @IEXnl
— IEX Investors Desk (@Beleggersdesk) April 19, 2023
Then this one sounds like a lot, but if you consider that ASML’s order book alone is €38.9 billion…
Europe approves its $47 billion answer to Biden’s CHIPS Act — here’s everything that’s in it
— CNBC (@CNBC) April 19, 2023
Just Eat Takeaway
The magic words of share buybacks and higher EBITDA expectations are not doing well with investors today, as Just Eat Takeaway presents the trading update for the first quarter. Martin Crum takes a closer look at the update for the IEX BeleggersDesk:
In a bull market phase, investors focus on the positives, while in a bear market phase, the emphasis is more on the lesser aspects. Yet Just Eat Takeaway can do little more than it already does.
The announced €150 million share buyback program came as a pleasant surprise, as did the increase in expected adjusted EBITDA for this year to €275 million.
It is also important to note that management expects a GTV of between -4% and +2% for this year. and that is more relevant than the visible contraction yoy of the first quarter given the impact of the corona measures that were still in place at the beginning of 2022.
Is Just Eat Takeaway a buy again? You can read that here in the premium analysis on the trading update:
Meal delivery driver raises outlook for 2023 IEX Premium via @IEXnl
— IEX Investors Desk (@Beleggersdesk) April 19, 2023
Well, what else can we say about it?
CM.com
Today it seemed for a moment as if CM.com would rise above € 9 again, after the group presented its figures this morning before trading. However, the euphoria has subsided over the course of the day. According to our analyst, the major pain point for the company is the lack of distinctiveness:
CM.com stated in the presentation of the Q1 figures that it will continue on the path to profitability. The penny has now also fallen at CM.com that investors have shifted their focus from growth to profitability.
The company has understood that message well. That is why the focus has shifted to cost control and efficiency improvements. CM.com partly succeeded in this last quarter, as witnessed by the recovery of the gross margin.
Martin Crum will tell you whether CM.com is finally worth buying:
Margin recovery for CMcom but growth comes to a standstill IEX Premium via @IEXnl
— IEX Investors Desk (@Beleggersdesk) April 19, 2023
Warehouses De Pauw
Warehouses De Pauw is screwed on the Damrak after the presentation of the first quarter figures. Our BeleggersDesk suspects that the punishment on the stock market is due to the write-downs.
WDP can easily bear a small write-down, because the loan-to-value is still a very healthy 36.2%. The previous issues used for acquisitions and balance sheet strengthening were certainly also intended to absorb possible future write-downs.
In that respect, WDP has done very well and there is also financial scope for possible acquisitions. The group emphasizes that it can also withstand further interest rate fluctuations with debts that are fully hedged.
The latter is of course beneficial, but cannot prevent write-downs. You can read here whether the continued demand for logistics real estate and the strong company structure are enough for Peter Schutte to give positive advice:
Investors more cautious with WDP IEX Premium via @IEXnl
— IEX Investors Desk (@Beleggersdesk) April 19, 2023
Tonight there is Tesla with figures that today will lower the sales prices for Model 3 and Model Y again. For the sixth time this year. None for a while pricing power so, what a disappointment.
Tesla slashed the starting price of its top-selling vehicle by almost a third in just over three months, making discounts that had already divided analysts all the more unprecedented
— Bloomberg Markets (@markets) April 19, 2023
Sign of the times IITesla isn’t the only big tech fund to experience these years that not all lines go on forever double digits Blast through the charts from bottom left to top right:
Meta has started its latest round of layoffs, focusing on technical employees
— CNBC (@CNBC) April 19, 2023
Sign of the times III, the persistent R-word falls again – and this is not the first anonymous twitterer with zero followers – and seen from this it is perhaps not surprising that it is all a bit less at cyclicals ASML (order book then) ,Tesla, Meta and yes, who isn’t?
Bank of America CEO Brian Moynihan says that he sees a recession coming, but not a harsh one. pic.twitter.com/AgpBLPUpkc
— CNBC (@CNBC) April 19, 2023
Broad market
Heineken naturally steals the show with the price reaction to its figures. The group sold less beer, but at higher prices, so that turnover grew. Pricing power So. Excuse me, but you owe an analysis. All in all, it is not a special trading day, shares remain close to home and only bitcoin stands out.
Oil is also considerably lower and gold is not correct, which is -0.6%.
Not unimportantly, volatility is at its lowest since literally January 3, 2022, according to the CBOE VIX Index.
For risk appetite, you can also look at crypto and bitcoin has a decline today.
Interest rates reflect that of Jetje or Christine today and UK rates are even screeching upwards on screeching inflation: 10% YoY.
These are the German 10-year interest rate (orange), which was just above zero a year ago, and the US one. The two are getting closer and closer. The market expects the ECB interest rate to peak at 4.75% and the Fed rate at 5.25% during the course of this year.
Today UK consumer prices came through a whopping 10% YoY for March and hence this look at interest rates. And inflation expectations. Those poor Brits… Literally, in fact. So the prices in the supermarket and if something is bad for (consumer) confidence…
Fair square 5
Today’s analyst advice, increases are for:
AMG and Heineken
Reductions:
Ahold Delhaize en Basic-Fit
The rest is a repeat and click on the picture for details.
Anything else? Market-wide, it is predominantly financials and defensives that save the furniture and cyclicals and tech that lose. Real estate is in bad shape, but that cannot be directly attributed to WDP, because completely different companies and business. Interest? That is precisely why financials are probably good again.
- Sign of the Times IV? Hypercyclicals ArcelorMittal and Randstad are just as bad as tech
- Alfen rises, but fell first, set another intraday low and the graph is clear: downward trend
- The VIX may fall on balance, but Flow Traders will move sideways again on balance
- TKH was good, but may also fall on the Amsterdam technology slump and should not fall out of the sharp upward trend
- CM.com, Azerion, Accsys, Majorel, Fastned, Vivoryon and Ebusco are almost always either at the top of the left row or stiffly at the bottom of the right row. Regardless of news and situation in the broad market. Today again. Unfortunately, there is no manual on which day, which share does what.
Apologies, you will not find DSM-Firnmenich in the AEX – data error – but that rises a nice +1.4%.
