Commissioned Research

The research below is commissioned by the companies it encompasses. The reports are written by the analysts of the Degroof Petercam sell-side research team, who will regularly provide new updates.
Our commissioned research is intended only for EEA or UK institutional and professional investors. It is not directed at, or made available to, non-professional or retail investors.
More information on this service?
Show results
29 July 2022, Luuk van Beek
HY results in line with our estimates
  • H1 revenues in line, with 8.3% organic growth. Margins still impacted by additional investments in company’s positioning and future growth, as expected.
  • Guidance reiterated despite more cautious outlook on customer confidence.
  • Headcount growth is positive.
Ctac: HY results in line with our estimates
29.07.2022 | 9 pages
01 July 2022, Laura Roba
Good commercial progress but delay in clinical pipeline
  • TheraVet provides an H1 22 operational update ahead of the half year financial results to be published in September.
  • Key commercial milestones achieved during the period with the addition of three distribution agreements for BIOCERA-VET, the expansion of the bone substitutes portfolio with BIOCERA-VET SmartGraft and the commercial launch of the whole BIOCERA-VET line in Belgium, France, The Netherlands, Spain, UK & Ireland and the US.
  • EU pivotal study for VISCO-VET in canine osteoarthritis to be delayed by several months due to slower than expected enrollment as a result of the conflict in Ukraine and the Covid-19 pandemic.
TheraVet: Good commercial progress but delay in clinical pipeline
01.07.2022 | 8 pages
30 June 2022, Laura Roba
BIOCERA-VET launched in the US
  • TheraVet announced the commercial launch of BIOCERA-VET in the US which was one of the key catalysts expected in 2022
  • Launch timing is in line with previous communication
  • Texas, Florida and Carolinas will be targeted first with commercial launch in the rest of the US expected in H2 22
TheraVet: BIOCERA-VET launched in the US
30.06.2022 | 5 pages
10 June 2022, Luuk van Beek
Sharpening focus on most promising segments
  • With the divestment of Fit4Woco, the acquisition of Technology2Enjoy, the launch of a new security offering and the ‘ignite’ change program, Ctac is setting clear steps to optimize its positioning for future revenue and profit growth.
  • We update our valuation range from EUR 5.00-6.80 to EUR 4.90-7.50 based on updated historical valuation, peer group analysis and DCF. This corresponds with 29-97% upside.
  • We expect the ongoing promising organic growth in combination with the first benefits from the current investments to drive the share price. Profit growth can further be accelerated through acquisitions, bringing the revenue target of EUR 150m with an EBIT-margin of at least 8% within reach.
Ctac: Sharpening focus on most promising segments
10.06.2022 | 19 pages
02 June 2022, Laura Roba
Commercial launch of additional BIOCERA-VET products
  • Commercial launch of additional BIOCERA-VET products recently added to the portfolio.
  • Products will be available in Belgium, France, Netherlands, UK, Ireland and Spain.
  • Distribution will be ensured by wholesalers and distributors as well as through a new company webshop.
TheraVet: Commercial launch of additional BIOCERA-VET products
02.06.2022 | 4 pages
18 May 2022, Inna Maslova
Q1 Results
  • Net operating income landed at EUR 95m, up 32% YoY on the back of lower rent concessions granted. down 0.3% YoY. On the cost side, the company saw an increase of 47% YoY in property operating expenses due to high inflation and increasing energy costs.
  • Footfall remained below the pre-Covid levels in 2019 while tenant sales were in line or even above the 2019 levels thanks to a larger average basket size.
  • 2022 distributable earnings guidance reiterated to be at least +24% YoY.
  • Two-step migration from the Isle of Man to the Netherlands (via Luxembourg) has been approved by the shareholders, with completion of the process expected by September 2022.
  • We will update our estimates to reflect the results, reiterating our target valuation range for the time being.
NEPI Rockcastle: Q1 results
18.05.2022 | 8 pages
10 May 2022, Laura Roba
New distribution agreement for BIOCERA-VET
  • TheraVet signed a new distribution agreement for BIOCERA-VET
  • The agreement covers the UK and Ireland
  • No financial details disclosed
TheraVet: New distribution agreement for BIOCERA-VET
10.05.2022 | 4 pages
05 May 2022, Joren Van Aken
Streamlining of portfolio continues
Luxempart announced that it will divest its 60% stake in eduPRO. eduPRO a leading Austrian-German education group active in adolescent and adult-training programmes.
  • This divestment is in line with Luxempart’s strategy to further streamline its portfolio towards 20 lines by 2023 (33 at the end of 2021). In the annual report, Luxempart had already mentioned that several exit processes were ongoing. Most likely, eduPRO was one of them.
  • Luxempart will generate a high money multiple and an IRR significantly exceeding its long-term objectives (>12-15%). No further financial details were disclosed.
  • Despite there not being any additional financial information, we believe Luxempart will have received an interesting multiple for the stake. On one hand because it is a majority stake but also because private markets have proven to be resilient. Even considering the current volatile environment related to the Russia-Ukraine conflict, multiples have remained rather high in the private segment which has become significantly more expensive than public markets. We therefore believe that this divestment will have been at an attractive valuation.

Luxempart: Streamlining of portfolio continues
05.05.2022 | 5 pages
29 April 2022, Luuk van Beek
Investing in improved strategic positioning
  • Q1 revenues in line with 6% organic growth, profitability temporarily depressed by investments in new offering and internal improvements
  • Guidance reiterated despite more uncertain environment
  • Future positioning is taking shape, giving confidence in upside potential
Ctac: Investing in improved strategic positioning
29.04.2022 | 8 pages
28 April 2022, Joren Van Aken
2021: a year of transformation
  • A year of investing
    Investments in the direct investments portfolio amounted to EUR 206m, of which a sizeable stake of EUR 87m in Evariste (see our previous report on this acquisition here). The Group also added to its stake in SNP and Technotrans. In investment funds, new commitments amounted to EUR 98m. Both direct investments as investment funds were therefore above their annual target of EUR 150m and EUR 75m respectively. Going forward, Luxempart will aim to invest on average EUR 50m per ticket in order to have a meaningful impact on the NAV. At the same time, management also requires that all portfolio companies, regardless of the stake Luxempart has, grant Luxempart adequate governance rights. Luxempart wants to be an active partner in the companies it owns which is significantly different from the more passive approach we often see at other investment companies.
  • A year of streamlining
    While investing significantly in existing companies like SNP and Technotrans, the Group also continued its streamlining strategy bringing the amount of portfolio lines from 43 to 33. This was of course supported by the takeover offers on Zooplus and Schaltbau. The streamlining will continue in 2022 as there are a few exit processes still ongoing. By the end of 2023, the company wants to have a portfolio of ~20 companies.
  • A year of ESG
    Luxempart also increased its focus on ESG as the company reported a detailed Sustainability Report which the company intends to expand in the coming years. This trend is in line with what we have seen at other investment companies like Sofina for example. This offers the possibility of getting an attractive ESG rating and as a result being included in ESG funds or trackers.
Luxempart: 2021: A year of transformation
28.04.2022 | 8 pages
06 April 2022, Laura Roba
Progressing in the right direction
  • TheraVet published its FY21 results. Overall, encouraging results, broadly in line with our estimates. Revenues are still early stage but progressing in the right direction. Cash position stood at EUR 5.63m end of December 2021, providing runway until 2023e.
  • Contact with management has learnt that there might be some delays in the publication of interim results from the EU confirmatory study of VISCO-VET in canine osteoarthritis, depending on the evolution of the situation in Eastern Europe and the impact on Poland.
TheraVet: Progressing in the right direction
06.04.2022 | 8 pages
25 March 2022, Joren Van Aken
FY21 results: Strategic ambitions bearing fruit
  • NAV strongly above expectations: NAV came in at EUR 2,169m or EUR 107.8 p/s vs. our estimate of EUR 101.4 p/s. Beat is mainly coming from capital gains vs. last reported NAV stemming from 8 divestments in 2021, and significant improvement in underlying portfolio performance.
  • Dividend +12.5% showing confidence and resilience: Luxempart proposed a dividend of EUR 1.8 p/s (FY20: EUR 1.6 p/s) providing a yield of 2.4%. This was above our estimate of EUR 1.73 which in our view truly underlines the confidence management has in its portfolio going forward despite the current volatile environment. Over the medium term, management has the ambition to grow the dividend at a CAGR of ~10%.
  • Plenty of cash to continue to apply strategic objectives: At the end of the year, Luxempart held EUR 344m of cash representing around 15.9% of their NAV. This provides the company plenty of flexibility to continue to apply its strategic objectives which were set out a year ago.
We estimate today’s NAV to be EUR 105.9 p/s. This implies a discount of 30%. While being already significantly lower than the ~40% when we first initiated coverage, there is still room for improvement. We use 15% as our target discount as we believe there remains a mismatch between the strong returns the company has delivered and its discount. After applying both a discount of 30% and our target discount of 15%, we arrive at our new valuation range of EUR 79-96 per share vs. EUR 75-92 before. This implies a respective upside of 6.8% to 29.7%.
Luxempart: FY21 results: Strategic ambitions bearing fruit
25.03.2022 | 6 pages
21 March 2022, Luuk van Beek
Divestment software for housing corporations
  • Ctac will divest its software product for housing corporations, which generated annual revenues of some EUR 1.5m
  • We have adjusted our revenue estimates to reflect the transaction, but this has a negligible impact on our profit and cash flow estimates
Ctac: Divestment software for housing corporations
21.03.2022 | 8 pages
15 March 2022, Laura Roba
BIOCERA-VET launched in the UK and Ireland
  • TheraVet announced the commercial launch of BIOCERA-VET in the UK and Ireland.
  • UK is the third largest EU market.
TheraVet: BIOCERA-VET launched in the UK and Ireland
15.03.2022 | 7 pages
09 March 2022, Luuk van Beek
Plastic Pallet Powerhouse
Benefiting from unique offering in pallets from recycled plastic
  • Cabka has unique technology to reuse waste plastic for the production of plastic pallets and large containers. Its circular and recycled products have lower cost of ownership and superior characteristics in use than competing wooden pallets. We therefore expect them to win market share. Cabka can accelerate this growth by expanding its product range and geographic coverage. It can also do this through acquisitions thanks to its strong balance sheet.
  • Its technology gives it a competitive advantage in the sourcing of raw materials, especially now that prices for high grades of virgin and recycled plastic are rising rapidly. On top of this, growing revenues will drive up utilization rates, while automation projects will reduce costs, thus creating operating leverage.
  • 2022 will be affected by a delay in passing on higher input prices, but we expect EBITDA growth to be well into the double digits from 2023 on.
Target valuation EUR 11-15.5 p/s based on DCF and peers
We set a target valuation range of EUR 11-15.5 p/s, based on DCF and peer group valuation. We see the following drivers for an increase in Cabka’s share price:
  • Confirmation of higher revenue growth. We expect that Cabka can realize organic revenue growth at the high end or above its high single digit target in the next few years, thanks to strong demand and rising prices. That should create operating leverage and thus allow the company to realize double-digit EPS growth from 2023 on.
  • Acquisitions. Acquisitions of complementary companies can be an effective way to accelerate Cabka’s growth. They can allow the company to quickly expand its geographical coverage, while adding new products to its offering. Alternatively, they may enhance access to plastic waste, reinforcing its competitive advantage in raw material sourcing.
  • Shift to ESG investing. Cabka is a clear frontrunner in circularity. We expect that this will attract the growing group of ESG-investors. However, we also expect non-ESG investors to increasingly value companies that are well prepared for future regulations regarding recycling and sustainability.
Cabka: Plastic Pallet Powerhouse
09.03.2022 | 26 pages
25 February 2022, Luuk van Beek
Better results across the board in 2021
  • 2021 results above expectations on all key metrics, with high organic growth, better EBITDA and strong cash generation
  • Guides for single digit organic growth in 2022 with a 10-12% EBITDA-margin, including the cost of new improvement programs
  • Modest cut in 2022 due to costs of these programs, but mid-term growth outlook remains robust.
Ctac: Better results across the board in 2021
25.02.2022 | 9 pages
Commissioned Research
Degroof Petercam is commissioned by these companies to publish research and is paid for this service.
General disclaimer
About Degroof Petercam
This research has been prepared by Bank Degroof Petercam SA/NV (“Degroof Petercam”).
Degroof Petercam is a financial institution authorised by and under the prudential supervision of, as a credit institution, the National Bank of Belgium and under the supervision of the Financial Services and Markets Authority. It has its registered office at 44, rue de l’Industrie, 1040 Brussels and is registered with the crossroads bank for enterprises under number 0403.212.172.

No investment research
This research is considered as a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Not approved by the competent regulator
This research is not subject to any statutory prior approval requirement by a competent supervisory authority. As a result, this research has not been, and will not be submitted for approval to any competent supervisory authority.

Content of the research
This research has been prepared by the sell-side research team of Degroof Petercam. All opinions, views, estimates and projections included herein reflect the personal views of the author on the subject company and related securities as of the date of this report. This research does not necessarily reflect the views of Degroof Petercam as institution and is subject to change without notice. The analyst(s) claim(s) furthermore not to have any meaningful financial interest in any of the aforementioned companies, not to be conflicted and not to have accepted any inducement from any person with a material interest in the subject company of the investment research at hand. The remuneration of the analysts is subject to the remuneration policy of Degroof Petercam and can be consulted here .
The information and opinions contained in this research have been compiled or arrived at from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness.
Validity of the research
Any information, opinion or estimate contained in the present reports is, regardless of source, given in good faith and may only be valid as of the date on which the report is published and is subject to change. The value of any investment may also fluctuate as a result of market changes. Degroof Petercam is not obliged to inform the recipients of the reports of any change to such opinions or estimates.

Not for retail clients
This research is meant exclusively for professional clients or eligible counterparties (as defined in the Markets in Financial Instruments Directive 2014/65/EU) and is not intended for retail clients use.

Review by the subject company of this research
Degroof Petercam reserves the right to submit a draft of the research reports (excluding – where relevant - the target price/fair value and the recommendation) for review to the subject company with the sole purpose of correcting any inadvertent material factual inaccuracies.

Conflict of interest
It should be noted that Degroof Petercam has received a remuneration from the subject companies for the drafting and dissemination of this research. It should be noted that this remuneration is not subject to the content of the reports.

Due to the broad activities of the group to which Degroof Petercam belongs, it may occur that Degroof Petercam or any of its affiliates:
• holds positions or effect transactions in the securities of the companies mentioned herein or any member of its group;
• performs or seeks to perform investment banking services for such companies (such as corporate finance advice services);
• acts as a market maker or a liquidity provider for the securities of the companies mentioned herein;
• performs any other services it is legally entitled to provide;
• hold a mandate in the subject companies;
• hold a significant stake in the subject companies.

In this regard, Degroof Petercam is required to have arrangements in place to identify, prevent and manage conflicts of interest between itself and clients and between different clients. Degroof Petercam operates in accordance with a conflicts of interest policy under which Degroof Petercam has identified those situations in which there may be a conflict of interest and, in each case, the steps taken to manage that conflict. Degroof Petercam has taken reasonable care to ensure that objectivity of this research and the independence of the author are ensured and it has put in place several arrangements (such as internal policies and procedures) in order to manage potential conflicts of interests. Degroof Petercam has for example implemented a remuneration policy, a personal account dealing procedure and several organizational measures such as Chinese Walls which are designated to prevent against the wrongful disclosure and use of confidential and sensitive information. Where the arrangements under our conflicts of interest policy are not sufficient to manage a particular conflict, Degroof Petercam will inform the relevant client of the nature of the conflict so that the client can make a well-informed decision. Next to the aforementioned arrangements, Degroof Petercam has also implemented the internal arrangements required by article 37(1) of the Commission Delegated Regulation 2017/565.

No offer
This research does not constitute and should not be construed as, an offer or solicitation for the sale, purchase or subscription of any financial instrument. Any offer or entry into any transaction requires Degroof Petercam’s subsequent formal agreement which may be subject to internal approvals and execution of binding transaction documents.

No investment advice
The information contained in this research should not be regarded as personalized and should not be considered as a recommendation of investment advice. Recipients should not construe the contents of this report as legal, tax, accounting or investment advice or personal recommendation. Accordingly Degroof Petercam is under no obligation to, and shall not, determine the suitability for the recipient of any potential transaction described herein. Recipients should seek advice to their advisors in order to determine the merits, terms, conditions and risks of any potential transaction that may be described herein.

Forward looking statements
This research may contain forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the actual results, condition, performance, prospects, growth or opportunities to differ materially from those expressed in, or suggested by, these forward-looking statements. Forward-looking statements are not guarantees of future performance and there is no guarantee that any of the estimates or projections will be achieved. Actual results may vary from the projections and such variation may be material.

Past & simulated past performance
Any past or simulated past performance including back-testing, modelling or scenario analysis contained herein is no indication as to future performance. No representation is made as to the accuracy of the assumptions made within, or completeness of, any modelling, scenario analysis or back-testing.

Valuation method
Our target valuation is generally based on a combination of valuation methods including DCF, SOTP, peer group comparison, historical ratio analysis and others. The outcome of these valuation methods is sensitive to both external factors (e.g. interest rates and market valuations) and assumptions we make (e.g. on sales growth, profitability, or valuation discounts). Be aware that even small changes in these elements can lead to large changes in target valuation. More information on the valuation method used for these company can be found in the reports published on

No liability
Degroof Petercam accepts no liability whatsoever for any direct or consequential loss or damage arising from any use of this research or its contents. These reports do not purport to give an exhaustive description of the financial instrument and of the issuer of the financial instrument it relates to. Although all reasonable care has been taken to ensure that the information in this research is accurate, neither Degroof Petercam, nor any of its affiliated companies, directors, advisors or employees can be held liable for any incorrect, incomplete or missing information, or for any direct or indirect damage, losses, costs, claims, liabilities or other expenses which would result from the use of, or reliance on, this research, except in case of willful misconduct or gross negligence. The information contained in this research has not been independently verified by any independent third party.

Distribution restriction
The present research is exclusively intended to professional clients and eligible counterparties, to the exclusion of retail clients. It may not be copied, reproduced, marketed or distributed in whole or in part for any purpose whatsoever without the prior written consent of Degroof Petercam.

The present research may not be taken or transmitted or distributed, directly or indirectly, outside of the EEA (but for the United Kingdom).
Regulated by the Belgian Financial Services and Markets Authority (FSMA) and the National Bank of Belgium | All rights reserved 2022, Degroof Petercam