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Guy Sips ... (+2)
  • Guy Sips
  • Michiel Declercq
PHIA KONINKLIJKE PHILIPS N.V.
BAR BARCO NV
BTLS BIOTALYS NV
8h / 1m 8h / 1m 1 EN
Guy Sips
  • Guy Sips
PREMIUM
BAR BARCO NV

Barco Despite US headwinds more or less in line but order cycles short...

FY2025 was more or less in line with our and CSS forecasts, demonstrating resilience amid global challenges and “setting up a foundation for future growth”. We maintain our prudence stance as -while FY2025 shows that Barco can return to sales and margin growth under difficult conditions- the year also exposed clear vulnerabilities—most notably in order intake, which fell 5% YoY (–2% at constant FX) and declined across several divisions and regions. The contraction in orders, combined with the st...

8h / 11m 8h / 11m 1 EN
Michiel Declercq
  • Michiel Declercq
PREMIUM
PHIA Koninklijke Phi...

Philips Strong 4Q25 results and outlook, targets mid-teens margins by ...

Philips reported a strong set of 4Q25 results with the adj. EBITA of € 770m coming in well ahead of expectations (kbcse: € 678m, css: € 672m), predominantly driven by PH. Order intake remained strong at +7%. The FY26 margin outlook of 12.5%-13.0% also came in ahead of expectations (kbcse: 12.3%, css: 12.2%). Together with the CMD that will take place in London today, the group also announced its new 2026-2028 ambitions, including a mid-teens margins by 2028 (kbcse: 13.5%, css 13.6%) and accumula...

PHIA KONINKLIJKE PHILIPS N.V.
8h / 17m 8h / 17m 1 EN
Guy Sips
  • Guy Sips
PREMIUM
BTLS BIOTALYS NV

Biotalys Model update after strategic refocus

We updated our model (New “Accumulate”, New € 5.1 TP) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while they claim “protecting long-term platform value”. The shift prioritizes Evoca NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commerci...

8h / 40m 8h / 40m 1 EN
Guy Sips
  • Guy Sips
PREMIUM
BTLS BIOTALYS NV

Biotalys Refocusing strategy on lead assets and cutting annual cash bu...

We will update our model (from “Buy” to “under review”) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while protecting long-term platform value. The shift prioritizes EVOCA NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commercialization r...

02/09/26 February 9, 2026 1 EN
Alan Vandenberghe ... (+2)
  • Alan Vandenberghe
  • Thomas Couvreur
PREMIUM
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV ... (+19)

RISING INTEREST RATES: FEAR OR PRAISE? Thematic Report

Rising interest rates are becoming a hot topic, triggered by a significant uptick in US 10-year treasury yields through February and March. In this note we revisit this topic from several angles. We dig into the empirical side of what we can reasonably expect from the market as a whole when interest rates start to rise. Secondly we review our coverage, putting forward a number of impacted sectors and stocks.

BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
MTLS MATERIALISE ADS
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AKA AKKA TECHNOLOGIES SE
BAR BARCO NV
PNL POSTNL NV
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
AGFB AGFA-GEVAERT NV
ONTEX ONTEX GROUP N.V.
BREB BREDERODE S.A.
INGA ING GROEP NV
ASML ASML HOLDING NV
1PG 1-PAGE LIMITED
ADYEN ADYEN NV
XFAB X FAB SILICON FOUNDRIES SE
03/31/21 March 31, 2021 1 EN

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