NIBC HOLDING N.V.

NIBC Holding NV is a Netherlands-based merchant bank with a focus on the mid-cap segment in Western Europe. NIBC offers corporate finance, risk management and investment management solutions to corporate and financial institutions, institutional investors, financial sponsors and family offices. The Bank's activities are centered on two main pillars. The Merchant Banking business offers advisory, financing and co-financing services to businesses in the technology, manufacturing and food, agricultural and retail sectors in the Benelux and Germany. The Specialised Finance pillar offers asset and project financing services to a range of business sectors, including the shipping, oil & gas services, infrastructure & renewables and commercial real estate sectors. The Company also provides Treasury services. As of December 31, 2010, the Bank owned direct and indirect subsidiaries in the Netherlands, the United States, Germany and Singapore, including NIBC Bank NV.
  • TickerNIBC
  • ISINNL0012756316
  • ExchangeEuronext Amsterdam
  • SectorBanks
  • CountryNetherlands
ING
Julie Cichon ...
  • Marcel Klok
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX+ Financials/Who is best positioned to weather the storm?

Strategy and Supply: • Benelux financials spreads have recovered quite well from the March widening. Even so, Belgian preferred and Dutch insurance senior have more catching up to do. • Benelux financials' YTD supply is running clearly behind last year, especially driven by the slow first quarter. The TLTRO continues to act as a limit in 2H20.

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ING Helpdesk

Benelux Morning Notes

Basic-Fit: very comforting French reopening stats. BE Semiconductor Industries: Feedback from Q&A, conference call with CEO. Euronext: Feedback from Q&A with CFO. Euronext: Healthy trading volumes in May. Just Eat Takeaway.com: Press reports of possible interest in GrubHub. NIBC: Offer price set to be reduced to €7.0 per share. Staffing: Positive surprise in US May Temp data and job report show signs of a recovery. Coverage changes

NIBC HOLDING NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of NIBC HOLDING NV (NL), a company active in the Investment Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 29, 2020, the closing price was EUR 7.17 and its potential was estimated at EUR 9.46.

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ING Helpdesk

Benelux Morning Notes

CFE: Preview - limited 1Q20 impact but what's ahead? Flow Traders: Strategic investment in a new US equities exchange. NIBC: Transaction-related business plan uncertainty remains. NN Group: NN Life longevity transaction (SII ratio +17ppt)

ING
ING Helpdesk

Benelux Morning Notes

B&S Group: Performance of business units in line with base-case scenario. Flow Traders: April ETP market volumes – another good month. NIBC: A decisive week for the BX transaction

ING
ING Helpdesk

Benelux Morning Notes

Basic-Fit: very comforting French reopening stats. BE Semiconductor Industries: Feedback from Q&A, conference call with CEO. Euronext: Feedback from Q&A with CFO. Euronext: Healthy trading volumes in May. Just Eat Takeaway.com: Press reports of possible interest in GrubHub. NIBC: Offer price set to be reduced to €7.0 per share. Staffing: Positive surprise in US May Temp data and job report show signs of a recovery. Coverage changes

ING
ING Helpdesk

Benelux Morning Notes

CFE: Preview - limited 1Q20 impact but what's ahead? Flow Traders: Strategic investment in a new US equities exchange. NIBC: Transaction-related business plan uncertainty remains. NN Group: NN Life longevity transaction (SII ratio +17ppt)

ING
ING Helpdesk

Benelux Morning Notes

B&S Group: Performance of business units in line with base-case scenario. Flow Traders: April ETP market volumes – another good month. NIBC: A decisive week for the BX transaction

ING
ING Helpdesk

Benelux Morning Notes

Flow Traders: Investor call with CEO. Fugro: 1Q20 should be satisfactory, outlook not positive. NIBC: Tensions with BlackStone rising. NIBC: A pandemic is not a ‘Material Adverse Change' Recticel: Resilient 1Q20, divestments confirmed for 2Q20 Sioen Industries: Selected as a supplier for DIY mouth masks in Belgium

ING
ING Helpdesk

Benelux Morning Notes

ASM International: Preview 1Q20. Barco: Preview 1Q20 trading update. Beter Bed: Covid-19 started at the very end of 1Q20. Econocom: Cancels 2019 dividend Fugro: the tail-end of seismic can still hurt seriously KBC: Covid-19 impact update ahead of 1Q20 Marel: Preview: All eyes on Covid-19 impact NIBC: Covid-19 impact update at AGM Royal Philips: Preview 1Q20

ING
Julie Cichon ...
  • Marcel Klok
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX+ Financials/Who is best positioned to weather the storm?

Strategy and Supply: • Benelux financials spreads have recovered quite well from the March widening. Even so, Belgian preferred and Dutch insurance senior have more catching up to do. • Benelux financials' YTD supply is running clearly behind last year, especially driven by the slow first quarter. The TLTRO continues to act as a limit in 2H20.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/KBC, NIBC, LVMH, Orange, Telia & BCD

Financials: KBC to book a negative fair value change of €0.4bn and Belgian corporate impairments in 1Q20. NIBC indicates to not meet its medium term targets this year

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/iTraxx Europe ESG, Diageo, NIBC, Wolters Kluwer, A2A, Suez

iTraxx MSCI ESG Screening may lead to underperformance of exclusions

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/NIBC and Metro

NIBC takes a €9m provision as it closes down its capital markets activities, a credit neutral

ING
Maureen Schuller ...
  • Suvi Platerink Kosonen

Dutch financials/Banks more affected by the thin cap rule

During the annual budget day (Prinsjesdag, the third Tuesday of September) the Dutch government published its 2020 tax plan. The 2020 tax plan provides, among other things, for the introduction of the anticipated thin cap rule for banks and insurers. We consider banks to be more exposed than insurance companies to the tax change.

NIBC HOLDING NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of NIBC HOLDING NV (NL), a company active in the Investment Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 29, 2020, the closing price was EUR 7.17 and its potential was estimated at EUR 9.46.

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