UCB is a global biopharmaceutical company focused on severe diseases in two therapeutic areas, namely central nervous system disorders and immunology. In the area of central nervous system disorders, Co. is focused on advanced Parkinson's disease, epilepsy, restless legs syndrome and epilepsy. In the area of immunology disorders, Co. is focused on rheumatoid arthritis, axial spondyloarthritis, psoriatic arthritis, systemic lupus erythematosus, juvenile idiopathic arthritis, post-menopausal osteoporosis, systemic lupus erythematosus and immunological diseases.
  • TickerUCB
  • ISINBE0003739530
  • ExchangeEuronext Brussels
  • SectorPharmaceuticals & Biotechnology
  • CountryBelgium
Alan Vandenberghe ...
  • Bart Cuypers
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AD NA, AKA FP, ARCAD NA, BPOST BB, CRBN NA, GVNV NA, UCB BB, WKL NA

Ahold Delhaize: Stunning 2Q numbers AKKA: Trough in auto likely behind us / TP cut to € 30 Arcadis: ALENgering issue resolved bpost: 2Q: ridiculously strong PaLo performance Corbion: Preview 2Q: expected to show resilience GrandVision: Weak 2Q20 as expected UCB: Cimzia EU label extension for axSpA dose reduction Wolters Kluwer: 1H20: strong cost control resulting in CSS beat

Jean-Jacques Le Fur

UCB | BUY - Top Picks | EUR127 Could FY 2020 results harbour welcome news?

UCB | BUY - Top Picks | EUR127 Could FY 2020 results harbour welcome news? UCB may be too cautious for the rest of the year Contributions from Keppra and Evenity should help beat guidance Good prospects for the pipeline We keep our 2020 estimates, above UCB’s guidance

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Martial Descoutures ...
  • Sebastien Malafosse

UCB : COVID-19 appears to have had no impact on UCB’s performance

>H1 far better than expected (revenues up +6% vs cons. and EPS +11% vs cons.) - UCB has published a very good H1 2020, 6% above consensus forecasts for revenues and underlying EBITDA, 11% above forecasts for EPS. Revenues were up 9% at constant forex driven by the persistently strong momentum on the group’s core products with Vimpat (+16% of reported growth), Cimzia (+8%) and Keppra (+13%). The recently launched Briviact posted growth of 40% - main negative point of t...

Jérôme VINERIER

Short term view - UCB : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €76.80. The break of €69.86 would endanger the trend.

Jérôme VINERIER

Analyse court terme - UCB : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 76,80 €. La rupture de 69,86 € mettrait la tendance en danger.

Jérôme VINERIER

Analyse court terme - UCB : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 69,86 €.

Jérôme VINERIER

Short term view - UCB : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €69.86.

Valérie GASTALDY

Medium term view - UCB : The correction is gaining traction.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €52.76.

Ucb SA: 1 director sold

A director at Ucb SA sold 50,000 shares at 83.070EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Alan Vandenberghe ...
  • Bart Cuypers
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AD NA, AKA FP, ARCAD NA, BPOST BB, CRBN NA, GVNV NA, UCB BB, WKL NA

Ahold Delhaize: Stunning 2Q numbers AKKA: Trough in auto likely behind us / TP cut to € 30 Arcadis: ALENgering issue resolved bpost: 2Q: ridiculously strong PaLo performance Corbion: Preview 2Q: expected to show resilience GrandVision: Weak 2Q20 as expected UCB: Cimzia EU label extension for axSpA dose reduction Wolters Kluwer: 1H20: strong cost control resulting in CSS beat

Jean-Jacques Le Fur

UCB | BUY - Top Picks | EUR127 Could FY 2020 results harbour welcome news?

UCB | BUY - Top Picks | EUR127 Could FY 2020 results harbour welcome news? UCB may be too cautious for the rest of the year Contributions from Keppra and Evenity should help beat guidance Good prospects for the pipeline We keep our 2020 estimates, above UCB’s guidance

Martial Descoutures ...
  • Sebastien Malafosse

UCB : COVID-19 appears to have had no impact on UCB’s performance

>H1 far better than expected (revenues up +6% vs cons. and EPS +11% vs cons.) - UCB has published a very good H1 2020, 6% above consensus forecasts for revenues and underlying EBITDA, 11% above forecasts for EPS. Revenues were up 9% at constant forex driven by the persistently strong momentum on the group’s core products with Vimpat (+16% of reported growth), Cimzia (+8%) and Keppra (+13%). The recently launched Briviact posted growth of 40% - main negative point of t...

Jean-Jacques Le Fur

UCB: UCB weathered the Covid-19 storm well in H1 2020 | BUY - Top Picks | EUR127(+15%)

UCB - BUY - Top Picks | EUR127(+15%) UCB weathered the Covid-19 storm well in H1 2020 Better than the CS despite higher expenses Bimekizumab and Zilucoplan at the forefront Buy – Top Picks reiterated

Martial Descoutures ...
  • Sebastien Malafosse

UCB : COVID-19 ne semble pas avoir d’impact sur les performances d’UCB

>Un S1 bien meilleur qu’attendu (Revenus +6%vs Cs, BPA +11% vs Cs) - UCB publie un très bon S1 2020, 6% au-dessus des attentes du consensus sur les revenus et l’EBITDA courant, 11% au-dessus des attentes sur le BPA. Les revenus progressent de 9% à changes constants tirés par le momentum toujours fort des produits Core du groupe avec Vimpat (+16% de croissance publiée), Cimzia (+8%) et Keppra (+13%). Briviact, récemment lancé, progresse de 40%/ Principal point négati...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Nadège Tillier

Benelux Credit Digest/Corporate issuer profiles

Once again, it is with great pleasure that we present the twelfth edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate non-financial credits in Belgium, the Netherlands and Luxembourg.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 11/10/2019 - Automotive Parts Suppliers - EN

TP ICAP - Europe - Morning CreditUpdate 11/10/2019 - Automotive Parts Suppliers - EN

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Bruno Cavalier ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Martial Descoutures
  • Nicolas David
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/15/2020

We have attempted to determine in the present note whether value performance is consistent. We therefore stratified the Stoxx 600 into valuation deciles (12-mth P/E and 12-mth P/B). We have learned several lessons from this such as "deep value" is not a viable strategy. The performances of the 1st decile (lowest P/E and P/B) are the worst. In contrast, an examination of risk-adjusted performance shows that the portfolio composed of stocks in the 3rd P/E decile has a Sharpe ratio of 0....

Bruno Cavalier ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Martial Descoutures
  • Nicolas David
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/06/2020

Nous avons cherché à déterminer si la performance de la value était homogène. Nous avons donc stratifié le Stoxx 600 en déciles de valorisation (PE12m et P/B 12m). Nous en tirons plusieurs enseignements La « deep value » n’est pas une stratégie viable. Les performances du 1er décile (plus faibles PE et P/B) sont les plus mauvaises. En revanche l’examen des performances ajustées du risque permet de constater que le portefeuille composé des titres situés dans le 3ème décile de PE affich...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/20/2020

...

UCB SA reduced its risk exposure resulting in an upgrade to Slightly Positive

UCB SA (BE), a company active in the Pharmaceuticals industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date June 12, 2020, the closing price was EUR 87.72 and its potential was estimated at EUR 98.05.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

UCB – AGM 30 April 2020

Covid-19 Emergency  - The physical presence of shareholders, proxyholders or other persons otherwise entitled to attend the General Meeting will not be allowed. - Voting instructions can only be submitted by correspondence or by proxy.  Annual General Meeting In general, UCB is in compliance with the Belgian regulations relating to the organization and procedures of the Annual General Meeting.  ITEMS 5 AND 6: the board of directors seeks approval of the Company's remuneration report and the remuneration policy. Since ECGS does not approve of long term incentive plans that do not operate o...

Expert Corporate Governance Service (ECGS)

UCB _ AGM and EGM 25 April 2019

In general, UCB is in compliance with the Belgian regulations relating to the organization and procedures of the Annual General Meeting. ITEMS 1 to 9 concern the Annual General Meeting. ITEMS E.1, E.2 and E.3 concern the Extraordinary Meeting. In the Ordinary General Meeting, in ITEM 5, the board of directors seeks approval of the Company's remuneration report. Since ECGS does not approve of long term incentive plans that do not operate one or more challenging performance conditions, we recommend to OPPOSE. Three re-elections are proposed: Ms. Evelyn du Monceau (ITEM 8.1), Mr. Cyril Jansse...

UCB– Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 27/04/2017

In general, UCB is in compliance with the Belgian regulations relating to the organization and procedures of the Annual General Meeting.Under ITEM 5, the Board of Directors seeks approval for the Company's remuneration report. Since we do not approve of LT incentive plans that do not operate one or more challenging performance conditions, we recommend opposition.Under ITEM 8.2a, the Nomination Committee proposes to re-elect Mr. Albrecht de Graeve. As we have concerns over his aggregate time commitments, we recommend opposition.Finally, under ITEM 9.1, the Board of Directors seeks authority to ...

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