We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
BUSINESS ACCOUNT
Access reports individually or via Subscription
Receive monthly invoices with payment via CSA or hard dollars
Analyst access
Free Trial Subscriptions
Team account with shared subscriptions
Advanced analytics to track research consumption and performance
High revenue growth continues, cost increases slowing downFastned's 2025 annual report confirmed its high revenue growth, driven by an expanding network of charging stations, growing visitor numbers and rising charging speeds. Even more important is the sharp slowdown in the increase of operating costs per charger with FY25 (EUR 23k/charger) only modestly above H1-25 (22.2k/charger), with management indicating a stabilisation in 2026. Network expansion costs will still double in 2026 as Fas...
New 2-phase strategy. At its recent CMD, Cabka announced a two-phase strategy. First strengthening the company with deleveraging of the balance sheet and an EBITDA margin recovery to 13-15%, followed by an expansion phase in which organic growth and acquisitions can drive revenues to EUR >300m, with the EBITDA-margin exceeding 15%.More defensive approach. After several difficult years, Cabka is choosing a more defensive approach, reinforcing its balance sheet while taking calculated risks with n...
Unique model with stable high marginsStable return by matching production and consumption. EnergyVision has developed a unique model based on green solar energy, where it matches production and consumption to create attractive stable returns. Its long-term contracts with consumers give it good visibility on the prices at which it sells its solar energy. Customers benefit from attractive prices and lower vulnerability to future price hikes.EV chargers bring even better matching. With the launch o...
Scaling up its succesful station approachRolling out tried-and-tested concept. Fastned is a clear market leader in highway fast charging in the Netherlands. In the past years it has optimized its concept to provide market-leading reliability and a high service level to customers at competitive costs. It is now rolling out this concept to other European countries, aiming to grow from 346 stations at YE2024 to 1,000 stations by 2030.Significant operating leverage. The stations have been operating ...
Today, we initiate coverage on Biotalys, a Belgian regulatory-stage agricultural biotech (AgBiotech) company, with a BUY rating & TP of EUR 7.2.In this report, we deep-dive into the company's differentiated AGROBODY FoundryTM platform and the unique value-add of its protein-based biocontrols (AGROBODIESTM) meant to treat fungal diseases affecting fruits & vegetables. We consider Biotalys a compelling investment opportunity, based on:1/ Growing awareness on the impact of chemical crop protec...
