Benelux Morning Notes

Kinepolis: June 2025 Box office revenue/ attendance in US/Canada and France down. Utilities – Offshore Wind: Big Not So Beautiful Bill

Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding VGP

Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, targeting high single-digit to low double-digit organic CER revenue growth through 2030. With shares...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/23/2025

(Sponsored) Fastned - Gearing up for a growth spurt

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 at a positive operating EBITDA (i.e. before network expansion costs) since 2019 and their total EBIT...

(Sponsored) Biotalys NV - Fungal foes, natural fixes

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 protection solutions on the environment, food safety, & human healthLeading to increased scrutiny on the a...

(Sponsored) Whitestone Group - FY24: Important step in transparency

Whitestone launched its annual report for FY24 including some important improvement to its transparency to shareholdersWith the disclosure of a NAV overview and more financial data per portfolio company, Whitestone's transparency is now in line with some of the biggest investment companies in EuropeWe estimate today's NAV to be EUR 16.2 p/s, implying a discount of 20.5%. Our target valuation comes in at EUR 17 p/s. Applying our target discount of 10%, we arrive at our new TP of EUR 15 vs. EUR 14.1 before. This provides an upside of 16% compared to the latest close. As the average ups...