Research Department

Benelux Morning Notes

Agfa-Gevaert: AOC continues buying shares.
BE Semiconductor Industries: Margin strength defies ongoing industry weakness.
Cofinimmo: Solid prospects, but setting low expectations.
Corbion: Sweeter than it looks.
DWS: 1Q19 results – NNM recovered, stable margins, rigorous execution on cost savings.
Econocom: Poor start to the year, leasing down 11%.
Fugro: 1Q19: Testing shareholder nerves again.
GBL: Launches bid on Parques Reunidos.
GrandVision: Solid growth trends, higher online costs.
KPN: Weaker sales and KPIs, EBITDA in line.
Recticel: New Kingspan approach for Recticel as a whole.
Signify: Reasonably encouraging 1Q19 update.
Wereldhave: Dividend safe until new CEO
Agfa-Gevaert N.V.

Agfa-Gevaert develops, produces and distributes various analog and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications. Co.'s operations can be divided into three business segments: Agfa Graphics, which provides integrated prepress products and services to the printing industry; Agfa HealthCare, which provides diagnostic imaging and healthcare IT products for hospitals and care centers around the world; and Agfa Specialty Products, which supplies a variety of film-based products to business- to-business customers outside the graphic and healthcare markets.

BE Semiconductor Industries N.V.

Cofinimmo S.A.

Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.


DWS provides information technology services to a number of corporations and government bodies. Co. designs, develops, manages and maintains software solutions and information technology environments for corporate entities and government agencies. Co. has the provision of technical services and solutions including: custom software development for micro to mid-range platforms; maintenance and customization of enterprise resource and core business applications; designing, developing, implementing and maintaining data warehousing, reporting and business intelligence systems; and integration, enterprise architecture and a multitude of business to business solutions.

Fugro N.V.

Fugro collects and interprets data related to the earth's surface, soils, and rocks beneath. Co. provides advice to oil and gas, mining, and construction industries. Co. provides the people, equipment and technology that support the exploration, development, production and transportation of the world's natural resources. Co. also provides its clients with the technical data and information required to design, construct and maintain structures and infrastructure in a safe, reliable and efficient manner. Co. operates in three divisions: Geotechnical, Survey, and Geoscience.

Grandvision B.V.

GrandVision offers wide access to vision services and products, which includes prescription glasses, contact lenses and care products, and sunglasses both with and without prescription lenses. Co.'s exclusive brands includes: Frames (5th Avenue Heritage, Activ, BeBright, C-line, DbyD, Enzzo, Fuzion, Go Green, Heritage, Julius, IN STYLE, iSwitch, LightFly, Miki Ninn, Play!, Seen, Sensaya, The one, twiins); Sunglasses (Heritage, Seen, Solaris, Unofficial); Lenses (LightView, VariView); and Contact Lenses (Eyexpert, iWear). As of Dec. 31, 2016, Co.'s network includes 6,516 stores across more than 40 countries in Europe, the Americas, and Asia and operates under 29 local retail banners.

Groupe Bruxelles Lambert

Groupe Bruxelles Lambert is a holding company. Through its subsidiaries, Co. operates through the following segments: Imerys, which consists of the Imerys group that operates in four business lines of energy solutions and specialties, filtration and performance additives, ceramic materials, and high resistance minerals; and Financial Pillar, which includes, on the one hand, under investment activities, the companies Sienna Capital, Ergon Capital Partners (ECP), ECP II, ECP III, PAI Europe III, Sagard, Sagard II and Sagard III, Kartesia and Merieux Participations I and II and, on the other hand, under consolidated operating activities, the operating subsidiaries of ECP III.

Recticel S.A.

Recticel is engaged in the production of a variety of polyurethane foams that are used in the furniture, technical, automotive, bedding and insulation industries. The Flexible Foam Business Line covers the manufacture, conversion and marketing of flexible polyurethane foam. The types of flexible foams are classified as Comfort, Technical Foams and Composite Foams. Co. is also engaged in the manufacture of foams used in mattresses and slat bases. In addition, Co. manufactures rigid polyurethane and phenolic foams for thermal insulation. Co.'s automotive activities include: manufacturing moulded seat cushions, window encapsulation and manufacturing interior trim components.

Royal KPN N.V.

Koninklijke KPN is an integrated information and communications technology service provider. Co. provides its consumer customers data broadband services, IPTV services, mobile (voice, data and SMS) and fixed line telephony. Co. provides its business customers broadband services, mobile, fixed line and data services. Co. operates in the following segments: Consumer Mobile, which provides mobile services and products; Consumer Residential, which provides services in and around the house; Business, which provides fixed and mobile telephony services; NetCo, which includes fixed wholesale services; Belgium, which provides mobile telephony; and iBasis, which provides wholesale network services.

Signify NV

Signify NV Formerly known as Philips Lighting NV. Signify NV, formerly Philips Lighting NV, is a company based in the Netherlands that provides lamps and lighting solutions. Its product portfolio includes, among others, incandescent lamps, halogen lamps, fluorescent lamps, linear fluorescent lamps (LFL), compact fluorescent lamps (CFL), high-intensity discharge lamps (HID) and light-emitting diodes (LED), as well as electronic components, such as electronic ballasts and drivers. The Company also provides integrated and customized lighting systems. Its service portfolio includes light management and value-added services, such as energy audits, light design and engineering, as well as remote monitoring and managed services. The Company operates through four segments: The Lamps segments comprises conventional lamps and lamp electronics; the LED segment focuses on LED lamps; the Professional segment includes lighting systems and services for professional consumers, and the Home segment covers consumer luminaries and home systems.

Wereldhave N.V.

Wereldhave is an independent international property investment company. Co. is principally involved in leasing out investment property under operating leases. Co.'s activities are spread over four property sectors and across six European countries - the Netherlands, Belgium, Finland, France, Spain and the United Kingdom - and three regions in the United States. Co. creates value by actively managing shopping centres, through sound timing in the purchase and sale of offices and residential property, and by developing its own property at cost. Co. is a closed-end investment company with variable capital.


In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.

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