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Thibault Leneeuw
- Thibault Leneeuw
ASML Strong order intake and better than expected FY26 outlook
ASML reported very strong order intake in 4Q25, 89% above CSS expectations. This was supported by robust demand from AI. Revenue and gross profit were slightly higher than expected, while net income was slightly below expectations. The focus will be on the strong order intake driven by AI demand and the improved outlook for 2026. ASML expects FY26 revenues of € 34-39bn, which at the midpoint is 3.5% above VA CSS. However, for FY27 we see limited upside due to bullish estimates and roadmaps. We b...
Livio Luyten ... (+4)
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Wim Hoste
- Wim Hoste
Solvay Taking a more cautious stance, lowering target price
Increased pressure in the soda ash market prompts us to take a more conservative approach with regards to contract terms for the coming years, resulting in a reduction of our group EBITDA forecasts for 2026-2028 by between 6-11%. The dividend policy of a stable to increasing dividend from a € 2.43 base looks increasingly generous as servicing the dividend representing the vast majority of current FCF generation, limiting the group's ability to pursue other growth initiatives. Despite the attract...
Michiel Declercq
- Michiel Declercq
Philips Ready to Start from a Clean Sheet
Running up to the CMD on 10 February, we initiate coverage on Philips with an Accumulate rating and a €27.5 TP. While we see potential for the company to positively surprise with its 2028 margin ambitions, investors will likely focus on the phasing, as 2026 margins will still be held back by tariff normalization. Nevertheless, with the majority of Respironics-related uncertainty now behind us, we believe Philips has room to increase shareholder returns and potentially announce a new share buybac...
Wim Hoste
- Wim Hoste
Bekaert FIRST LOOK:Acquiring Bridgestone Chinese/Thai tire cord activi...
Bekaert's € 60m acquisition of Bridgestone's captive tire cord business in Thailand and China fits within a long track record of similar acquisitions and further strengthens Bekaert's relationship with Bridgestone, one of the leading global tire makers. With a net debt/EBITDA of only 0.7x, Bekaert can easily fund this acquisition. In general, management has been looking at M&A to accelerate growth, although sizeable M&A is having a tough time to compete against share buybacks in terms of attract...
Alan Vandenberghe ... (+2)
- Alan Vandenberghe
- Thomas Couvreur
RISING INTEREST RATES: FEAR OR PRAISE? Thematic Report
Rising interest rates are becoming a hot topic, triggered by a significant uptick in US 10-year treasury yields through February and March. In this note we revisit this topic from several angles. We dig into the empirical side of what we can reasonably expect from the market as a whole when interest rates start to rise. Secondly we review our coverage, putting forward a number of impacted sectors and stocks.
BFIT
BASIC-FIT NV
SBMO SBM OFFSHORE NV
MTLS MATERIALISE ADS
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AKA AKKA TECHNOLOGIES SE
BAR BARCO NV
PNL POSTNL NV
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
AGFB AGFA-GEVAERT NV
ONTEX ONTEX GROUP N.V.
BREB BREDERODE S.A.
INGA ING GROEP NV
ASML ASML HOLDING NV
1PG 1-PAGE LIMITED
ADYEN ADYEN NV
XFAB X FAB SILICON FOUNDRIES SE
SBMO SBM OFFSHORE NV
MTLS MATERIALISE ADS
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AKA AKKA TECHNOLOGIES SE
BAR BARCO NV
PNL POSTNL NV
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
AGFB AGFA-GEVAERT NV
ONTEX ONTEX GROUP N.V.
BREB BREDERODE S.A.
INGA ING GROEP NV
ASML ASML HOLDING NV
1PG 1-PAGE LIMITED
ADYEN ADYEN NV
XFAB X FAB SILICON FOUNDRIES SE