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Hilde Van Boxstael ... (+4)
  • Hilde Van Boxstael
  • Livio Luyten
  • Wim Hoste
  • Wim Lewi
BEKB BEKAERT SA
ACKB ACKERMANS & VAN HAAREN NV
CSM CORBION NV
11/21/25 November 21, 2025 1 EN
Wim Hoste
  • Wim Hoste
PREMIUM
CSM CORBION NV

Corbion Feedback CMD

Below we list the key highlights from the CMD. We remind that Corbion announced new financial targets for 2026-2028 including a 3-6% organic sales growth target (KBCS 3.0%) and an 18% adjusted EBITDA margin target (KBCS 17%), vs a 16.3% margin YTD. The announced strategic review on PLA is no surprise and will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservati...

11/21/25 November 21, 2025 1 EN
Wim Hoste
  • Wim Hoste
PREMIUM
BEKB BEKAERT SA

Bekaert FIRST LOOK: 3Q sales -1% LFL, FY EBIT margin guidance adjusted...

3Q revenue declined by 1% on a like for like basis and came in slightly below our and consensus figures, whilst volumes were up 3%. Bekaert adjusted FY25 uEBIT margin guidance from an 8.0-8.5% range to around 8.0%, which compares to our and consensus forecasts of respectively 8.4% and 8.3%. Whilst the current momentum gives not much to cheer about, we continue to believe valuation is absolutely undemanding at a P/E26e of c. 7% and double digits free cash flow yields, which allow Bekaert to conti...

11/21/25 November 21, 2025 1 EN
Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Wim Hoste
  • Wim Lewi
GIMB GIMV NV
IBAB ION BEAM APPLICATIONS SA
ATEB ATENOR S.A.
CSM CORBION NV
11/20/25 November 20, 2025 1 EN
Wim Hoste
  • Wim Hoste
PREMIUM
CSM CORBION NV

Corbion FIRST LOOK: CMD review PLA, focus on food, algae & biomedical/...

Corbion's announced ambitious new financial targets for 2026-2028 including a 3-6% organic sales growth target (KBCS 3.0%) and an 18% adjusted EBITDA margin target (KBCS 17%). Unsurprisingly (given the volatile track record), a strategic review on PLA is being initiated, which we believe will result in an eventual exit. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, algal oils and Biomedical Polymers/Pharma. We continue to appreciate Cor...

11/20/25 November 20, 2025 1 EN
Alan Vandenberghe ... (+2)
  • Alan Vandenberghe
  • Thomas Couvreur
PREMIUM
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV ... (+19)

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
03/31/21 March 31, 2021 1 EN

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