Morning Note: ABN NA, AED BB, AGS BB, AD NA, BALTA BB, BEFB BB, BEKB BB, DIE BB, MONT BB, SBMO NA, SEQUA BB

ABN Amro: 1Q: no surprises, booking AML fine Aedifica: 1Q21 results, in line with expectations Ageas: Higher earnings guidance for 2021, strong 1Q Ahold Delhaize: Strong 1Q beat and guidance upgrade Balta: 1Q21 adjusted EBITDA +24% Befimmo: 1Q21 results Bekaert: Strong start of the year, 19% organic sales growth D'Ieteren: Belron to sell Carglass Carrosserie Belgium Montea: Earnings beat due to one-off payment SBM Offshore: Unchanged FY21 guidance Sequana Medical: Feedback RED DESERT

Morning Note: AGFB BB, ATEB BB, BALTA BB, BCART BB, INTO BB, LOTB BB, MONT BB, SEQUA BB, VGP BB, WDP BB

Agfa: 1Q21 impacted by new Radiology strategy in China Atenor: Sale of Hermes Business Campus Balta: Preview 1Q: healthy adj EBITDA growth on savings? Biocartis: € 1.4m grant for Idylla Flex Lotus Bakeries: FF2032 acquired a minority stake in Dutch Oot Sequana Medical: Positive RED DESERT results, DSR expansion Real Estate : Logistics – Don’t stop me now

LOGISTICS: Don't stop me now INTO BB, MONT BB, VGP BB, WDP BB

We expect the boom in logistics to continue and see most upside for VGP thanks to its growth potential and Intervest thanks to its attractive valuation. We upgrade Montea to Accumulate as we expect the Co to announce a new growth plan and downgrade WDP to Hold due to a lack of short-term catalysts.

EKOPAK: Sailing on the blue wave EKOP BB

We believe Ekopak is well-positioned to sail on the blue wave of circular water usage, which is propelled by strong environmental and regulatory tailwinds. Starting from the solid foundation of its traditional solutions and a portfolio of blue-chip customers, the company is preparing to catch the next wave forward (towards more international waters also). Setting itself apart further from competitors in Europe, its new, high-margin WaaS (Water-as-a-Service) model provides a highly promising vessel to do so in our view. Based on our upper bound DCF scenario and EV/Sales transaction multiple val...

Morning Note: AGFB BB, EKOP BB, PNL NA

Agfa: 1Q21E: impact of Covid-19 and inflationary pressure Ekopak: Sailing on the blue wave – initiating coverage PostNL: 1Q21 results confirmed

MID APRIL UPDATE

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April Update

15 March 2021 - 15 April 2021

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PAULS PICKS

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HOLDING UPDATE POST FEBRUARY

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.