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Guy Sips
- Guy Sips
Materialise Macro-economic uncertainty impacting business climate for ...
Although its Medical segment was demonstrating its resilience (nearly +17% y/y in 2Q25), Materialise's overall 2Q25 revenue decreased -5.8% y/y to € 64.8m impacted by increasing geo-political uncertainty and sustained macro-economic headwinds negatively impacted revenues in its Manufacturing and Software segments. Despite revenue pressure, Materialise was able to materially improve its operational profitability in 2Q25 q/q/ through structural and targeted cost control. Unfavourable FX-effects ...
Guy Sips ... (+7)
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
Wim Lewi
- Wim Lewi
Elia Group 1H25 Results blow-out on German profit recognition items
The 1H25 trading update largely overshot our expectation with 269.3m, a 48.4% increase vs. our 223.8m expectation. This was mainly thanks to much better net profit at the 50Hz division that now benefits from a pro-rata profit recognition (+28.1m), higher capitalized interest (+16.6m) and a pre-financing agreement (+13.4m). ETB also came above our expectation and benefited from a 9.7m one-off compensation. Elia confirmed its FY25 outlook for Net Group Profit to Shareholders between EUR 490m and 5...
Wim Lewi
- Wim Lewi
Warehouses De Pauw 1H25 Results are solid, pipeline pre-let recovers t...
EPRA EPS 1H25 came above our expectation at EUR 0.75 vs. 0.73 exp. EPRA EPS yoy growth of 5.6% is still impressive as its average share count increased by 2.9% YoY. The GRI also beat our expectations by 3.5% as investments accelerated and occupancy remained strong. WDP repeated its EPRA EPS25 outlook at 1.53, slightly below our 1.54 estimate. The “Blend27” strategy was also repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 387m of which 75% is pre-let wi...
Jacob Mekhael
- Jacob Mekhael
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