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Titan Cement International (TCI) announced that it has completed the divestment of its 75% stake in Adocim Cimento Beton Sanayi ve Ticaret A.S. in Eastern Türkiye. TCI announced this transaction on 19th February 2025. The group will continue to operate its cement grinding and cementitious assets across other regions of Turkey, continuing to have a presence in the region which could become a high growth market. This transaction forms part of the group's broader strategy of strengthening its portf...
Last week, the KBC Securities team attended the 25th Bio€quity Europe conference, taking place in Bruges, Belgium. The conference underscored a biotech industry navigating profound complexity, with recurring themes of geopolitical uncertainty, capital market volatility, and the growing influence of Asian innovation. European biotech was portrayed as resilient and increasingly competitive, with McKinsey highlighting its strong scientific output, rising VC funding, and potential to capitalize on g...
Biotalys has entered a collaboration with US-based AgroFresh Solutions to develop and commercialize its biocontrols for post-harvest use, targeting a $ ~300m global market. AgroFresh is a global leader in the post-harvest niche and featured $ 162m revenues at the time of its takeover by private equity Paine Schwartz in 2023, having grown significantly from ~300 to ~700 employees since then. We see the collaboration as highly complementary to Biotalys' pre-harvest efforts as it unlocks access to ...
1Q25 order intake for Jensen-Group came in at €137.5m (+20% y/y) and 1Q25 revenues increased y/y 17% to a very nice €127.5m (KBCSe € 120.5m). 1Q EBIT was €16.6m (KBCSe €13.5m), compared to €11.2m in 1Q24, resulting in a very impressive 1Q25 EBIT margin of 13% (KBCSe 11.2%) compared to 10.3% in 1Q24. The 1Q25 net result amounted to €14.7m (KBCSe €10.8m) compared to €11.1m in 1Q24 or 1Q25 EPS of €1.55, y/y +34% as 1Q24 EPS was €1.15. We updated our model and as a result we increase our TP from €51...
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.