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Guy Sips ... (+3)
  • Guy Sips
  • Hilde Van Boxstael
  • Wim Lewi
LOTB LOTUS BAKERIES NV
MELE MELEXIS NV
XFAB X-FAB SILICON FOUNDRIES SE
02/06/26 February 6, 2026 1 EN
Guy Sips
  • Guy Sips
PREMIUM
LOTB Lotus Bakeries ...

Lotus Bakeries FIRST LOOK : Three Continents, One Momentum: Lotus Turn...

In FY25, Lotus Bakeries delivered a 10% revenue increase to a very nice € 1.355m (KBCSe 1.355m, CSS 1.346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue By the end of 2025, Biscoff production expanded to three continents. We welcome that the new production...

LOTB LOTUS BAKERIES NV
02/06/26 February 6, 2026 1 EN
Guy Sips
  • Guy Sips
PREMIUM
MELE MELEXIS NV

Melexis In rough weather, exaggeration only deepens the valley

Melexis enters 2026 with a message that is far from triumphant: the recovery is happening, but it remains “an uneven recovery”. 4Q25 delivered growth, yes—but only just—and once again China dictated the rhythm with swings that overshadow structural progress. We updated our model taking into account management insists that FY26 will mark the start of margin improvement, and while the yield normalization story is credible, it does little to offset the uncomfortable reality of flat sales in 1Q an...

02/06/26 February 6, 2026 1 EN
Guy Sips
  • Guy Sips
PREMIUM
XFAB X-FAB Silicon F...

X Fab Silicon Foundries EV FIRST LOOK : Cautious on near term given on...

We updated our model as 1Q26 revenue is expected to come in within the range of $190-200m (KBCS from the low of the markets ($200.6m while CSS was $ 213.4m) to $ 195m now with an EBITDA margin in the range of 18% and 21% (KBCSe new 21.2%). We regret X-FAB is not providing FY26 guidance at this time due to limited visibility and the current macroeconomic environment. We think CSS will have to lower FY26E forecast substantially (CSS was $ 916.6m sales and 26.3% EBITDA-margin) and as a result we lo...

XFAB X-FAB SILICON FOUNDRIES SE
02/06/26 February 6, 2026 1 EN
Kristof Samoy
  • Kristof Samoy
PREMIUM
ROYAL VOPAK NV

Vopak First Reaction - Withdrawal of support by First Nation for REEF ...

Yesterday, Energynow.ca published an article on the withdrawal of support by the Metlakatla First Nation citizens of Canada. Supposedly the Metlakatla First Nation's decision to retract its backing for the nearly completed REEF export project is rooted in concerns that it was not informed of an exclusivity agreement granting REEF an export monopoly, which could harm its economic interests in the rival Trigon terminal where it holds a 10% stake. A recent BC Supreme Court ruling allowing Metlakatl...

02/05/26 February 5, 2026 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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