Report
Wim Lewi

AEX from 25 to 30, place your bets Our candidates for the AEX expansion

The AEX is set to expand from 25 to 30 constituents starting on 23rd September, announcement on 9th September after close. This marks a significant change since its last expansion in 1994. The new rule book was published on 22/08/25 and leaves some room for interpretation for companies that have another primary listing (WDP). We believe that WDP meets the requirement for “reference market”. The expansion will be based on Free Float Market Capitalization, with a buffer zone to manage transitions. Five companies from the AMX index (which tracks mid-cap stocks) are expected to promote to the AEX. We calculated the 5 names that rank highest : CVC, JDE Peet, Inpost, WDP and and Just Eat. The latter is under offer from Prosus and its free float has likely dropped below the cut. The offer has been approved and reopened. Also JDE Peet is now under offer. About 1.5bn is invested in AEX-ETF's. The impact is estimated to 1-2 day volume for new entrants, but also has a symbolic value of success.
Next in line for inclusion are SBMO and Aalberts (KBCS est.). The AMX will retain 25 constituents, and the AScX index (small caps) will be reduced to 20 from 25. This move is designed to improve diversification and increase investor interest. Liquidity requirements and capping factors are also updated to maintain balance.
Underlyings
Aalberts N.V.

Aalberts Industries is a technology company. As of Dec 31 2015, Co. is organized into four businesses: building installations, which produces and sells connection systems and valves to distribute and control water or gas in heating, cooling, drinking water, gas and sprinkler installations in residential, commercial and industrial buildings; climate control, which develops and produces complete hydronic systems-from source to emitter- for heating and cooling systems; industrial controls, which develops and produces regulation and control systems for selected niche markets; and industrial services, which provides a combination of material technology know-how and manufacturing capabilities.

JDE Peet's NV

Just Eat Takeaway.com N.V.

Takeaway.com NV. Takeaway.com NV, formerly Takeaway Com Holding BV, is a company based in the Netherlands that operates an online food delivery marketplace. The Company focuses on connecting consumers and restaurants, and allows users to order food from nearby restaurants and have the food delivered to their homes. The Company transmits the order placed by customers and forwards it to restaurants, which prepare and deliver the meal. It is present in Portugal, France, Switzerland, Austria, Luxembourg, Belgium, the Netherlands, Germany, Poland, Bulgaria, Romania and Vietnam, and operates the Websites Lieferando.de, Lieferservice.at, Lieferservice.ch, Pizza.be, Pizza.fr, Pizza.lu, Pizza.pl, Pyszne.pl, BGmenu.com, Oliviera.ro, Takeaway.com, Thuisbezorgd.nl and Vietnammm.com. The platforms feature various kinds of restaurants.

Warehouses De Pauw SCA

Warehouses De Pauw and its subsidiaries are engaged in investment in the Belgian semi-industrial property market. Co. is a closed-end property investment company which specializes in: development of storage and distribution premises; customized projects in line with the user's request; acquiring premises for customers who wish to engage in sale and leaseback transactions.

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Wim Lewi

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