Report
Alan Vandenberghe ...
  • Alexander Makar
  • Bart Cuypers
  • Cedric Duinslaeger
  • Guy Sips
  • Jan Opdecam
  • Ruben Devos
  • Thomas Couvreur
  • Wim Hoste

KBC Securities Morning Note 21-2-2019 ADYEN NA, COMB BB, BOKA NA, CFEB BB, COFB BB, DECB BB, EVS BB, FUR NA, GIMB BB, GVNV NA, HEIJM NA, KIN BB, LEAS BB, MONT BB, QRF BB, REN NA

Adyen: PSD2-enabled Open Banking to support growth
Bois Sauvage: Insects and Chocolates
Boskalis: Survey acquisition of Horizon Group
CFE: Grouping of Offshore activities
Cofinimmo: Quartz development fully let
Deceuninck: FY18 REBITDA +6.4%, slightly better than expected
EVS: Expected acceleration in 2H18 after a weak 1H18
Fugro: Preview FY18 results
Gimv: 3Q Update, NAV at € 49.3 p.s.
GrandVision: Expanding its Iberian footprint
Heijmans: Strong 2H18 results
Kinepolis: Landmark Cinemas Canada contributed significantly
Leasinvest RE: FY18 results: accelerated growth will push FY19
Montea: Strong FY18 Results and €160m capital increase
Qrf: To-be CEO signals: Unlock shareholder value
RELX Group: FY results in line, STM and Exhibitions in focus
Underlyings
Cape Lambert Resources Ltd.

Cape Lambert Resources is engaged in mineral investment, exploration and evaluation. Co.'s operations include: Marampa Project, which is a brownfields hematite iron ore project located in Sierra Leone, West Africa; Kukuna Project, which is located in northwest of Sierra Leone, and comprises one exploration licence; Rokel Project, which is located in Sierra Leone, and is prospective for discovery of hematite schist deposits geologically similar to those found at Marampa; Cote D'Ivoire Project, which includes three tenements in the Birimian Gold Belt of Cote D'Ivoire; and Wee MacGregor Project, which includes mining leases and exploration permits for minerals in Queensland, Australia.

Cofinimmo SA

Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.

Compagnie d'Entreprises CFE SA

CFE is engaged in civil engineering, buildings and industrial construction, dredging works and electrical installations. Co. is also engaged in property development, environmental protection and building management. Co.'s works carried on by Co.'s civil engineering group includes the following: hydraulic engineering, harbor works, bridges, and other engineering works, tunnels, road construction, dams, storage tanks, piping and drainage and caissons sunken soft soil. Co.'s buildings and industrial construction sector is active in the following fields: administrative buildings, industrial construction, public utility buildings, redevelopment, and residential buildings.

Compagnie du Bois Sauvage SA

Compagnie du Bois Sauvage SA, (also CBS), is a Belgium-based holding company that invests in both listed and unlisted companies. The Company provides assistance in financial management, structural development and capital stability to the companies in which it invests. The Company's portfolio is based on three separate pillars: a Real Estate sector, a Long-Term Investment division composed of strategic participating interests and a Cash Portfolio focused on liquid values that serve as a basis for derivatives activity. As of December 31, 2011, CBS had a number of wholly owned subsidiaries, such as Parfina, CBS Services, Neuhaus and CBS Nederland and affiliated companies, including Cofinimmo, Ceran, Codic, Noel Group, among others. In March 2014, it acquired Chocolate-Maker Corne Port Royal, sold its stake in Ceran and a real estate property in Luxembourg.

Deceuninck S.A.

Deceuninck is an international designer and manufacturer of PVC systems for windows and doors, cladding & roofline, interior and garden applications. The basic technology used by Co. is extrusion of PVC and patented Twinson composite material. The production process includes compounding, tool manufacturing, extrusion of gaskets and profiles, printing, PVC lamination and the patented Decoroc coating technology. Co. is active in more than 75 countries across Europe, North America and Asia and maintains nine PVC extrusion facilities capable of processing 260,000 tons of compound.

EVS Broadcast Equipment SA

EVS Broadcasting Equipment is engaged in the development and marketing of audiovisual equipment relating to the processing of pictures and sound. Co. provides solutions based on tapeless workflows with a consistent modular architecture. Co.'s activities are divided into the following regions: Asia-Pacific, Europe, Middle East and Africa, and America.

Fugro NV Cert of Shs

Fugro collects and interprets data related to the earth's surface, soils, and rocks beneath. Co. provides advice to oil and gas, mining, and construction industries. Co. provides the people, equipment and technology that support the exploration, development, production and transportation of the world's natural resources. Co. also provides its clients with the technical data and information required to design, construct and maintain structures and infrastructure in a safe, reliable and efficient manner. Co. operates in three divisions: Geotechnical, Survey, and Geoscience.

Gimv NV

GIMV is a listed investment company, specializing in private equity and venture capital and active in small and medium buyouts, growth financing and technology investments. Co. is also present with technology investments across Europe and in Israel, Japan and the USA. Co. invests in ICT (Technology), environmentally friendly technology (Cleantech) and Life Sciences.

GrandVision NV

GrandVision offers wide access to vision services and products, which includes prescription glasses, contact lenses and care products, and sunglasses both with and without prescription lenses. Co.'s exclusive brands includes: Frames (5th Avenue Heritage, Activ, BeBright, C-line, DbyD, Enzzo, Fuzion, Go Green, Heritage, Julius, IN STYLE, iSwitch, LightFly, Miki Ninn, Play!, Seen, Sensaya, The one, twiins); Sunglasses (Heritage, Seen, Solaris, Unofficial); Lenses (LightView, VariView); and Contact Lenses (Eyexpert, iWear). As of Dec. 31, 2016, Co.'s network includes 6,516 stores across more than 40 countries in Europe, the Americas, and Asia and operates under 29 local retail banners.

Heijmans N.V. Cert,

Heijmans is a property development, infrastructure and services company. Co. provides full-service solutions from concept and design through to maintenance and management. Co. focuses its activities on three market areas: residential, non-residential and infrastructure. Within these areas, Co. is engaged in five sectors: Property Development, Residential Building, Non-Residential, Roads and Civil Engineering (infrastructure). Co's activities in Belgium include property development, building and infrastructure. In Germany, Co. is active in the infrastructure business. In Belgium, Co. specialises in service and new-build infrastructure contracts in relation to energy, water and electricity.

Kinepolis Group NV

Kinepolis Group NV is a Belgium-based company, which is primarily engaged in the operation of cinemas. The Company's activities are divided into such business units, as Box office, In-theatre sales, Business-to-business (B2B), Film distribution and Real Estate. The Box office unit includes sale of the tickets. The In-theatre sales unit is involved in the sale of snacks and related articles. The B2B unit takes care of the organization of corporate events and the sale of screen advertizing to corporate customers. The Film distribution unit includes all activities related to movies showed in the cinema. The Real Estate is responsible for the property management and utilization. Additionally, the Company has a Technical department, which delivers technological support to Kinepolis facilities. The Company is present in Belgium, France, Spain and Poland.

Koninklijke Boskalis Westminster N.V.

Royal Boskalis Westminster is a service provider operating in the dredging, dry and maritime infrastructure and maritime services sectors. Co. is involved in dredging activities and provides a range of maritime services for the offshore energy sector. In addition, Co. provides towage services as well as emergency response and salvage related services. Co.'s main clients are oil, gas and power companies, port operators, governments, shipping companies, international project developers, insurance companies and mining companies. Co. operates on behalf of its clients in over 75 countries across six continents.

Leasinvest Real Estate SCA

Leasinvest Real Estate is a real estate investment trust. Co. invests in retail buildings, offices and logistics buildings, in the Grand Duchy of Luxembourg and in Belgium. As of Dec 31 2013, Co.'s real estate portfolio is composed of 34 sites (including the assets held for sale & the development projects) with a total surface of 429,579 m2, of which 18 are located in Luxembourg and 16 in Belgium. Co. rents its properties to tenants across various business sectors, such as services, retail and wholesale, financial services, transport and distribution, government and non-profit, industry, medical and pharma, and ICT.

Montea SCA

Montea Comm VA, formerly Montea CVA, is a Belgium-based real estate investment trust specialized in logistics and semi-industrial real estate in Belgium, the Netherlands and France. The Company's property portfolio represents approximately a surface of 584,694 Square meters (m2) across 37 sites. Its group companies include, among others, Montea Management NV, Montea Comm. VA, Acer Park NV, Montea Nederland NV, Montea Almere NV, Montea Rotterdam NV, SCI Actipole Cambrai, SCI Sagittaire, SCI Saxo, SCI Sevigne, SCI Socrate and SCI 3R. In addition, the Company also partners with Decathlon.

QRF Comm

Qrf Comm VA. QRF Comm. VA, formerly known as Qrf CVA, is a Belgium-based Real Estate Investment Trust. The Company is specialized in the niche market of retail properties. QRF Comm. VA invests in commercial real estate throughout Belgium and the Netherlands.

RELX NV

RELX is a provider of information solutions for professional customers across industries. Co. operates in four market segments: Scientific, Technical & Medical, providing information and tools to help its customers improve scientific and healthcare outcomes; Risk & Business Information, providing data services and tools that combine proprietary, public and third-party information, with technology and analytics to business and government customers; Legal, providing legal, tax, regulatory news and business information to legal, corporate, government and academic markets; and Exhibitions, organising exhibitions and conferences.

Provider
KBC Securities
KBC Securities

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

 

Analysts
Alan Vandenberghe

Alexander Makar

Bart Cuypers

Cedric Duinslaeger

Guy Sips

Jan Opdecam

Ruben Devos

Thomas Couvreur

Wim Hoste

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