Report
Alan Vandenberghe ...
  • Guy Sips
  • Jan Opdecam
  • Thomas Couvreur
  • Wim Hoste

Morning Note: ADYEN NA, AED BB, AD NA, BALTA BB, GVNV NA, SOLB BB, VAN BB, WES NA

Adyen: FY18: Surprisingly profitable
Aedifica: € 34.5m expansion in Germany
Ahold Delhaize: Strong year-end and encouraging outlook
Balta: Preview 4Q – expecting a return to REBITDA growth
GrandVision: In line results will not revive enthusiasm
Solvay: 4Q REBITDA +2.5%-guidance of modest 2019 growth
Van de Velde: Stable dividend; net profit helped by lower tax rate
Wessanen: Not that bad after all
Underlyings
Aedifica SA

Aedifica is a property company, which is specialized in residential real estate. Co.'s portfolio has a superstructure of more than 225,911 sq. m as of June 30 2010. It owns: residential or mixed buildings in Belgian cities with classical leases; buildings with furnished apartments buildings in the heart of Brussels with shorter term leases; senior houses and serviceflats with very long term and triple net leases; and hotels. Co. invests: in existing and already leased buildings; and in projects with future completion. Co.'s activities can be divided into four segments: Residential or mixed buildings; Furnished apartments buildings; Senior houses; and Hotels and others.

Balta Group

Balta Group NV is a Belgium-based company engaged in the home furnishings industry. The Company is a producer of textile floor coverings in Europe. Its products portfolio encompasses: woven and tufted area rugs (balta home), wall-to-wall carpets and residential carpet tiles (balta carpets and ITC), wall-to-wall contract carpet and commercial carpet tiles (arc edition, modulyss and Bentley), and needle felt and technical non-wovens (Captiqs). It has several production sites worldwide in the domestic market, Turkey and the United States. In addition, Balta Group NV delivers customer-focused approach to its business and is engaged in the solar panel projects in the Benelux region in order to supply renewable energy to fuel its production facilities.

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.

Solvay SA

Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).

Van De Velde S.A.

Van de Velde creates, produces and sells luxury women's lingerie under its own brand names. Co.'s brands are Marie Jo – 'Haute Lingerie' which provides timeless underwear fashion for the woman in all her forms; Marie Jo L'Aventure – 'Lingerie Pure' which provides Graphic luxury lingerie for the young-at-heart woman; and PrimaDonna – 'Exigez l'excellence' which provides luxury lingerie that combines a fit with fashion. Co. operates in a single reporting business segment, which is the production and sale of luxury lingerie. Co. reports its opeStefaan Vandammerations based on the geographical location of customers divided into euro zone and non euro zone.

Wessanen B.V.

Wessanen is a company in the European organic food market. Operating mainly in France, Benelux, the United Kingdom and Germany, Co. manages and develops its brands and products in the grocery and health food channels. Co. also produces and markets frozen snack products in the Benelux and fruits drinks and cocktail mixers in the United States. Co.'s continuing operations are presented in three segments: Wessanen Europe, Frozen Foods and American Beverage Corporation.

Provider
KBC Securities
KBC Securities

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

 

Analysts
Alan Vandenberghe

Guy Sips

Jan Opdecam

Thomas Couvreur

Wim Hoste

Other Reports on these Companies
Other Reports from KBC Securities

ResearchPool Subscriptions

Get the most out of your insights

Get in touch