Report
Guy Sips ...
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen

In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen.

Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and higher price uncertainty. However, we note that Gimv has consistently compounded its portfolio while offering a stable dividend (currently 6.9% dividend yield) and we think all objectives announced during its CMD in January 2025 are highly achievable. In our note we give more reasons why we believe Gimv will succeed its achieving its new targets in terms of portfolio size, return and ticket size.

On the other hand, we add Adyen to the Dynamic Top Pick List as a stock with significant upside potential, driven by revenue growth and margin expansion, while being relatively insensitive to a lot of the trade war uncertainty. The stock has declined significantly since the strong 2H24 results, purely on overall negative sentiment, providing an interesting entry point.
Underlyings
Adyen NV

Adyen NV, formerly Adyen BV, is provider of mobile, online and point-of-sale (POS) payment solutions based in the Netherlands. It operates an online platform enabling merchants to accept payments internationally and from all sales channels, such as online shops, mobile payments from applications and Websites, and POS, such as countertops, mobile terminals, tablets and cash registers, among others. The platform covers the entire payment chain, including technical, contractual, reconciliation and settlement processes. The platform is available in the form of ready-to-use payment pages (HPP), application programming interface (API), and client-side encryption solution (EE). The Company's customers include Mango, KLM, Netflix, Superdry, Uber, Groupon and Crocs, among others. It has offices in the Netherlands, the United Kingdom, France, Germany, Belgium, Brazil, China, Australia, Mexico, Singapore, Spain, Sweden and the United States.

AZELIS GROUP NV

Bekaert SA

Bekaert is a global technological and market company engaged in advanced solutions based in steel wire transformation and coatings as well as an independent manufacturer of drawn steel wire products. In addition, Co. teams up with customers and suppliers globally to develop, implement, upgrade, and protect both current and future technologies. Co.'s business activities are put in practice along two main axes: Product Innovation and Process Innovation. Product Innovation helps Co. better serve its customers, while Process innovation enables Co. to increase operational effectiveness, minimizing its impact on the environment.

D'Ieteren SA

D'Ieteren is engaged in two sectors of services to the motorist: Automobile Distribution, which is a distributor of Volkswagen, Audi, Seat, Skoda, Bentley, Lamborghini, Bugatti, Porsche, and Yamaha brands in Belgium; and Vehicle Glass, which is engaged in the repair and replacement of vehicle glass mainly in Europe, North and South America, Australia and New Zealand through Belron s.a. and notably its CARGLASS®, AUTOGLASS® and SAFELITE® AUTO GLASS brands.

DEME GROUP NV

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.

Fagron SA

Fagron supplies products, services to professionals and institutions in the healthcare sector in Europe, the U.S.A. and Brazil. Co.'s activities are subdivided into four divisions. Through Fagron, Co. offers products and concepts for pharmaceutical compounding. Through Arseus Dental, Co. supplies dental products and concepts to dentists and dental laboratories in Belgium, the Netherlands, France, Germany and Switzerland. Through Arseus Medical, Co. supplies medical and surgical products to specialists, elderly homes, homecare nurses and hospitals in Belgium and the Netherlands. Through Corilus, Co. supplies ICT total solutions for medical specialists in Belgium, the Netherlands and France.

FUGRO NV

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.

Melexis NV

Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.

Royal Vopak NV

Royal Vopak is a holding company. Via its subsidiaries, Co. acts as a tank storage provider for the oil and chemical industry. Co. operates a network of terminals located at locations along trade routes. Co. also provides a range of additional services, from loading and unloading a range of transport modalities to heating, cooling, blending and customs formalities. The customers Co. serves range from global to local clients and include national and global producers, governments, distributors and traders of liquid and gaseous bulk products. Co.'s customers are active in the production, trading and marketing of oil products, chemicals, gases, biofuels, edible oils and liquefied natural gas.

SHURGARD SELF STORAGE LIMITED

Sofina SA

SOFINA is an investment company whose portfolio consists of shareholdings in various companies. Co. manages a portfolio of long-term and short-term investments. Its portfolio comprises investments in companies which are active in sectors such as: Energy and Services (GDF Suez, Suez Environnement, bioMerieux and Exmar); Retail (Colruyt, Delhaize); Consumer goods (Danone, Rapala, B & W Group, and Chapoutier); Satellite operators (SES); Finance Companies (Eurazeo, Caledonia, Luxempart, RAB Capital); Industry (Petit Forestier, Landis + Gyr, Carbone Lorraine and Deceuninck) and Alternative assets (Private equity, Hedge funds).

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.

Xior Student Housing N.V.

Xior Student Housing NV is a Belgium-based company active in the field of residential Real Estate. The Company's offer is mainly for students and it includes several types of rooms for rent, including a student house in Leiden.

Provider
KBC Securities
KBC Securities

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Analysts
Guy Sips

Jacob Mekhael

Kristof Samoy

Livio Luyten

Lynn Hautekeete

Michiel Declercq

Sharad Kumar S.P

Thibault Leneeuw

Thomas Couvreur

Thomas Vranken

Wim Hoste

Wim Lewi

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