Report
Alan Vandenberghe ...
  • Alexander Makar
  • Guy Sips
  • Jason Kalamboussis
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

KBC Securities Morning Note 14-11-2018 AGS BB, AD NA, INTO BB, IVA FR, JEN BB, MITRA BB

Ageas: A miss due to impair/ts, excellent CoR, M&A in India
Ahold Delhaize: What else did you expect?
Inventiva: Cash position remains strong
IO&W: Equity raise of € 99.9m via issue of new shares
Jensen-Group: Nice 3Q18, FY18 revenues will be in line with FY17
Mithra: Completion of Estelle clinical development
Dynamic Top Pick List: Adding Jensen-Group to Dynamic Top Pick List
Underlyings
Ageas SA/NV

Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.

Intervest Offices & Warehouses SA

Intervest Offices & Warehouses is a Belgian property investment fund. Co. specializes in investments in office buildings and semi-industrial properties situated on locations outside municipal centres. Co.'s business properties are located on the Antwerp-Brussels axis. Its activities can be divided into two business segments: Offices segment which includes the properties that are let to companies for professional purposes as office space; and Semi-industrial buildings segment which includes those premises with a logistical function, storage facilities and high-tech buildings. At Dec 31 2010, Co.'s portfolio consists of 69% in offices buildings and 31% in semi-industrial buildings.

Inventiva SA

Inventiva is a clinical stage biotechnology research company delivering therapies in the areas of oncology, fibrosis and rare diseases. The most advanced clinical programs (IVA337 for systemic sclerosis in Non-Alcoholic Steato-Hepatitis and IVA336 for Maroteaux-Lamy syndrome-MPS VI) have demonstrated efficacy in relevant in vivo and in vitro models as well as safety in phase I and phase II clinical trials. Using its in-house drug discovery platform, which covers target validation, screening, chemistry, ADME and pharmacology, Co. is developing an internal oncology and fibrosis discovery pipeline with approaches centered on transcription factors, epigenetics targets and nuclear receptors.

Jensen-Group

Jensen-Group and its subsidiaries are engaged in heavy-duty laundry activities. Through its Heavy-Duty Laundry Division, Co. supplies textile and garment services to textile rental operations, commercial laundries, on premise laundries for hotels, hotel chains, etc. and institutional laundries and central laundries. Under this division, Co. also operates a separate business unit serving the confectionery textile industry, marketing specialized folding equipment for finished products. Co.'s products include open-pocket washer extractors, split pocket washer extractors, continuous batch washers, batch transfer drying tumblers and flatwork ironers.

N.V. Mithra Pharmaceuticals S.A.

Mithra Pharmaceuticals SA is a Belgium-based company active in the pharmaceutical industry. The Company is dedicated to provide products and services for the fertility, contraception and menopause of women. It has a number of patent families regarding Estetrol (E4), a natural estrogen produced by the human foetus, which enables the investigation of fertility and contraception products. Mithra is focused on the development of two late-stage E4-based products: Estelle, a 5th generation oral contraceptive, and Donesta, a hormone therapy for Vasomotor Symptoms in menopause. Mithra develops a contraceptive vaginal ring called Myring and Zoreline, a biodegradable subcutaneous implant for hormone dependant cancer.

Provider
KBC Securities
KBC Securities

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Analysts
Alan Vandenberghe

Alexander Makar

Guy Sips

Jason Kalamboussis

Lenny Van Steenhuyse

Sandra Cauwenberghs

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