Report
Alan Vandenberghe ...
  • Guy Sips
  • Joachim Vansanten
  • Wido Jongman
  • Wim Hoste

Morning Note: AGFB BB, GVNV NA, MONT BB, PIC BB, TESB BB, WDP BB

Agfa: 2Q20 preview: Le Agfa nouveau va arriver
GrandVision: Court dismisses all EL claims
Montea: From Accumulate to Hold following SP evolution
Picanol: Preview 1H: adjusted EBITDA -8%
Tessenderlo: Preview 1H: expect resilient performance
WDP: From Buy to Hold following recent SP evolution
Various: DTPL : WDP out
Underlyings
Agfa-Gevaert NV

Agfa-Gevaert develops, produces and distributes various analog and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications. Co.'s operations can be divided into three business segments: Agfa Graphics, which provides integrated prepress products and services to the printing industry; Agfa HealthCare, which provides diagnostic imaging and healthcare IT products for hospitals and care centers around the world; and Agfa Specialty Products, which supplies a variety of film-based products to business- to-business customers outside the graphic and healthcare markets.

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.

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.

Picanol NV

Picanol is an international, customer-oriented group specialized in development, production and sale of weaving machines and other high-tech, industrial products, systems and services. Co. operates in three business segments: Weaving Machines and Industries. Weaving Machines: Co. develops, manufactures and sells high-tech weaving machines based on air (airjet) or rapier technology. Industries: Proferro comprises all foundry activities and Co.'s machining activities. It produces cast iron parts for e.g. compressors, pumps and agricultural machinery, and parts for Picanol weaving machines.

Tessenderlo Group N.V.

Tessenderlo Group is engaged in providing solutions for food, agriculture, water management and use and re-use of natural resources. Co. has three operating segments: Agro, which is engaged in the production and marketing of crop nutrients (liquid crop fertilizers and Sulfate of Potash) and crop protection products; Bio-Valorization, which combines Co.'s activities in animal by-product processing, comprised of Akiolis (rendering, production and sales of proteins and fats) and PB Gelatins (production and sales of gelatins); and Industrial Solutions, with activities including the production and sales of plastic pipes systems and water treatment chemicals.

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

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Analysts
Alan Vandenberghe

Guy Sips

Joachim Vansanten

Wido Jongman

Wim Hoste

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