Report
Alan Vandenberghe ...
  • Bart Cuypers
  • Ruben Devos
  • Wim Hoste

Morning Note: AD NA, AKZA NA, OBEL BB, VPK NA, XFAB FP

Ahold Delhaize: Good headline numbers in 4Q
Akzo Nobel: Better than expected 4Q results, € 1bn SBB
Orange Belgium: Ondra points to € 32-36ps standalone valuation
Vopak: Lower 4Q20 but due to one-off result in Malaysia
X-FAB: Review FY20 results – Raise TP to € 8.5
Underlyings
Akzo Nobel N.V.

Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.

Orange Belgium SA

Orange Belgium is a telecommunications operator in Belgium. Co. provides a range of products and services to the residential and business markets, including mobile telephony, fixed telephony, fix data, Asymmetric Digital Subscriber Line. Co.'s Belgium segment is divided into two operating units: Mobile as well as Fix voice data. Co.'s Mobile operating unit provides mobile phone equipment and services to residential and corporate customers, while Co.'s Fix voice and data operating unit provides fix voice, data and internet services to residential and corporate customers.

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.

X Fab Silicon Foundries SE

Provider
KBC Securities
KBC Securities

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

 

Analysts
Alan Vandenberghe

Bart Cuypers

Ruben Devos

Wim Hoste

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