Credit Morning 01/26/2026

INEOS Quattro: € 200m equity injection|Daniel Kretinsky launches takeover bid for Fnac Darty|

Morning Crédit 26/01/2026

INEOS Quattro: € 200m equity injection|Daniel Kretinsly lance une OPA sur le capital de Fnac Darty|

Basic-Fit N.V. : Introducing a trading update ahead of the full year results; positive

ING Increased estimates, but sector re-rate as main driver

Over the last few quarters ING's share price has appreciated significantly, mainly on the back of multiple expansion in the European banking sector. While ING doubled in value over the past 2 years, it's share price performance and multiple expansion is in line with its European peers. We increased our FY25-FY27 estimates and land on a new SOTP valuation of €26. Without a further increase in sector valuations, additional upside for ING is limited. We reiterate our Accumulate rating.

Biotalys Ending collaboration with Novonesis, new partnership with 21st.BIO

Biotalys has entered into a strategic partnership with 21st.BIO to accelerate the production of Biotalys' protein-based biocontrol solutions. Biotalys indicated that this collaboration will leverage 21st.BIO's proprietary fermentation platform to support the production of Biotalys' AGROBODY agricultural biocontrol products at commercially competitive costs. We regret that Biotalys and Novonesis will conclude their collaboration (in line with the transition to this new agreement). Biotalys will now have to go in discussions with manufacturing and distribution partners globally to secure its c...