KBC Securities - BEL20: Whos in, whos out?

Report

KBC Securities

Alan Vandenberghe

BEL20: Who's in, who's out?

ON 20 MARCH 2020, THE RESHUFFLING OF THE BEL20 WILL BE EFFECTIVE. THE CUT-OFF DATE FOR THE ANNUAL REVIEW WAS LAST FRIDAY (IE. THE PENULTIMATE FRIDAY OF FEBRUARY). WE EXPECT THE CHANGES TO BE ANNOUNCED A FEW DAYS BEFORE THE EFFECTIVE ADJUSTMENTS. WE THINK THAT ONTEX AND APERAM WILL BE REPLACED BY AEDIFICA AND EURONAV.

26/02/2020 5 EN

Provider

KBC Securities

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

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Analysts

Alan Vandenberghe

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Wim Hoste

Wim Hoste

Deceuninck Feedback analyst meeting

Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly attractive and we reiterate our BUY rating and € 4.2 TP.

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EnergyVision It's a beautiful day, don't let it slip away

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Guy Sips ... (+7)

Guy Sips
Kristof Samoy
Livio Luyten
Michiel Declercq
Thomas Couvreur
Wim Hoste
Wim Lewi

Morning Notes : ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

: ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

17h / 40m 17h / 40m 1 EN

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BEL20: Who's in, who's out?

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

Deceuninck Feedback analyst meeting

EnergyVision It's a beautiful day, don't let it slip away

Morning Notes : ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

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