KBC Securities - BEL20: Whos in, whos out?

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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

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KBC Securities

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Analysts

Alan Vandenberghe

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Michiel Declercq

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Although Colruyt already flagged during the AGM that the operating result in 1H25/26 would be lower, the -15.8% EBIT decline in 1H25/26 to € 213m came in below our estimates (kbcse: € 230m). While Colruyt still banks on a stable operating result and net profit for FY25/26, the group did highlight that the situation has become more complicated following the ongoing price and promo pressure, increased Sunday openings, abolition of the mandatory closing day and uneven level playing field in labour costs. As we believe it will be no easy task to achieve the outlook, we lower our TP from €41 to €38...

5h / 3m 5h / 3m 1 EN

Guy Sips ... (+2)

Guy Sips
Michiel Declercq

Morning Notes : COLR BB, FLOB BB, PROX BB

: COLR BB, FLOB BB, PROX BB

12h / 34m 12h / 34m 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.

Colruyt 1H25/26 disappoints, outlook reiterated, but with caution

Morning Notes : COLR BB, FLOB BB, PROX BB

Whitestone Group €70m capital raise at NAV backed by new Alcopa signals investor confidence

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