Report
Alan Vandenberghe ...
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Morning Note: GVNV NA, HAL NA, ONTEX BB, PROX BB, REC BB

GrandVision: Tribunal rules against GrandVision
Hal Trust: Tribunal rules against GrandVision
Ontex: Glass half full
Proximus: Update on sale and redevelopment of HQ
Recticel: Read-through trading update Kingspan
Underlyings
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.

HAL Trust

HAL Trust is the trust holding company for HAL Holding N.V. Co.'s only asset is the outstanding shares of HAL Holding N.V. Co.'s strategy is to invest in companies where it can play an active role as shareholder and board member. Co. invests mainly in industrial and real estate companies.

Ontex Group N.V.

Ontex Group NV is a Belgium-based company, which operates in the manufacturing sector of industry. The Company is a producer of disposable personal hygiene solutions for babies, women and adults. It offers a range of such products as baby diapers, baby pants, baby wet wipes, pads, pantyliners, tampons, light incontinence products, pull-ups, belt diapers, all-in-one tape systems, shaped pads and underpards. Its products are distributed through retail partner brands, as well as under its own brands (canbebe, canped, Helen Harper, Moltex, Baby Charm) across several distribution channels, such as retail trade, care institutions and pharmacies. The Company is present in Europe, Northern Africa, Australia and Asia.

Proximus SA de droit public

Proximus supplies integrated telecommunications services on the Belgian market. Co.'s activities are divided into four segments: Consumer Business Unit (CBU), which sells voice products and services, internet and television, on fixed and mobile networks, to residential customers; Enterprise Business Unit (EBU), which caters to professional customers; Service Delivery Engine and Wholesale, which centralizes all the network and IT services and costs, provides services to CBU and EBU and sells these services to other telecom and cable operators; and International Carrier Services, which focuses on international carrier activities.

Recticel SA

Recticel is engaged in the production of a variety of polyurethane foams that are used in the furniture, technical, automotive, bedding and insulation industries. The Flexible Foam Business Line covers the manufacture, conversion and marketing of flexible polyurethane foam. The types of flexible foams are classified as Comfort, Technical Foams and Composite Foams. Co. is also engaged in the manufacture of foams used in mattresses and slat bases. In addition, Co. manufactures rigid polyurethane and phenolic foams for thermal insulation. Co.'s automotive activities include: manufacturing moulded seat cushions, window encapsulation and manufacturing interior trim components.

Provider
KBC Securities
KBC Securities

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Analysts
Alan Vandenberghe

Michiel Declercq

Ruben Devos

Wim Hoste

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