KBC Securities - Holdings Report Changing recommendation on Bois Sauvage, adding Exor to the DTPL, and shedding light on the European PE landscape.

Report

KBC Securities

Livio Luyten

Holdings Report Changing recommendation on Bois Sauvage, adding Exor to the DTPL, and shedding light on the European PE landscape.

Performance:
Best performers were Financiere de Tubize, HAL Trust and D'Ieteren
Worst performers were Whitestone Group, Sofina and Quest for Growth

Discount:
Contracted the most for D'Ieteren, Gimv and Ackermans & Van Haaren
Widened the most for Whitestone, KBC Ancora and Sofina

08/09/2025 1 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

Livio Luyten

Other Reports from KBC Securities

Wim Hoste

Wim Hoste

DSM-Firmenich Biting the ANH bullet

The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target price and Accumulate rating.

14h / 40m 14h / 40m 1 EN

Hilde Van Boxstael ... (+3)

Hilde Van Boxstael
Wim Hoste
Wim Lewi

Morning Notes : DSFIR NA, RET BB

: DSFIR NA, RET BB

14h / 48m 14h / 48m 1 EN

Wim Lewi

Wim Lewi

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained relatively stable at 97.79%, an improvement from last March at 97.26%. The debt ratio decreased to 4...

15h / 6m 15h / 6m 1 EN

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Holdings Report Changing recommendation on Bois Sauvage, adding Exor to the DTPL, and shedding light on the European PE landscape.

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

DSM-Firmenich Biting the ANH bullet

Morning Notes : DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

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