KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical Stimulating Progress, Onward to Success

Report

KBC Securities

Thomas Vranken

Onward Medical Stimulating Progress, Onward to Success

Today we initiate coverage on Onward Medical. Onward is a Dutch/Swiss clinical stage medical technology company developing innovative therapies to enable functional recovery for people with spinal cord injury, based on its ARC neurostimulation technology. Its two products, the external ARCEX and implantable ARCIM devices, aim to restore upper limb function, blood pressure control and mobility. Based on an addressable market of € >20bn and limited competition, we believe Onward could become a global pioneer with a first product approval toward YE24. We point to a target price of € 10 and issue a Buy rating.

08/02/2024 1 EN

Underlying

ONWARD MEDICAL NV

See profile

NL0015000HT4 Euronext Brussels Netherlands

Provider

KBC Securities

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

See profile

Analysts

Thomas Vranken

Other Reports on these Companies

KBC Securities

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

: AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

February 4, 2026 February 4, 2026 1 EN

KBC Securities

Onward Medical Announces enrolment of first participant in Empower BP trial

Onward announces enrolment of the first participant in the Empower BP trial. The trial evaluates the ARC-IM system to address blood pressure instability in SCI patients. We note that Onward plans an interim analysis of the efficacy results in 2H26, which could accelerate timelines if fewer total patients are required. Short-term, we look forward to the FY25 results to gain a view on the ARC-EX commercial launch (9M25: 70 devices sold). We reiterate our € 8.9 TP and BUY rating.

February 4, 2026 February 4, 2026 1 EN

GlobeNewsWire

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury Empower BP is a landmark global pivotal study evaluating the safety and effectiveness of the implantable ARC-IM® System to address blood pressure instability after spinal cord injury (SCI)Blood pressure instability is a key unmet need after SCI, with a significant impact on cardiovascular health and quality of lifeThe first participant was enrolled at Craig Hospital in Denver, Colorado, USA EINDHOVEN, the Netherlands, Feb. 04, ...

February 4, 2026 February 4, 2026 1 EN

GBL After delivering a solid recovery we expect momentum to moderate

GBL has reached our previous price target following its consistent performance since the Apr'25 Liberation Day low. Over this period, the discount compressed sharply from 45% to 22%, driven by visible strategy progress, growing recognition of unique private market access, and €335m share buybacks in FY25. The recent Rayner acquisition (€0.5bn for 45% co-control stake) marks the first clear execution of GBL's Nov'24 strategy to increase direct private asset exposure in priority sectors. It strengthens GBL's already successful healthcare segment. That said, most catalysts now appear largely pric...

10h / 37m 10h / 37m 1 EN

Kristof Samoy

Kristof Samoy

CFE FY25: In line results, solid debt reduction, margin strength in Construction

Over FY25, revenues equalled €1042m (-12% YoY) but EBIT up sharply at €44.9m (+40.3% YoY). The net result stood at €33.5m (LY: €24m). As such, the posted net result exceeds guidance calling for 2025 net profit close to the 2024 level. The company proposed a gross dividend of €0.50ps (€0.4PS LY). The consolidated order book stood at €1633m (vs. €1646m LY and €1650m per 9m25). Thanks to strong OCF of €64m, net debt turned into a net cash position of €43.8M (€41.7m net debt LY) . For 2026, CFE expects net income close to that of 2025. Supported by the orderbook, encouraging margin trends in Const...

13h / 5m 13h / 5m 1 EN

Kristof Samoy ... (+4)

Kristof Samoy
Livio Luyten
Thomas Couvreur
Wim Hoste

Morning Notes : AGS BB, DECB BB, GBLB BB, UMI BB, VPK NA, WKL NA

: AGS BB, DECB BB, GBLB BB, UMI BB, VPK NA, WKL NA

13h / 10m 13h / 10m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Onward Medical Stimulating Progress, Onward to Success

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

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

Onward Medical Announces enrolment of first participant in Empower BP trial

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury

GBL After delivering a solid recovery we expect momentum to moderate

CFE FY25: In line results, solid debt reduction, margin strength in Construction

Morning Notes : AGS BB, DECB BB, GBLB BB, UMI BB, VPK NA, WKL NA

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe