Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Adding Azelis, DEME, Vopak

We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed the € 200 mark this week. We added Ackermans to our DTPL on 17th December 2022 and since then, the ...

Fugro Key take-aways FY24 analyst call

This morning Fugro published good 4Q numbers. Adjusted EBIT landed at €315m well above our (€296m) and CSS (€297m) estimates. Resulting margin is at 13.8% (vs. 13% E). Full year revenues were mainly derived from Oil&Gas (37%, +1% y/y) and Renewables (38%, +10% y/y). Margin strength is remarkable especially in the US where FY EBIT margins were flat at 10% even when revenues fell 10%. Company guides for EBIT in the 11-15% mid term range with full year revenue growth being back-end loaded given specific 1H25 US market dynamcis. As management is able to flex the cost base and profitability of the ...

Cosmo Pharmaceuticals : No surprises at the year-end, adjustments to be expected for 2025

Air France-KLM : Operating result beat driven by solid unit revenues and fuel costs

Air France-KLM : Operating result beat driven by solid unit revenues and fuel costs