reports
- Guy Sips
- Hilde Van Boxstael
- Wim Lewi
- Guy Sips
Lotus Bakeries FIRST LOOK : Three Continents, One Momentum: Lotus Turn...
In FY25, Lotus Bakeries delivered a 10% revenue increase to a very nice € 1.355m (KBCSe 1.355m, CSS 1.346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue By the end of 2025, Biscoff production expanded to three continents. We welcome that the new production...
- Guy Sips
Melexis In rough weather, exaggeration only deepens the valley
Melexis enters 2026 with a message that is far from triumphant: the recovery is happening, but it remains “an uneven recovery”. 4Q25 delivered growth, yes—but only just—and once again China dictated the rhythm with swings that overshadow structural progress. We updated our model taking into account management insists that FY26 will mark the start of margin improvement, and while the yield normalization story is credible, it does little to offset the uncomfortable reality of flat sales in 1Q an...
- Guy Sips
X Fab Silicon Foundries EV FIRST LOOK : Cautious on near term given on...
We updated our model as 1Q26 revenue is expected to come in within the range of $190-200m (KBCS from the low of the markets ($200.6m while CSS was $ 213.4m) to $ 195m now with an EBITDA margin in the range of 18% and 21% (KBCSe new 21.2%). We regret X-FAB is not providing FY26 guidance at this time due to limited visibility and the current macroeconomic environment. We think CSS will have to lower FY26E forecast substantially (CSS was $ 916.6m sales and 26.3% EBITDA-margin) and as a result we lo...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Guy Sips
Melexis FIRST LOOK: Remaining in an uneven recovery
Melexis saw in 4Q25 still a challenging and unstable environment as the automotive industry demand continues to be cautious and choppy between quarters. They indicated they remain in an uneven recovery. Melexis highlighted that -looking at FY26- 1Q is traditionally impacted by annual customer pricing agreements and seasonal factors such as Chinese New Year and sales patterns outside of automotive. In addition, this year demand is affected by recent changes in EV automotive regulations and purcha...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
Biotalys Ending collaboration with Novonesis, new partnership with 21s...
Biotalys has entered into a strategic partnership with 21st.BIO to accelerate the production of Biotalys' protein-based biocontrol solutions. Biotalys indicated that this collaboration will leverage 21st.BIO's proprietary fermentation platform to support the production of Biotalys' AGROBODY agricultural biocontrol products at commercially competitive costs. We regret that Biotalys and Novonesis will conclude their collaboration (in line with the transition to this new agreement). Biotalys will...
- Guy Sips
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
Agfa Final resolution of price adjustment related to sale of Offset to...
In a press release -in which adherence to legal exactitude substantially compromised the clarity of the communication- Agfa announced the final resolution of the purchase price adjustment related to the 2022 sale of its Offset Solutions division to Aurelius. After contacting Agfa's management, it became clear that -following the independent expert's ruling- Agfa should receive €19.9m in cash within 15 business days, bringing the miss in total cash receipts from the original receivable of € 31...
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Guy Sips
Kinepolis Group One Battle After Another
Following weaker-than-expected December 2025 admissions in North America and Europe, we updated our Kinepolis visitor model to reflect a softer 4Q25 and FY25 than originally anticipated. In the US, December Box Office declined -2.3% y/y, resulting in a –6.9% quarter as an overcrowded release slate diluted demand across major titles. This drove FY25 admissions below expectations, despite a 1% y/y increase in Box Office revenue supported by premium pricing. We expect Canada to show the same patter...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Wim Lewi
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