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Benelux Morning Notes

Econocom: Analyst meeting feedback; major €97m cost savings plan announced. FNG: Strong top-line growth, OK-ish operating performance, disappointing bottom-line. GBL: An elegant way to exit the LafargeHolcim participation. KPN: Proximus CEO Dominique Leroy joins KPN. Proximus: Dominique Leroy to step down as the CEO to join KPN. SBM Offshore: LT supply agreement supports speed and opportunities. TomTom: Automotive newsflow.

Benelux Morning Notes

Company comments AEGON: Objective is to release capital from Dutch business not to inject a.s.r.: Comfortably navigating through low interest rates environment Econocom: Final H1 quality unsupportive, FY guidance again confirmed Gimv: €10m investment in ophthalmic implants KAS BANK: Records weak earnings amidst the CACEIS's public offer in progress PostNL: As expected ACM does not approve merger with Sandd according to Dutch press

Benelux Morning Notes

KBC: Restructuring /governance model change. Staffing sector: Dutch figs; period 8: vol -10%, rev -5% (was -8% and -3%); trend softens

Benelux Morning Notes

Colruyt: Jumbo, new in the Belgian retail market, eliminates lowest price guarantee

Benelux Morning Notes

KBC Ancora: 10% reduction in dividend to accelerate debt reduction. Kinepolis: €137m acquisition in Michigan, USA. Sioen Industries: Challenging 1H19, raw materials prices to support 2H19 recovery

Benelux Morning Notes

Ackermans & Van Haaren: Best 1H result ever on €105m capital gain in real estate. Recticel: No strategic announcement, weak results in Insulation but guidance reiterated

Benelux Morning Notes

D'Ieteren: 10% beat on strong Belron margins, Belron guidance up, €150m SBB. EVS: Better H1 on cost savings, one offs, sales guidance unchanged, OPEX guidance cut. VolkerWessels: In line, but warns on market conditions

Benelux Morning Notes

Ackermans & Van Haaren: Expect the highest 1H result ever, with >€100m capital gain. Agfa-Gevaert: First top line growth since 2015. Balta: Sales growth compensates for drop in margins. NIBC: Steady performance but changing regulatory environment puts pressure on costs. Sif Group: EBITDA better than expected, healthy FCF

Benelux Morning Notes

B&S Group: In line numbers, further growth foreseen. Sif Group: Preview - Starting up new projects in 2Q. Tessenderlo: Strong 1H19 gives confidence on FY outlook. Van Lanschot Kempen: Delivers on capital return expectations, cost base target on track

Benelux Morning Notes

a.s.r.: Good operational performance to offset (partly) headwinds from lower rates VolkerWessels: Preview; focus on Dutch Infra unit

Benelux Morning Notes

BAM: Lower than expected Boskalis: Batten down the hatches IBA: Weak 1H19, promise of a much better 2H Kinepolis: Results a bit soft but summer looking good

Benelux Morning Notes

a.s.r.: Potential small bolt-on deal in disability D'Ieteren: Belron nice bolt on deal in the US Flow Traders: July ETP market volumes Heijmans: Handsome set of 1H19 results Kinepolis: 1H19 preview

Benelux Morning Notes

Avantium: Steady as she goes BAM: Preview; hopefully 2Q is a non-event Boskalis: Preview; no change in end markets expected Deceuninck: Recovery in Turkey still not anticipated Lotus Bakeries: Another strong organic performance

Benelux Morning Notes

Heijmans: Results preview; just is good enough for us

Benelux Morning Notes

Company comments ADO Properties: Confirmation of FFO guidance

Benelux Morning Notes

Deutsche Wohnen: Low NAV growth. Kendrion: It is what it is. NIBC: Rebalancing the corporate book on track, some temporary cost headwinds. Takeaway.com: Deliveroo throws in the towel in Germany. TKH: Operating income lower than expected. Van Lanschot Kempen: 1H19 difficult for NNM, expect reassurance on cost discipline

Benelux Morning Notes

AEGON: Lard Friese to succeed Alex Wynaendts as CEO. Kendrion: Results preview; a good house in a bad neighbourhood. NN Group: David Knibbe to succeed Lard Friese as CEO. TKH Group: Results preview; facing a difficult YoY comparison base

Benelux Morning Notes

Ascencio: Limited growth and stable dividend guidance. Euronext: Market activity drops further in July. Flow Traders: Virtu notes material increase in performance in August. LEG Immobilien: Holding steady. Montea: Lower costs boost EPS and Dividend outlook. BinckBank: Ending coverage after acquisition by Saxo Bank

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