Aedifica and Cofinimmo: Exchange offer complete and new board members appointed. D'Ieteren: Change in CEO at Moleskine, preview FY25. Euronext: Positive volume momentum continues. Retail Estates: €27m retail park development. Staffing: French January trend softer on tough comps, February outlook better
DEME is a world leader in the specialised fields of dredging, marine infrastructure, solutions for the offshore energy market, and environmental works. DEME can build on exactly 150 years of know-how and experience and has fostered a pioneering approach throughout its history, being a front runner in innovation and new technologies. We raise our Target Price —from € 230 to € 240, in line with our DCF—after updating our model to reflect higher FY26E and outer-year EBITDA margins. Recall that FY25...
At the end of February, Proximus presented its new 2026–2028 ambitions during a CMD. While the FCF outlook surprised positively, driven by lower capex spending, this was overshadowed by a dividend cut from €0.60 per share to €0.30 per share, with a gradual recovery to €0.50 per share by 2028. Although the dividend cut was unexpected, we had previously flagged that the dividend was not covered by free cash flow. As we view the dividend cut as a logical step that does not impact our valuation, we ...
Elia initiated a strong FY26 outlook for Net Group Profit between EUR 690m and 740m vs. our new estimate of 699m. The outlook is now based on a 10y OLO of 3.2% vs. 3.1% previously and a 10y bund of 2.8% vs. 2.5%. In Germany (50Hz), the outlook is particularly strong thanks to high Capex remuneration and Interest capitalisation. We expect Elia shares to consolidate its strong performance as it has been a good hiding place in the current market uncertainty. Grids have become part of the Datacente...
The current context heralds a new period of uncertainty, but this will not undermine the growth cycle for utilities, marked by price normalisation, accelerating demand and the increasing complexity of the electricity system, due to the intermittency of renewables, congestion and the need for flexibility. In this context, selectivity is key, between players seeking profitable growth internationally and those waiting on their domestic market. We maintain our sector hierarchy in favour of earnings ...
Le contexte actuel ouvre une nouvelle période d’incertitude mais qui ne remettra pas en cause le cycle de croissance des Utilities, marqué par la normalisation des prix, l’accélération de la demande et la complexification accrue du système électrique, en raison de l’intermittence des renouvelables, des congestions et du besoin de flexibilité. Dans ce contexte, la sélectivité est déterminante, entre les acteurs qui cherchent la croissance rentable à l’international et ceux qui patientent sur leur...
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