Barco Beam Me Up, Barco – But Not Too Fast

Is Barco's strategy beginning to bear fruit, or is one swallow not making a summer? We are happy we gave them the benefit of the doubt after the FY24 results and 1Q25 trading update, given the structural improvements made over the past few years that have continued into the first months of 2025. Recently, we saw some multiple expansion in our SOTP-valuation. This combined with rolling forward our DCF, results in a higher TP of € 14.0 (was € 13.4). However, despite Barco not updating its guidanc...

Morning Notes : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

: BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

Onward Medical FIRST LOOK: 1Q25 confirms ARC-EX' initial sales tractio...

Onward's 1Q25 update highlights steady progress across commercial and clinical fronts. The company sold ten ARC-EX systems in its limited US launch, with positive feedback and a target of 30 units for 1H25. It reported € 0.4m revenue and held € 50.5m net cash at the end of the quarter, in line with our expectations. Upcoming regulatory milestones continue to be the anticipated FDA home use label expansion and CE mark approval, as well as IDE approval for the pivotal Empower BP study. €10.4 TP/Bu...

Dollar Weakness The impact on our Benelux Coverage

In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...

Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During Ma...

1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as o...

Benelux Morning Notes

Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar

Benelux Tech update/Our favourites: ASM, Barco, BESI, RELX

We refresh our Benelux Tech coverage following the 1Q25 reporting season. In this note we downgrade Just Eat Takeaway from Buy to HOLD as we believe the takeover offer is fair. Most companies reported largely in line results and, across the board we make relatively modest changes to our estimates. Our highest conviction longs in the Benelux Tech universe are ASM International, Barco, BE Semiconductor Industries and RELX. Our biggest increase in target price is for Prosus which saw strong perfor...

Benelux Local Champions Feedback document

Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE

Morning Notes : AED BB, BARb BB, HYLb BB, SOF BB, TINC BB, MRUS US

: AED BB, BARb BB, HYLb BB, SOF BB, TINC BB, MRUS US

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/26/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/26/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 26/05/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 26/05/2025

ODDO : Feedback Benelux Conference 2025

On Wednesday 21 May we hosted our 30th ABN AMRO – ODDO BHF Benelux Forum at ABN AMRO’s headquarters. The forum was attended by 21 listed companies (almost all C-level attendance) and around 70 investors. We hosted roughly 300 meetings overall.

Benelux Local Champions 27 May 2025

This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 27 May 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR. ACKERMANS & VAN HAAREN | AGEAS | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | KBC GROUP | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMIC...

Onward Medical FIRST LOOK: Two additional BCI implants completed

Onward has successfully completed the 4th and 5th implants of its ARC-BCI brain-computer interface in two additional spinal cord injury patients. The ARC-BCI system combines Onward's ARC-IM neurostimulation platform with Clinatec's WIMAGINE BCI device to enable AI-driven, thought-controlled movement. With promising prior data on safety and signal stability, WIMAGINE is seen as a strong contender in the competitive BCI space. We reiterate our €10.4 TP and Buy rating.

Morning Notes : ATEB BB, ELI BB, CMBT BB, GREEN BB, HOMI BB, IBAB BB, ...

: ATEB BB, ELI BB, CMBT BB, GREEN BB, HOMI BB, IBAB BB, ONWD BB