reports
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Aedifica, Cofinimmo: Aedifica CMD feedback bpost: 1Q25 results beat strongly, outlook surprises Brunel: 1Q25 results disappoint on perm, weak revenue Cofinimmo, Aedifica: Negative reaction on Aedifica offer Eurocommercial Properties: Good with no surprise Montea: Good results, guidance reconfirmed Proximus: Small 1Q beat, guidance reiterated, soft commercial performance Sif Group: The jury is still out Talabat: Preview 1Q25 Universal Music Group: Peer Warner Music slowdown in streaming and prof...
GBLB GROUPE BRUXELLES LAMBERT SA
PNL POSTNL NV
COFB COFINIMMO SA
MONT MONTEA SCA
AED AEDIFICA SA
AALB AALBERTS N.V.
BPOST BPOST SA
BRNL BRUNEL INTERNATIONAL N.V.
VGP VGP NV
SIFG SIF HOLDING NV
UMG UNIVERSAL MUSIC GROUP NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
TALABAT TALABAT HOLDING PLC
- Marc Zwartsenburg
- CEFA
PostNL/All eyes on the ACM - Dutch government/HOLD
We keep our HOLD rating but lower our target price from €1.10 to €0.95 to reflect our new estimates. We stress that we have not included any upside from a potential change to the Dutch mail business model. This could provide significant upside dependent on the degree of flexibility provided in terms of delivery days (ie, D+2, and/or combined with a D+3 model in the future and/or State compensation for USO losses). The ACM is preparing an analysis on the future of the mail business model which is...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Strong 1Q25 in the US, additional details on FY25 guidance. Arcadis: Mixed start to FY25, US not to blame. PostNL: Highlights of 1Q25 analyst meeting. Sif Group: Preview - EBITDA capacity of new factory is key. Vonovia: Good results, positive message about valuations, new CEO. Wolters Kluwer: 1Q25 trading update – good start to the year
- Nicolas David
- Thomas Zlowodzki
EVT EVOTEC SE
ISS ISS A/S
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
NOEJ NORMA GROUP SE
PNL POSTNL NV
G24 SCOUT24 AG
NANO NANOBIOTIX SA
ELIS ELIS SA
COFA COFACE SA
IDR INDRA SISTEMAS S.A. CLASS A
SAE SHOP APOTHEKE EUROPE NV
RUI RUBIS SCA
SANT S&T AG
TMV TEAMVIEWER AG
- Nicolas David
- Thomas Zlowodzki
EVT EVOTEC SE
ISS ISS A/S
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
NOEJ NORMA GROUP SE
PNL POSTNL NV
G24 SCOUT24 AG
NANO NANOBIOTIX SA
ELIS ELIS SA
COFA COFACE SA
IDR INDRA SISTEMAS S.A. CLASS A
SAE SHOP APOTHEKE EUROPE NV
RUI RUBIS SCA
SANT S&T AG
TMV TEAMVIEWER AG
- ING Helpdesk
Benelux Morning Notes
Kinepolis: Box office doubles in US/Canada, flat attendance in France. KPN: VodafoneZiggo goes for accelerated DOCSIS 4.0 roll out, answering infra question. Lotus Bakeries: CEO expects US$100m in sales in India by the end of the decade. Philips: 1Q25 results – Guidance lowered on tariffs. PostNL: 1Q25 in line with consensus; FY25 outlook reiterated
- Stefano Toffano
- Wim Gille
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Marc Zwartsenburg
- CEFA
PostNL/Model update/HOLD
We have updated our model post FY24 reporting and we included the restated segment reporting with Real Estate sales and results now included in Parcels versus in MailNL previously. Note that PostNL guided for an underlying EBIT for FY25F of c.€53m, ie, in line with FY24. We estimate €48m, which is a significant downgrade vs the pre-FY24 results estimate of €98m. We feel that the outlook for FY25 is not without downside risk as (a) much will depend on a strong 4Q as we expect a rather soft start ...
- ING Helpdesk
- Michiel Declercq
PostNL Urgent regulatory changes were needed yesterday
Following the FY24 results, we have significantly lowered our normalized EBIT estimates for 2025 and 2026 by respectively 33% and 43%. Our new estimates assume that the mail segment will become loss making in 2025, only returning to profitability by 2027. However, in order to restore mail profitability, a change in the postal act will be needed. Any delays to these changes could be considered a risk for the stock, while the opposite is true for temporary measures or financial compensation from t...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Baptiste Lebacq
- Bruno Cavalier
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
PNL POSTNL NV
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ADN1 ADESSO AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PAT PATRIZIA AG
MONC MONCLER SPA
MELE MELEXIS NV
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
TKWY JUST EAT TAKEAWAY.COM N.V.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SPM SAIPEM S.P.A.
STM STABILUS SE
TEN TENARIS S.A.
VIRI VIRIDIEN
- Baptiste Lebacq
- Bruno Cavalier
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
PNL POSTNL NV
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
MELE MELEXIS NV
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SPM SAIPEM S.P.A.
STM STABILUS SE
TEN TENARIS S.A.
VIRI VIRIDIEN
- ING Helpdesk
Benelux Morning Notes
Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stefano Toffano
- Wim Gille
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Baptiste Salaville
- Bruno Cavalier
- Charlotte Vaisse
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
CVVTF COVESTRO AG
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
GBF BILFINGER SE
RHM RHEINMETALL AG
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
BOSS HUGO BOSS AG
SDF K+S AG
NOEJ NORMA GROUP SE
FR VALEO SE
PNL POSTNL NV
BAS BASF SE
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
CFEB COMPAGNIE D'ENTREPRISES CFE SA
DEZ DEUTZ AG
AIXA AIXTRON SE
KRN KRONES AG
NEM NEMETSCHEK SE
SAX STROEER SE & CO. KGAA
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
MONC MONCLER SPA
BNR BRENNTAG SE
FYB FORMYCON AG
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
JUN3 JUNGHEINRICH AG PREF
DUE DURR AG
JST JOST WERKE AG
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
NXFIL NX FILTRATION HLDG BV
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
STM STABILUS SE
TUI TUI AG
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
SHA SCHAEFFLER AG
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