reports
- Marc Hesselink
- CFA
- Thymen Rundberg
Fastned/Discharged momentum/HOLD
In our view Fastned reported disappointing 1H25 results. We mainly make downward adjustments to our charging volume estimates for the coming years. We increase our pricing estimates beyond 2025, partially offsetting lower volumes. We slightly increase our long-term (post 2030) estimates, resulting in our DCF-driven target price of €20 (unchanged), and we reiterate our HOLD rating.
- Olfa Taamallah
- Yan Derocles
LXS LANXESS AG
GLB GLANBIA PLC
FTON FEINTOOL INTERNATIONAL HOLDING AG
ADN1 ADESSO AG
SQN SWISSQUOTE GROUP HOLDING AG
SAX STROEER SE & CO. KGAA
PYT POLYTEC HOLDING
POST OSTERREICHISCHE POST AG
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
HFG HELLOFRESH SE
FAST FASTNED
AERO MONTANA AEROSPACE AG
SHUR SHURGARD SELF STORAGE LIMITED
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Olfa Taamallah
- Yan Derocles
LXS LANXESS AG
GLB GLANBIA PLC
FTON FEINTOOL INTERNATIONAL HOLDING AG
ADN1 ADESSO AG
SAX STROEER SE & CO. KGAA
PYT POLYTEC HOLDING
POST OSTERREICHISCHE POST AG
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
HFG HELLOFRESH SE
FAST FASTNED
AERO MONTANA AEROSPACE AG
SHUR SHURGARD SELF STORAGE LIMITED
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Thijs Berkelder
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Fastned: H1 results, GM recovery, roll-out acceleration expected in H2
This morning, Fastned published its H1 2025 key metrics and number of operating stations. H1 sales came in at EUR54.3m (+44% YoY), implying revenue of EUR26.3m in Q2 2025 (-9% vs cons. at EUR28.9m) and pointing to an annual run-rate of at least EUR108m (vs cons. at EUR130.8m for FY25 and STFe EUR13
- ING Helpdesk
Benelux Morning Notes
Ascencio: Stable update CFE: Preview; margin over volume CVC Capital Partners: Moments of Realisation D'Ieteren: Belron North American peer Boyd points to positive 3Q25 inflection point in like for like growth Fastned: 1H25 results; disappointing charging volumes, cost pressure continues Greenyard: Results of second acceptance period concerning takeover bid and launching squeeze-out
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
- Luuk Van Beek
(Sponsored) Fastned - Gearing up for a growth spurt
Scaling up its succesful station approachRolling out tried-and-tested concept. Fastned is a clear market leader in highway fast charging in the Netherlands. In the past years it has optimized its concept to provide market-leading reliability and a high service level to customers at competitive costs. It is now rolling out this concept to other European countries, aiming to grow from 346 stations at YE2024 to 1,000 stations by 2030.Significant operating leverage. The stations have been operating ...
- Thijs Berkelder
- Thijs Berkelder
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Fastned: EUR34.7m bond issue
Yesterday, Fastned announced it has raised more than EUR34.7m from its second bond issue to retail investors this year, with EUR28.8m contributed in new investments and EUR5.9m rolled from earlier tranches. This brings the total amount of retail bonds raised in 2025 to more than EUR71m (vs EUR82m i
- ING Helpdesk
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
PROX PROXIMUS SA DE DROIT PUBLIC
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
PHIA KONINKLIJKE PHILIPS N.V.
WKL WOLTERS KLUWER NV
ASM ASM INTERNATIONAL N.V.
ASRNL ASR NEDERLAND NV
LIGHT SIGNIFY NV
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ASML ASML HOLDING NV
TKWY JUST EAT TAKEAWAY.COM N.V.
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
TOM2 TOMTOM NV
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
FAST FASTNED
- Marc Hesselink
- CFA
- Thymen Rundberg
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...
PHIA KONINKLIJKE PHILIPS N.V.
WKL WOLTERS KLUWER NV
ASM ASM INTERNATIONAL N.V.
LIGHT SIGNIFY NV
MELE MELEXIS NV
ASML ASML HOLDING NV
TKWY JUST EAT TAKEAWAY.COM N.V.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
TOM2 TOMTOM NV
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
FAST FASTNED
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
UNIQA INSURANCE GROUP AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
TRP TERAPLAST
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
UNIQA INSURANCE GROUP AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
TRP TERAPLAST
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Wim Gille
BEKB BEKAERT SA
APAML APERAM SA
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
RAND RANDSTAD NV
SOLB SOLVAY SA
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
CSM CORBION NV
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
FAST FASTNED
INPST INPOST S.A.
- Ahmed Ben Salem
- Baptiste Lebacq
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALFOC FOCUS HOME INTERACTIVE SA
NK IMERYS SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
ATO ATOS SE
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
EVT EVOTEC SE
FGA FIGEAC AERO SA
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
GOE GROUPE GORGE SA
GLO GL EVENTS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
ICAD ICADE SA
SUN SULZER AG
NDA AURUBIS AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
CON CONZZETA AG
11B 11 BIT STUDIOS S.A.
SIFG SIF HOLDING NV
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
NSI NSI N.V.
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
FAST FASTNED
WINE PURCARI WINERIES PCL
OVH OVH GROUPE
ALVGO VOGO SA
MFEA MEDIASET NV
PLX PLUXEE NV
ORP ORPEA
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