reports
- Luis de Toledo Heras
IPS IPSOS
TEMN TEMENOS AG
EO FAURECIA SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
EVN EVN AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
ERA ERAMET SA
GLB GLANBIA PLC
CFEB COMPAGNIE D'ENTREPRISES CFE SA
VID VIDRALA SA
WIE WIENERBERGER AG
ROYAL VOPAK NV
DOKA DORMAKABA HOLDING AG
ENC ENCE ENERGIA Y CELULOSA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
FACC FACC AG
NKT NKT A/S
GRE GRENERGY RENOVABLES
VRLA VERALLIA SAS
AG1 AUTO1 GROUP
FI-N GEORG FISCHER AG
- Luis de Toledo Heras
IPS IPSOS
TEMN TEMENOS AG
EO FAURECIA SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
EVN EVN AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
ERA ERAMET SA
GLB GLANBIA PLC
CFEB COMPAGNIE D'ENTREPRISES CFE SA
VID VIDRALA SA
WIE WIENERBERGER AG
ROYAL VOPAK NV
DOKA DORMAKABA HOLDING AG
ENC ENCE ENERGIA Y CELULOSA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
FACC FACC AG
NKT NKT A/S
GRE GRENERGY RENOVABLES
VRLA VERALLIA SAS
AG1 AUTO1 GROUP
FI-N GEORG FISCHER AG
- ING Helpdesk
Benelux Morning Notes
Ageas: Upgrading net op. result FY26 target to >€1.5bn from €1.35bn in FY25 as M&A starts contributing / CFE: Strong 2H, flips to net cash and outlook better / Deceuninck: FY25 results in line with expectations, Türkiye a tad better / GBL: Exits Umicore fully / Vopak: Five-year SBB programme announced / Wolters Kluwer: 2025 roughly in line, good 2026 outlook
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Kristof Samoy
Vopak 4Q25 in line, upgrade in cash return policy, LT OCR target upped
In line proportional EBITDA performance. Proposed cash returns (€1.8 dps) and €100m SBB exceed our expectations. Company upgrades LT OCR targets and LT cash distribution policy announcing €1.7bn returns by 2030. Proportional EBITDA26 guidance of €1150-1200m is in line with our €1187mE but a tad below €1207m CSS. Amidst all geopolitical uncertainties the report underlines the defensiveness & visibility of the business model and this amidst unfavourable FX dynamics. Buy and €50 TP reiterated.
- Thijs Berkelder
Vopak announces a multi-year share buyback program of up to EUR 500 mi...
Vopak announces a multi-year share buyback program of up to EUR 500 million and commences the first tranche of up to EUR 100 million Vopak announces a multi-year share buyback program of up to EUR 500 million and commences the first tranche of up to EUR 100 millionRotterdam, the Netherlands, 25th February 2026Vopak intends to commence a multi-year share buyback program of up to EUR 500 million, expected to be executed by year-end of 2030 in multiple tranches. This share buyback program is part of the shareholder distributions program of around EUR 1.7 billion through year-end 2030. In addit...
Vopak reports record financial results for 2025 and announces sharehol...
Vopak reports record financial results for 2025 and announces shareholder distributions program of around EUR 1.7 billion through year-end 2030 The Netherlands, 25 February 2026 Vopak reports record financial results for 2025 and announces shareholder distributions program of around EUR 1.7 billion through year-end 2030 Key highlights Improve Net profit -including exceptional items- FY 2025 increased by 61% to EUR 604 million and EPS of EUR 5.23 increased by 68% year-on-yearProportional operating free cash flow in FY 2025 increased to EUR 823 million leading to a record proportional o...
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- Ahmed Ben Salem
FP TOTAL SE
HEIA HEINEKEN NV
BVI BUREAU VERITAS SA
TKA TELEKOM AUSTRIA AG
GFC GECINA SA
ABB ABB LTD.
MF WENDEL SE
KER KERING SA
RAND RANDSTAD NV
SCHP SCHINDLER HOLDING AG PREF
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
BG BAWAG GROUP AG
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
UN0 UNIPER SE
AENA AENA S.M.E. SA
TKMS TKMS AG & CO. KGAA
- Ahmed Ben Salem
HEIA HEINEKEN NV
BVI BUREAU VERITAS SA
TKA TELEKOM AUSTRIA AG
GFC GECINA SA
ABB ABB LTD.
MF WENDEL SE
KER KERING SA
RAND RANDSTAD NV
SCHP SCHINDLER HOLDING AG PREF
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
BG BAWAG GROUP AG
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
UN0 UNIPER SE
AENA AENA S.M.E. SA
TKMS TKMS AG & CO. KGAA
- ING Helpdesk
Benelux Morning Notes
ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Konrad Zomer
- Dirk Verbiesen
- Quirijn Mulder
Vopak/Preparing for take-off/BUY
With Vopak initiating some large new investments in recent years, investors should prepare for an acceleration in EBITDA growth, which together with improved financial KPIs should act as drivers for a re-rating of the shares in the coming 6-12 months, we believe. First, following a period of strategic divestments, Vopak is now well equipped for the years to come with a stronger return profile of its portfolio. Second, cash conversion has improved and should continue to be strong with promising p...
- Francesca Ferragina
- Michiel Vereycken
Xior Student Housing/Focus on organic growth and developments/BUY
Xior reported solid operational FY25 results. We remain very supportive of the excellent organic trends: LFL rental growth of +5.4% over FY25, which is expected to reach a minimum of +4% over 2026-27F, still outperforming the broader real estate space. The 4% EPS growth guidance for 2026 and 2027 is strong and we think this is a realistic expectation. LTV is at 49.9% and this limits growth options. Over the next two years the group focus will be on rental growth, operational leverage and the exe...
- Kristof Samoy
Vopak First Reaction - Withdrawal of support by First Nation for REEF ...
Yesterday, Energynow.ca published an article on the withdrawal of support by the Metlakatla First Nation citizens of Canada. Supposedly the Metlakatla First Nation's decision to retract its backing for the nearly completed REEF export project is rooted in concerns that it was not informed of an exclusivity agreement granting REEF an export monopoly, which could harm its economic interests in the rival Trigon terminal where it holds a 10% stake. A recent BC Supreme Court ruling allowing Metlakatl...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.