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...

Suspension of Coverage

From 2nd of June we are suspending coverage of companies below due to a reallocation of resources. Our prior estimates should no longer be used as an indicator for the company moving forward.ADIDASBEIERSDORFCARREFOURDELIVERY HEROESSILORLUXOTTICAHELLOFRESHHermès InternationalHUGO BOSSINTERPARFUMSJUS

On the shelves now: Consumer Weekly #71

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how tariffs have dominated recent earnings calls over other topics such a

Just Eat Takeaway: tender to the offer

Following the publication of the offer memorandum yesterday by Prosus and the launch of the tender offer today until 29th July, we have withdrawn our Neutral rating and advise shareholders to tender their shares to the offer.1/ We consider the offer as generous with implied c.11.5x EV/EBITDA 2025e

Just Eat Takeaway Prosus launches offer

Following the agreement on February 24th between Prosus and JET to acquire 100% of JET shares at € 20.30ps, Prosus officially launched the all cash offer today, with the offer period starting on May 20th 2025. The offer will be declared unconditional if the acceptance reaches 95%. The 95% threshold will be reduced to 80% if the Post-offer restructuring resolutions are adopted by the AGM on July 8th 2025. These restructuring resolutions imply and asset sale and liquidation event which would resul...

On the shelves now: Consumer Weekly #70

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the initial impact of tariffs on the US consumer and economy. Happy readi

Benelux Morning Notes

EVS: Weak start to the year, sales guidance maintained excluding FX, EBIT guidance low Just Eat Takeaway.com: Prosus offer launched KBC: CFO meeting – navigating above targets, strong loan growth & NII path NEPI Rockcastle: Robust Q1 results, strong top line Xior Student Housing: Dutch rent freeze not applicable to Xior

Morning Notes : EVS BB, NEXTA BB, MELE BB, TKWY NA

: EVS BB, NEXTA BB, MELE BB, TKWY NA

Deliveroo: PT aligned with DoorDash offer

Following the confirmation of a 180p/share cash bid by DoorDash (first analysed here), we have downgraded our rating from Buy to Neutral and aligned our PT with the offer at 180p.We will recommend that shareholders vote in favour of the upcoming court-sanctioned scheme of arrangement under the UK C

On the shelves now: Consumer Weekly #67

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the largest beauty groups in the world. Happy reading!

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/28/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 28/04/2025

JUST EAT TAKEWAY.COM : Most of the optionality is gone now.

Deliveroo: your DoorDash rider is on the way with a 180p offer

Our late February Buy upgrade thesis is taking shape with DoorDash making an indicative 180p/share cash offer (to be confirmed by 23rd May). The price looks decent, but not spectacular, with a 23% premium and an implied 12x EV/EBITDA, and the likelihood of a counter-bid seems very low. Negative rea

Delivery Hero: persistent concerns and no short-term catalyst in sight

Post-Q1, we remain impressed by the MENA performance and sceptical about the recovery in Korea. Neutral reiterated with a EUR36 PT despite >30% upside as we see no short-term catalyst to engage a rerating from 8.3x EV/EBITDA. Mounting legal issues in Spain & Italy, an uncertain recovery in K

Credit Morning 04/23/2025

Europcar Mobility Group ended 2024 with corporate EBITDA of -€ 35m|Q1 25 trading update: Moderate growth, confirms FY 25 guidance, sees no tariffs risk|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/23/2025

Morning Crédit 23/04/2025

Europcar Mobility Group a fini 2024 avec un EBITDA Corporate de -35 m EUR|Q1 25 trading update: Moderate growth, confirms FY 25 guidance, sees no tariffs risk|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 23/04/2025