reports
- ING Helpdesk
- David Vagman
- CFA
- Maxime Stranart
Universal Music Group/A shelter from the storm/HOLD
We trim our 2025F-27F estimates 2-3%, purely on FX, and up our TP slightly to €29.5, on higher financial investments (Spotify share price performance) and slightly higher long-term estimates. This follows a 2% EBITDA consensus beat on 5% better sales in 1Q25, backed by a very confident message from management on (1) broad-based DSPs subscription growth improvement, (2) achieving the 2028 targets (>7% sales CAGR, >10% EBITDA CAGR), thanks to incoming wholesale price increases, DSP own price incre...
- 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
- Ahmed Ben Salem
DHL DHL GROUP
FP TOTAL SE
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
KNEBV KONE OYJ CLASS B
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
AMUN AMUNDI SA
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
KGX KION GROUP AG
AENA AENA SME SA
ANDR ANDRITZ AG
SNP PETROM S.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ADYEN ADYEN NV
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
ATCO A ATLAS COPCO AB
STMN STRAUMANN HOLDING AG
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
DSFIR KONINKLIJKE DSM N.V.
- Ahmed Ben Salem
DHL DHL GROUP
FP TOTAL SE
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
AMUN AMUNDI SA
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AENA AENA SME SA
ANDR ANDRITZ AG
SNP PETROM S.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ADYEN ADYEN NV
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
ATCO A ATLAS COPCO AB
STMN STRAUMANN HOLDING AG
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
DSFIR KONINKLIJKE DSM N.V.
- Jerôme Bodin
- Jerôme Bodin
- ING Helpdesk
Benelux Morning Notes
Aedifica: Strong Q1, improving fundamentals, further growth to come. Air France-KLM: Surprising Atlantic. Aperam: In-line 1Q25, seasonal better 2Q25 expected. ArcelorMittal: In-line 1Q25, risks to steel demand due to tariff uncertainty. ASM International: 1Q25 Results - FY25 headwinds from weak USD. Ayvens: Getting into Gear. dsm-firmenich: Transformation on Track. Lotus Bakeries: Peer Mondelez 1Q25 results. Melexis: Mixed 1Q25 results in unstable markets. Ontex: Two steps fo...
- ING Helpdesk
POSTPONEMENT OF BELIEVE'S ANNUAL GENERAL MEETING SCHEDULED FOR 26 JUN...
POSTPONEMENT OF BELIEVE'S ANNUAL GENERAL MEETING SCHEDULED FOR 26 JUNE 2025 POSTPONEMENT OF BELIEVE'S ANNUAL GENERAL MEETING SCHEDULED FOR 26 JUNE 2025 Paris, April 29, 2025 - Believe (Euronext Paris: BLV) announces that the President of the Paris Economic Activities Court has authorized the Company to extend the legal deadline for the approval of its financial statements for the financial year ended December 31, 2024. This decision follows the announcement by Upbeat BidCo(1 ) of its intention to file a public tender offer followed by a squeeze-out for the Believe shares (the "Transa...
REPORT DE L’ASSEMBLEE GENERALE ORDINAIRE ANNUELLE DE BELIEVE DU 26 JU...
REPORT DE L’ASSEMBLEE GENERALE ORDINAIRE ANNUELLE DE BELIEVE DU 26 JUIN 2025 REPORT DE L’ASSEMBLÉE GÉNÉRALE ORDINAIRE ANNUELLE DE BELIEVE DU 26 JUIN 2025 Paris, le 29 avril 2025 – Believe (Euronext Paris : BLV) annonce que le Président du Tribunal des activités économiques de Paris a autorisé la Société à proroger le délai légal d’approbation de ses comptes pour l’exercice clos le 31 décembre 2024. Cette démarche intervient à la suite de l’annonce d’Upbeat BidCo(1) de son intention de déposer une offre publique de retrait suivie d’un retrait obligatoire sur les actions Believe (l’« O...
- Bruno Cavalier
- Michael B. Schäfer
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CLN CLARIANT AG
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GLE SOCIETE GENERALE S.A. CLASS A
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
EZJ EASYJET PLC
SY1 SYMRISE AG
WPP WPP PLC
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
MAP MAPFRE SA
STR STRABAG SE
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ABI ANHEUSER-BUSCH INBEV SA/NV
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
8TRA TRATON SE
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
- Bruno Cavalier
- Michael B. Schäfer
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CLN CLARIANT AG
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GLE SOCIETE GENERALE S.A. CLASS A
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
EZJ EASYJET PLC
SY1 SYMRISE AG
WPP WPP PLC
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
MAP MAPFRE SA
STR STRABAG SE
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ABI ANHEUSER-BUSCH INBEV SA/NV
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
8TRA TRATON SE
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
- Bruno Cavalier
- Jerôme Bodin
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
CLN CLARIANT AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
ERA ERAMET SA
EZJ EASYJET PLC
SY1 SYMRISE AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
SAVE SAVENCIA SA
TUB TUBACEX S.A.
AIXA AIXTRON SE
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TKWY JUST EAT TAKEAWAY.COM N.V.
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
EXENS EXOSENS
ALHG LOUIS HACHETTE GROUP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Bruno Cavalier
- Jerôme Bodin
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
CLN CLARIANT AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
ERA ERAMET SA
EZJ EASYJET PLC
SY1 SYMRISE AG
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
SAVE SAVENCIA SA
TUB TUBACEX S.A.
AIXA AIXTRON SE
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TKWY JUST EAT TAKEAWAY.COM N.V.
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
EXENS EXOSENS
ALHG LOUIS HACHETTE GROUP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Michael B. Schäfer
- ING Helpdesk
Benelux Morning Notes
Acomo: Cocoa-nuts. Cofinimmo: Strong operational start of the year. IMCD: Favourable start of the year. Randstad: Capital Markets Event 2025; rewriting the industry. Signify: Calm 1Q25 before tariff storm. Universal Music Group: EU to probe planned acquisition of Downtown Music. 1Q25 preview. WDP: Good investment, lighter LFL, guidance reconfirmed. Xior Student Housing: Strong organic trends continue. Events Calendar
Believe’s majority shareholder, Upbeat BidCo, announces its intention ...
Believe’s majority shareholder, Upbeat BidCo, announces its intention to file a public buy-out offer, followed by a squeeze-out, on the shares it does not hold. Believe’s majority shareholder, Upbeat BidCo, announces its intention to file a public buy-out offer, followed by a squeeze-out, on the shares it does not hold. Offer at a price of 15.30 euros per share, reflecting premiums of +2.9%, +4.4%, +7.5% and +6.0%, respectively, over the 30-day, 60-day, 120-day and 180-day volume-weighted average prices as of April 14, 2025.The Board of Believe has set up an ad hoc Committee made up of t...
L’actionnaire majoritaire de Believe, Upbeat BidCo, annonce son intent...
L’actionnaire majoritaire de Believe, Upbeat BidCo, annonce son intention de déposer une offre publique de retrait suivie d’un retrait obligatoire sur les actions Believe qu’il ne détient pas. L’actionnaire majoritaire de Believe, Upbeat BidCo, annonce son intention de déposer une offre publique de retrait suivie d’un retrait obligatoire sur les actions Believe qu’il ne détient pas. Offre au prix de 15,30 euros par action, représentant des primes de respectivement +2,9%, +4,4%, +7,5% et +6,0% par rapport aux cours moyens 30 jours, 60 jours, 120 jours et 180 jours pondérés par les volumes...
- ING Helpdesk
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