Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...

The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...

Azelis Group NV : Review of capacity additions and potential tailwinds...

After a difficult year 2025, a significant rebound in chemical performance in 2026 is not very likely as weak end-market demand continues, while significant capacity additions in key feedstock like ethylene will limit the increase in utilization rates. However, some positive news, especially for European chemical producers, have come up including changes in the asphyxiating regulatory and environmental framework. Other measures, including potential anti-dumping duties and government support are ...

Azelis Group NV : Review of capacity additions and potential tailwinds...

After a difficult year 2025, a significant rebound in chemical performance in 2026 is not very likely as weak end-market demand continues, while significant capacity additions in key feedstock like ethylene will limit the increase in utilization rates. However, some positive news, especially for European chemical producers, have come up including changes in the asphyxiating regulatory and environmental framework. Other measures, including potential anti-dumping duties and government support are ...

Credit Morning 02/24/2026

Azelis: new bond issuance and exit of its main shareholder|Forvia: a resilient 2025 publication that emphasizes margins and FCF|Thyssenkrupp Elevator repays part of its 2027 bonds|

Azelis Model update

After revising our estimates post FY25 results we lower our estimates. For 2026 we lower our revenue estimates as we expect lower organic growth, lower acquisitional growth and more FX headwinds. The impact on the gross profit margin is modest while we anticipate more pressure on the EBITA margins. However, we see significant upside as the current valuation is based on compressed estimates and multiples. Our DCF valuation and multiple approach result in a fair value of € 15 per share. Therefore,...

Morning Notes : GLPG NA, SOLB BB, AZE BB, JDEP NA

: GLPG NA, SOLB BB, AZE BB, JDEP NA

Morning Notes : AD NA, ARCAD NA, PNL NA, AZE BB

: AD NA, ARCAD NA, PNL NA, AZE BB

Credit Morning 02/19/2026

Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publishes weak results for 2025 but takes radical measures to rapidly improve its financial structure, notably with a plan to strengthen its equity capital by € 500m|AF-KLM: Unit costs under control enabling good profitability levels|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/19/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/02/2026

Morning Crédit 19/02/2026

Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publie de faibles résultats 2025 mais prend des mesures radicales pour améliorer rapidement la structure financière, notamment avec un projet de renforcement des fonds propres de 500 m EUR|AF-KLM: Unit costs under control enabling good profitability levels|

Benelux Morning Notes

AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...

Morning Notes : ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HY...

: ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HYL BB, IBAB BB, KIN BB, MTLS US, VGP BB, AZE BB, ZEAL DC

Azelis Group NV : Q4 25 results. Not much to cheer about.

Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB

After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...

Azelis/Trimming estimates on ‘softer-for-longer' view/BUY

We trim our estimates as we expect the challenging macro environment, as experienced in 3Q25, to extend into 4Q25 and 1H26. Our lower target price of €14 per share (from €19), reflects our lower estimates and de-rated peer multiples. We maintain our BUY recommendation.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/23/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 23/01/2026

Azelis Group NV : The pressures remain unabated (Q4 25 preview)

Dynamic Top Pick List How to start 2026?

How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...