reports
- Ahmed Ben Salem
- Bruno Cavalier
- Steven Boumans
- Thomas Zlowodzki
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SCR SCOR SE
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
PNL POSTNL NV
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
CFT COMPAGNIE FINANCIERE TRADITION
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
GCO GRUPO CATALANA OCCIDENTE S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
FPE3 FUCHS PETROLUB SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
- Ahmed Ben Salem
- Bruno Cavalier
- Thomas Zlowodzki
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SCR SCOR SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
PNL POSTNL NV
01913 PRADA S.P.A.
REP REPSOL SA
TUB TUBACEX S.A.
CFT COMPAGNIE FINANCIERE TRADITION
MONC MONCLER SPA
GCO GRUPO CATALANA OCCIDENTE S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
BP. BP P.L.C.
FPE3 FUCHS PETROLUB SE
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Jacob Mekhael
UCB TRx noise aside, fundamentals remain strong
UCB's Bimzelx is well-positioned with strong 3-year data in HS and competitive performance across PsO, PsA, and axSpA, supporting our peak sales estimate of €5.9b by 2030. Despite premium forward P/E multiples, UCB's projected EPS CAGR (2025–2029), being >3x that of peers, means UCB continues to be an attractive name to own. Earlier in the pipeline, our deep dive into the atopic dermatitis (AD) landscape shows that phase 2a data for galovokimig is promising, with plans to advance to phase 2b. Ac...
- Stefano Toffano
- Wim Gille
- ING Helpdesk
Benelux Morning Notes
AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...
- Quirijn Mulder
IMCD/Challenges continue in 2H25/BUY
With 2Q25 disappointing with almost no organic growth, we believe the situation remains challenging for the rest of FY25 led by macro weakness, Chinese exports, trade tariffs and downtrading by consumers. As we think it is not over in the short term, we reduce our estimates significantly. Despite this, we keep our BUY rating. IMCD is in excellent shape in our view – the company's track record in growth, value enhancement and M&A continues, and its strong asset-light model is completely intact. T...
- Jacob Mekhael
UCB Supportive 3-year data for Bimzelx in PsA and axSpA at ACR 2025
UCB announced new 3-year data for Bimzelx in adults with active psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA) at ACR 2025. The results show sustained responses in both patient groups, and appear competitive vs. other biologics e.g. Cosentyx in cross-trial comparison. Overall supportive data that should maintain Bimzelx' commercial momentum. ACCUMULATE maintained.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
UCB SA: 1 director
A director at UCB SA bought 70 shares at 250.000EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
- Carole Braudeau
GET GETLINK SE
CA CARREFOUR SA
BVI BUREAU VERITAS SA
RNO RENAULT SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
SW SODEXO SA
FNAC FNAC DARTY SA
KER KERING SA
NEX NEXANS SA
UCG UNICREDIT S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
DIGI DIGI COMMUNICATIONS NV
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
- Emira Sagaama
- Emmanuel Matot
IPS IPSOS
FP TOTAL SE
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
ITP INTERPARFUMS
BLC BASTIDE LE CONFORT MEDICAL SA
PKO PKO BANK POLSKI S.A.
LPE LAURENT-PERRIER SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
ENI ENI S.P.A.
NEX NEXANS SA
ICAD ICADE SA
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
VRNL VERNEUIL PARTICIPATIONS
ERG ERG S.P.A.
CTAC CTAC N.V.
TPS ORANGE POLSKA S.A.
AOF ATOSS SOFTWARE AG
RIEN RIETER HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
CON CONZZETA AG
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ALR ALIOR BANK SA
VLTSA VOLTALIA
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
GALE GALENICA AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
4X0 STEYR MOTORS AG
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q in line, FY margin now low end of guidance. Acomo: Going from strength to strength. Ahold Delhaize: New $860m distribution centre for Food Lion. Azelis: Weak 3Q25 as broadly expected, CFO to step down. Barco: Press release ahead of CMD. BE Semiconductor Industries: 3Q25 Results – Delivered on order intake. Econocom: 3Q25 organic growth down to c.3.4%, full year growth guidance confirmed. Heineken: EverGreen 2030. Kinepolis: Weak 3Q25 as expected, with Netherlands at ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Dominic Rose
- Naresh Chouhan
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: 3Q may still support shares to CMD. Aedifica: €13m investment in the Netherlands. Basic-Fit: Strong 3Q25 results; beat on membership ingrowth, on track to reiterated FY25. BE Semiconductor Industries: 3Q25 Preview, order intake is key. IMCD: Acquisition of Dong Yang FT. RELX: Preview 9M25. Signify: 3Q25 preview, more back-end loaded. Staffing: Manpower 3Q25 in line on better revenue trend, 4Q25 outlook cautious. WDP: Results in line, guidance reconfirmed
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Lewi
IMCD to acquire Dong Yang FT to strengthen position in beauty and pers...
IMCD to acquire Dong Yang FT to strengthen position in beauty and personal care in South Korea Rotterdam, The Netherlands (16 October 2025) – IMCD N.V. ("IMCD" or "Company"), a global leading partner for the distribution and formulation of speciality chemicals and ingredients, has signed an agreement to acquire 100% of the shares in Dong Yang FT Corp. ("Dong Yang FT"). Founded in 2009 and based in Seoul, South Korea, Dong Yang FT is a distributor of high-quality cosmetic ingredients, working with cosmetic manufacturers across the beauty and personal care sector. With a team of 14 people an...
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