reports
- Carole Braudeau
- Thibault Leneeuw
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,...
- Adrian Pehl
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
F3C SFC ENERGY AG
OERL OC OERLIKON CORPORATION AG
ELG ELMOS SEMICONDUCTOR SE
SOLB SOLVAY SA
NEX NEXANS SA
UTG UNITE GROUP PLC
INH INDUS HOLDING AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
VASTB VASTNED RETAIL BELGIUM NV
DOKA DORMAKABA HOLDING AG
ALR ALIOR BANK SA
GLPG GALAPAGOS NV
ALM ALMIRALL SA
MVC METROVACESA SA
THEON THEON INTERNATIONAL PLC
ORP ORPEA
EXENS EXOSENS
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Adrian Pehl
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
F3C SFC ENERGY AG
OERL OC OERLIKON CORPORATION AG
ELG ELMOS SEMICONDUCTOR SE
SOLB SOLVAY SA
NEX NEXANS SA
UTG UNITE GROUP PLC
INH INDUS HOLDING AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
VASTB VASTNED RETAIL BELGIUM NV
DOKA DORMAKABA HOLDING AG
ALR ALIOR BANK SA
GLPG GALAPAGOS NV
ALM ALMIRALL SA
MVC METROVACESA SA
THEON THEON INTERNATIONAL PLC
ORP ORPEA
EXENS EXOSENS
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Martial Descoutures
- Martial Descoutures
- Mathijs Geerts Danau
Galapagos FY25 results hold no surprises
Galapagos reported FY25 results with a cash position of € 3bn (YE24: € 3,317.8m) and an updated outlook, where it expects to end FY26 with € 2,775 - € 2,850m in cash, and to incur costs of € 125-175m related to the winddown of the cell therapy business. Looking ahead, the company will focus its strategy on building a new pipeline through BD. € 37 TP and ACCUMULATE maintained.
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/Entering an era of increased profitability/BUY
We reiterate our BUY rating on Lotus Bakeries and increase our target price from €11,100 to €12,700 following the group stronger-than-expected FY25 results. We, however, remove Lotus Bakeries from the ING Benelux Favourite list, following its strong share price performance since the turn of the year. We upgrade our Normalised EPS by 2-3% respectively over 2026-29F, reflecting a stronger-than-expected benefit of the discontinuation of the ice cream business, as demonstrated by the group's 2H25 Ad...
Galapagos Reports Full Year 2025 Financial Results and Provides Fourth...
Galapagos Reports Full Year 2025 Financial Results and Provides Fourth Quarter Business Update Strategic reset positions Galapagos for long-term value creation Robust 2025 year-end cash and financial investments of €3.0 billion and ongoing collaboration with Gilead enable flexibility to execute on a business development-led growth strategy 2026 year-end cash expected to be in the range of €2.775 to €2.850 billion, with reduced cell therapy one-time restructuring cash costs of €25 million to an updated range of €125 to €175 million Management to host tomorrow, February 24, 2026, at 14:00 CE...
Galapagos rapporteert resultaten over het gehele jaar 2025 en geeft ee...
Galapagos rapporteert resultaten over het gehele jaar 2025 en geeft een business update over het vierde kwartaal Strategische heroriëntatie positioneert Galapagos voor waardecreatie op lange termijn Sterke positie van €3,0 miljard aan kasmiddelen en financiële investeringen eind 2025 en de blijvende samenwerking met Gilead bieden flexibiliteit om een groeistrategie te realiseren die wordt gedreven door business development De kaspositie eind 2026 wordt verwacht tussen €2,775 tot €2,850 miljard, met een verlaging van de eenmalige cash herstructureringskosten voor celtherapie met €25 miljoen ...
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
Bekaert - Update on the Share Buyback Program and Liquidity Agreement
Bekaert - Update on the Share Buyback Program and Liquidity Agreement Update on the Share Buyback Program and the Liquidity Agreement Period from 12 February 2026 to 18 February 2026 Share Buyback ProgramOn , Bekaert announced the start of the next tranche of its share buyback program, for a total maximum consideration of up to € 25 million. As announced previously, the purpose of the Program is to cancel all shares repurchased. Bekaert announces today that during the period from 12 February 2026 to 18 February 2026, Kepler Cheuvreux SA on behalf of Bekaert has bought 60 560 shares. Th...
Bekaert - Update over het Inkoopprogramma van Eigen Aandelen en Liquid...
Bekaert - Update over het Inkoopprogramma van Eigen Aandelen en Liquiditeitsovereenkomst Update over het Inkoopprogramma van Eigen Aandelen en de Liquiditeitsovereenkomst Periode van 12 februari 2026 tot 18 februari 2026 Inkoopprogramma van Eigen AandelenOp , kondigde Bekaert de start aan van de volgende tranche van haar inkoopprogramma, voor een totaalbedrag van maximaal € 25 miljoen. Zoals eerder aangekondigd heeft het inkoopprogramma tot doel alle ingekochte aandelen te vernietigen. Bekaert kondigt vandaag aan dat gedurende de periode van 12 februari 2026 tot 18 februari 2026, Kepler...
Galapagos Welcomes Dr. Paulo Fontoura to its Board of Directors
Galapagos Welcomes Dr. Paulo Fontoura to its Board of Directors Dr. Fontoura brings extensive global leadership, clinical development, and operational experience to the Board Mechelen, Belgium; February 19, 2026, 22:01 CET — Galapagos NV (Euronext & NASDAQ: GLPG), today announced the appointment by way of co-optation of Dr. Paulo Fontoura as Non-Executive Independent Director to its Board of Directors, effective February 9, 2026. “We are pleased to welcome Paulo to our Board,” said Jérôme Contamine, Chair of the Board of Galapagos. “His global leadership experience, deep understanding ...
Galapagos verwelkomt Dr. Paulo Fontoura in haar Raad van Bestuur
Galapagos verwelkomt Dr. Paulo Fontoura in haar Raad van Bestuur Dr. Fontoura brengt uitgebreide ervaring in wereldwijd leiderschap, klinische ontwikkeling en operationele aansturing mee naar de Raad van Bestuur Mechelen, België; 19 februari 2026, 22:01 CET — Galapagos NV (Euronext & NASDAQ: GLPG) kondigde vandaag de benoeming aan, via coöptatie, van Dr. Paulo Fontoura als Niet-Uitvoerend Onafhankelijk Bestuurder in haar Raad van Bestuur, met ingang van 9 februari 2026. “We zijn verheugd Paulo te verwelkomen in onze Raad van Bestuur”, aldus Jérôme Contamine, Voorzitter van de Raad van ...
- Carole Braudeau
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|
- Charlotte Vaisse
- Equipe Sustainability
- Luis de Toledo Heras
- Marc Lavaud
VLS VALNEVA SE
BAMNB KONINKLIJKE BAM GROEP NV
NEX NEXANS SA
ERA ERAMET SA
VID VIDRALA SA
KRN KRONES AG
CARM CARMILA SAS
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
BRAV BRAVIDA HOLDING AB
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
2CRSI 2CRSI SA
AZE AZELIS GROUP NV
AF AIR FRANCE - KLM
LOCAL SOLOCAL GROUP
- Charlotte Vaisse
- Equipe Sustainability
- Luis de Toledo Heras
- Marc Lavaud
VLS VALNEVA SE
BAMNB KONINKLIJKE BAM GROEP NV
NEX NEXANS SA
ERA ERAMET SA
VID VIDRALA SA
KRN KRONES AG
CARM CARMILA SAS
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
BRAV BRAVIDA HOLDING AB
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
2CRSI 2CRSI SA
AZE AZELIS GROUP NV
AF AIR FRANCE - KLM
LOCAL SOLOCAL GROUP
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