reports
- ING Helpdesk
Benelux Morning Notes
DEME Group: First Havfram vessel ready. Fastned: 3Q25 trading update – new stations boost growth, organic lags BEV penetration. NN Group & ASR: Pension reform on track for 1st tranche move from DB to DC in Jan 26. Sligro: Another weak trading update, but FY25 guidance reiterated. Talabat: Surprise CEO departure
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
DEME takes delivery of new wind turbine installation vessel Norse Wind
DEME takes delivery of new wind turbine installation vessel Norse Wind DEME has taken delivery of its new wind turbine installation vessel Norse Wind at the CIMC Raffles Shipyard. Designed to install the next generation of offshore wind turbines, the vessel combines advanced technology and sustainable design features to offer unrivalled installation capability. Attachment
DEME neemt nieuw installatieschip voor windturbines Norse Wind in ontv...
DEME neemt nieuw installatieschip voor windturbines Norse Wind in ontvangst DEME heeft zijn nieuwe installatieschip voor windturbines, Norse Wind, in ontvangst genomen op de CIMC Raffles-scheepswerf. Het schip is ontworpen voor de installatie van de volgende generatie offshore windturbines en combineert geavanceerde technologie met een duurzaam ontwerp voor maximale efficiëntie en capaciteit. Bijlage
- Quirijn Mulder
- Stijn Demeester
Azelis/3Q25 preview and model update/BUY
We update our model ahead of Azelis' 3Q25 results on 23 October. We trim our 2025F-27F Adj. EBITDA estimates by c.5% to reflect ongoing weakness in several of Azelis' end-markets, predominantly driven by trade uncertainty. We maintain our BUY but lower our target price from €21 to €19 per share.
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
MaaT Pharma Safety board recommends MaaT033 phase 2b continues as plan...
MaaT announced that the independent data safety monitoring board (DSMB) has completed the second pre-planned safety interim analysis of the ongoing randomised controlled phase 2b (PHOEBUS) trial of MaaT033 (microbiome therapy, oral capsule) in patients undergoing an allogeneic hematopoietic stem cell transplantation (allo-HSCT), and recommended that the study continue as planned. There were no safety concerns and no excessive mortality related to MaaT033 as of today. The upcoming routine DSMB re...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Lewi
DEME secures sizable contract for Nordseecluster B wind farm in German...
DEME secures sizable contract for Nordseecluster B wind farm in Germany DEME has secured a sizable contract to carry out the transport and installation works for the inter-array cables for the Nordseecluster B offshore wind farm in Germany. The Nordseecluster is a joint offshore wind project of RWE (51%) and Norges Bank Investment Management (49%). Attachment
DEME wint omvangrijk contract voor het Nordseecluster B windpark in Du...
DEME wint omvangrijk contract voor het Nordseecluster B windpark in Duitsland DEME heeft een omvangrijk contract binnengehaald voor het transport en de installatie van de inter-array kabels voor het offshore windpark Nordseecluster B in Duitsland. De Nordseecluster is een gezamenlijk offshore windproject van RWE (51%) en Norges Bank Investment Management (49%). Bijlage
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...
In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
DEME awarded substantial contract for Formosa 4 offshore wind farm in ...
DEME awarded substantial contract for Formosa 4 offshore wind farm in Taiwan DEME, through its Taiwanese joint venture CDWE, has secured a substantial contract for the Formosa 4 offshore wind farm in Taiwan, covering the transport and installation of 35 foundations and the offshore substation, as well as the scour protection works. Attachment
DEME haalt substantieel contract binnen voor Formosa 4 offshore windpa...
DEME haalt substantieel contract binnen voor Formosa 4 offshore windpark in Taiwan DEME heeft, via zijn Taiwanese joint venture CDWE, een substantieel contract binnengehaald voor het offshore windpark Formosa 4 in Taiwan. Het contract omvat het transport en de installatie van 35 funderingen en het offshore substation, evenals de werkzaamheden voor erosiebescherming. Bijlage
- Jacob Mekhael
- Mathijs Geerts Danau
Life Sciences Conference 25 Sep 2025
KBC Securities will host its annual life sciences conference on 25 September in Brussels. The event will include 14 exciting companies, both public and private, from the BeNeLux ecosystem and beyond. In this conference note, we provide an overview of the attending companies, as well as an outlook on KBC Securities' life sciences broader coverage.
- Guy Sips
Miko 1H25 saw significant price increases next to a 7% y/y volume incr...
The significant price increases next to a 7% y/y volume increase helped to protect its 1H25 results. We updated our model incorporating that coffee prices remain high and volatile. Also Miko indicated that thanks to these price evolutions it is very difficult to make any predictions about the future. We also incorporated that recently Miko has secured a €6.75m settlement in a dispute over the earn-out following the sale of the plastics processing division in 2021. The result of this settlement ...
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Wim Hoste
- Wim Lewi
DEME orders Offshore Construction Vessel to strengthen subsea cable in...
DEME orders Offshore Construction Vessel to strengthen subsea cable installation capacity DEME is expanding its fleet with a new Offshore Construction Vessel (OCV), strengthening its subsea cable installation capacity to meet the evolving global offshore wind market. Designed for versatility, the vessel will be capable of executing trenching, burial, and cable-laying operations, complementing DEME’s existing cable installation vessels, Living Stone and Viking Neptun. Attachment
DEME bestelt offshore constructieschip om kabelinstallatiecapaciteit t...
DEME bestelt offshore constructieschip om kabelinstallatiecapaciteit te versterken DEME breidt zijn vloot uit met een nieuw offshore constructieschip (Offshore Construction Vessel - OCV) om de capaciteit voor de installatie van onderzeese kabels te vergroten en in te spelen op de dynamische wereldwijde offshore windmarkt. Het multifunctionele schip zal worden ingezet voor trenching, ingraven van kabels en kabellegwerkzaamheden en vormt een aanvulling op DEME’s bestaande kabelinstallatieschepen Living Stone en Viking Neptun. Bijlage
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