reports
- ING Helpdesk
Benelux Morning Notes
Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- Jason Kalamboussis
- Reg Watson
- CFA
Euronext/(euro) Next Steps/BUY
This report reviews Euronext's progress against its 2027 strategy targets and we conclude that the company is on track to beat its targets as it is well ahead of plan with more growth initiatives in the pipeline. As a result, our EPS forecasts diverge significantly from Bloomberg consensus in 2026 and 2027 because we assume that Euronext delivers on these growth plans and undertakes an additional €1.1bn of share buybacks in 2026-27F in order to maintain net debt/EBITDA at the mid-point of the gu...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Results slightly better, guidance for the combined entity to come in Sept. CM.com: 4Q25 results – no turning point yet. D'Ieteren: Allstate reports bumper 4Q25, touts premium cuts, consensus prudent. Heijmans: Construction cool cat. Proximus: CPaaS peer Twilio 4Q25 results better than expected. Talabat: 4Q25 results, doubling down on investments. Theon International: Preview – a busy year it was.
Share Buyback Transaction Details February 5 – February 11, 2026
Share Buyback Transaction Details February 5 – February 11, 2026 PRESS RELEASE Share Buyback Transaction Details February 5 – February 11, 2026 Alphen aan den Rijn – February 12, 2026 - Wolters Kluwer (Euronext: WKL), a global leader in professional information solutions, software and services, today reports that it has repurchased 201,855 of its own ordinary shares in the period from February 5, 2026, up to and including February 11, 2026, for €13.5 million and at an average share price of €66.79. These repurchases are part of the share buyback pr...
- ING Helpdesk
Benelux Morning Notes
Aedifica: c.€29m new developments in Germany and Finland / GBL: €0.5bn equity investment in Rayner, an ophthalmic MedTech specialist / NN Group: Is consensus running ahead of a capital update with FY25 results? / Philips: Supportive update ahead of CMD / Proximus: Route Mobile 3Q26 shows lower revenues, better profitability / Staffing sector: French staffing: December better but January outlook weaker but perhaps better than number of temp outlook indicates / VAR Energi: Strong CMD target 400kpd...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
Euronext announces volumes for January 2026
Euronext announces volumes for January 2026 Euronext announces volumes for January 2026 Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 6 February 2026 – Euronext, the leading European capital market infrastructure, today announced trading volumes for January 2026. Monthly and historical volume tables are available at this address: CONTACTS ANALYSTS & INVESTORS – Investor Relations Judith Stein 97 Margaux Kurver 03 MEDIA – Europe Andrea Monzani 13 Sandra Machado 7 Belgium M...
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
Share Buyback Transaction Details January 29 – February 4, 2026
Share Buyback Transaction Details January 29 – February 4, 2026 PRESS RELEASE Share Buyback Transaction Details January 29 – February 4, 2026 Alphen aan den Rijn – February 5, 2026 - Wolters Kluwer (Euronext: WKL), a global leader in professional information solutions, software and services, today reports that it has repurchased 177,617 of its own ordinary shares in the period from January 29, 2026, up to and including February 4, 2026, for €13.5 million and at an average share price of €76.20. These repurchases are part of the share buyback progra...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
Euronext completes €250 million share repurchase programme
Euronext completes €250 million share repurchase programme Euronext completes €250 million share repurchase programme Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 29 January 2026 – Euronext today announced that it has completed the share repurchase programme announced on 6 November 2025. Between 18 November 2025 and 27 January 2026, 1,967,993 shares, or approximately 1.90% of Euronext’s share capital, were repurchased at an average price of €127.03 per share. This repurchase programme was executed by a financial intermediary in compliance with applicable rules and ...
Share Buyback Transaction Details January 22 – January 28, 2026
Share Buyback Transaction Details January 22 – January 28, 2026 PRESS RELEASE Share Buyback Transaction Details January 22 – January 28, 2026 Alphen aan den Rijn – January 29, 2026 - Wolters Kluwer (Euronext: WKL), a global leader in professional information solutions, software and services, today reports that it has repurchased 162,847 of its own ordinary shares in the period from January 22, 2026, up to and including January 28, 2026, for €13.5 million and at an average share price of €82.69. These repurchases are part of the share buyback progra...
- David Vagman
- CFA
- Dirk Verbiesen
- Francesca Ferragina
- Jason Kalamboussis
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Michiel Vereycken
- Quirijn Mulder
- Reg Watson
- CFA
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...
We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...
- Quirijn Mulder
- Stijn Demeester
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.
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VAC PIERRE & VACANCES SA
BIO BB BIOTECH AG
STF STEF
ITP INTERPARFUMS
SWP SWORD GROUP SE
GLO GL EVENTS SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
ENI ENI S.P.A.
REP REPSOL SA
AALB AALBERTS N.V.
ARG ARGAN SA
FLU FLUGHAFEN WIEN AG
SIFG SIF HOLDING NV
SFSN SFS GROUP AG
BP. BP P.L.C.
FAST FASTNED
AZE AZELIS GROUP NV
SHEL SHELL PLC
7V0 DARWIN AG
ARYN ARYZTA AG
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VAC PIERRE & VACANCES SA
BIO BB BIOTECH AG
STF STEF
ITP INTERPARFUMS
SWP SWORD GROUP SE
GLO GL EVENTS SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
ENI ENI S.P.A.
REP REPSOL SA
AALB AALBERTS N.V.
ARG ARGAN SA
FLU FLUGHAFEN WIEN AG
SIFG SIF HOLDING NV
SFSN SFS GROUP AG
BP. BP P.L.C.
FAST FASTNED
AZE AZELIS GROUP NV
SHEL SHELL PLC
7V0 DARWIN AG
ARYN ARYZTA AG
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