reports
- Wim Hoste
Belysse FY24 adjusted EBITDA +26%, leverage coming down
FY24 revenue declined by 6.8%, reflecting weak market conditions in Europe and to a lesser extent also the US. Further savings and efficiency improvements, combined with positive mix effects, allowed Belysse to increase the adjusted EBITDA margin by almost 4 percentage points to 15.1% with FY24 adjusted EBITDA up by 26%. The better results and limited capex requirements have allowed to bring net debt/adjusted EBITDA (excl IFRS 16 leases) down to 3.1x. We still consider valuation to be compelling...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Add...
We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
ACKB ACKERMANS & VAN HAAREN NV
ROYAL VOPAK NV
MELE MELEXIS NV
WDP WAREHOUSES DE PAUW SCA
FUR FUGRO NV
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Thibault Leneeuw
Azelis A deep dive in to organic and acquisitional growth
Azelis proved its resilience over the past years with organic revenue CAGR of 6.6% (2020-2024) combined with robust margin expansions. Therefore, Azelis could be a safe haven in volatile times, supported by their strong geographical and end-market diversification. Nevertheless, we believe that CSS's organic revenue growth expectations are too optimistic. On the other hand, the upside from acquisitions is undervalued. We provide a detailed overview on the acquisitional revenue growth, which we lo...
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Carole Braudeau
Credit Morning 02/20/2025
Carrefour: full-year earnings and launch of strategic assets review|OPmobility: solid 2024 results and positive outlook in a challenging environment|Groupe Bruxelles Lambert (GBL) said to be mulling Imerys minority buyout (Bloomberg)|Verallia recovers slightly in Q4 and takes a cautious view of 2025|
AC ACCOR SA
CA CARREFOUR SA
NK IMERYS SA
AAL ANGLO AMERICAN PLC
POM PLASTIC OMNIUM SE
TEP TELEPERFORMANCE SE
NEX NEXANS SA
ERA ERAMET SA
EDR EDREAMS ODIGEO SA
ONTEX ONTEX GROUP N.V.
TKO TIKEHAU CAPITAL SCA
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
CO CASINO GUICHARD-PERRACHON
- Adrian Pehl
- Emira Sagaama
POM PLASTIC OMNIUM SE
ISS ISS A/S
FAGR FAGRON SA
GOE GROUPE GORGE SA
BB SOCIETE BIC SA
ERA ERAMET SA
INH INDUS HOLDING AG
KRN KRONES AG
MCPHY MCPHY ENERGY SA
EDR EDREAMS ODIGEO SA
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
AMAG AMAG AUSTRIA METALL AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
LOCAL SOLOCAL GROUP
- Adrian Pehl
- Emira Sagaama
POM PLASTIC OMNIUM SE
ISS ISS A/S
FAGR FAGRON SA
GOE GROUPE GORGE SA
BB SOCIETE BIC SA
ERA ERAMET SA
INH INDUS HOLDING AG
KRN KRONES AG
MCPHY MCPHY ENERGY SA
EDR EDREAMS ODIGEO SA
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
AMAG AMAG AUSTRIA METALL AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
LOCAL SOLOCAL GROUP
- Carole Braudeau
Morning Crédit 20/02/2025
Carrefour : résultats annuels et lancement d’une revue des actifs stratégiques|OPmobility : résultats 2024 solides et perspectives positives dans un environnement difficile|GBL étudierait un rachat des parts des minoritaires d’Imerys (Bloomberg)|Verallia se redresse légèrement au T4 et entrevoit 2025 avec prudence|
AC ACCOR SA
CA CARREFOUR SA
NK IMERYS SA
AAL ANGLO AMERICAN PLC
POM PLASTIC OMNIUM SE
TEP TELEPERFORMANCE SE
NEX NEXANS SA
ERA ERAMET SA
EDR EDREAMS ODIGEO SA
ONTEX ONTEX GROUP N.V.
TKO TIKEHAU CAPITAL SCA
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
CO CASINO GUICHARD-PERRACHON
- ING Helpdesk
Benelux Morning Notes
AEGON: 2H better, small miss on solvency, strong cash position. Azelis: Uneven organic recovery in 4Q24, strong on profitability. BE Semiconductor Industries: 4Q24 results – 2025 reset. Fagron: Strong organic growth momentum underlined by FY24 results and outlook. Kinepolis: Slight EBITDA, net debt miss 2H24. NN Group: Capital saved by the bell, rest in line. SBM Offshore: Strong outlook. TKH Group: Preview; the elephant in the room. VGP: Strong bottom line performance. Wolters Kluwer: ...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
EXMAR NV: 1 director
A director at EXMAR NV bought 22,135 shares at 11.500EUR and the significance rating of the trade was 50/100. 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 show...
- Baptiste Salaville
- Charlotte Vaisse
- Olfa Taamallah
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
ALLIX WALLIX GROUP SA
APAML APERAM SA
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
NRG NRJ GROUP SA
FII LISI SA
LNA LNA SANTE SA
GBT GUERBET SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SAF SAFRAN S.A.
AIR AIRBUS SE
NANO NANOBIOTIX SA
BA. BAE SYSTEMS PLC
SAVE SAVENCIA SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
LDO LEONARDO SPA
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
NVM NOVEM GROUP SA
AZE AZELIS GROUP NV
IVG IVECO GROUP
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
ORP ORPEA
AMS AMS-OSRAM AG
- Baptiste Salaville
- Charlotte Vaisse
- Olfa Taamallah
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
ALLIX WALLIX GROUP SA
APAML APERAM SA
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
NRG NRJ GROUP SA
FII LISI SA
LNA LNA SANTE SA
GBT GUERBET SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SAF SAFRAN S.A.
AIR AIRBUS SE
NANO NANOBIOTIX SA
BA. BAE SYSTEMS PLC
SAVE SAVENCIA SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
LDO LEONARDO SPA
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
NVM NOVEM GROUP SA
AZE AZELIS GROUP NV
IVG IVECO GROUP
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
ORP ORPEA
AMS AMS-OSRAM AG
- Salome Charamalet
- Stefano Toffano
- Guy Sips
- Kristof Samoy
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
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