reports
- 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
- 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.
- Carole Braudeau
- Carole Braudeau
- Robert Jan Vos
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- 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
- Stefano Toffano
- ING Helpdesk
- Julian Dobrovolschi
- Julian Dobrovolschi
- ING Helpdesk
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Converting to a Basic-Fit Feel-Good Club?/BUY
We reiterate our BUY rating but raise our target price from €35.0 to €43.0 driven by our increased estimates on the back of the strong membership momentum and the consolidation of Clever Fit, which in our view provides attractive upside potential. Note that we have not yet modelled in the potential savings from a change in business model for the 24/7 gyms in France, but we did include the VAT increase in Belgium. We also underline that BFIT remains on the ING Benelux Favourites list.
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: The Gym Group pre-close trading update / Fastned: 4Q25 preview / KPN: Vodafone new unlimited subscriptions with 1Gbps speed / Lotus Bakeries: Peer Lindt & Sprüngli FY25 sales / Ontex: Change in CEO brought forward and launch of a strategic review / Staffing sector: Page Group 4Q25 trading update / Zabka: Another miss on like-for-like growth.
- 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 19 September 2025, 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.
- ING Helpdesk
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