reports
- Marc Hesselink
- CFA
- Reg Watson
- CFA
Allfunds Group Plc/Off to the Bourse/HOLD (previously Buy)
We believe that Allfunds has been sold below the valuation warranted by its platform peers but, in the likely absence of a competing bid, we reduce our 12-month target price from €12.86 to the bid value of €8.80 given that we expect Deutsche Boerse's bid will succeed. Correspondingly, our recommendation is changed from Buy to HOLD.
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Belgian Competition Authority approves the deal / AEGON: Sale of UK picking up early momentum / Allfunds Group PLC: Of Bourse they agreed / Ontex: Peer Essity 4Q25 results / Telecoms: Digital Networks Act take-aways / WDP: Catena to raise c.€255m via an ABB with WDP participating pro-rata for c.€26m
- Julian Dobrovolschi
- ING Helpdesk
- Julian Dobrovolschi
- Julian Dobrovolschi
- Ahmed Ben Salem
- Bruno Cavalier
- Steven Boumans
- Thomas Zlowodzki
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SCR SCOR SE
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
PNL POSTNL NV
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
CFT COMPAGNIE FINANCIERE TRADITION
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
GCO GRUPO CATALANA OCCIDENTE S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
FPE3 FUCHS PETROLUB SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
- Ahmed Ben Salem
- Bruno Cavalier
- Thomas Zlowodzki
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SCR SCOR SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
PNL POSTNL NV
01913 PRADA S.P.A.
REP REPSOL SA
TUB TUBACEX S.A.
CFT COMPAGNIE FINANCIERE TRADITION
MONC MONCLER SPA
GCO GRUPO CATALANA OCCIDENTE S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
BP. BP P.L.C.
FPE3 FUCHS PETROLUB SE
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
- Julian Dobrovolschi
- Luis de Toledo Heras
TEMN TEMENOS AG
SOP SOPRA STERIA GROUP SA
OUT1V OUTOKUMPU OYJ
SBMO SBM OFFSHORE NV
KORI KORIAN SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
VETO VETOQUINOL SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
NOEJ NORMA GROUP SE
BB SOCIETE BIC SA
BAMNB KONINKLIJKE BAM GROEP NV
VID VIDRALA SA
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
ALR ALIOR BANK SA
CSM CORBION NV
SAE SHOP APOTHEKE EUROPE NV
ALD ALD SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ALLFG ALLFUNDS (UK) LTD
ORP ORPEA
SHA SCHAEFFLER AG
- Luis de Toledo Heras
TEMN TEMENOS AG
SOP SOPRA STERIA GROUP SA
OUT1V OUTOKUMPU OYJ
SBMO SBM OFFSHORE NV
KORI KORIAN SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
VETO VETOQUINOL SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
NOEJ NORMA GROUP SE
BB SOCIETE BIC SA
BAMNB KONINKLIJKE BAM GROEP NV
VID VIDRALA SA
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
ALR ALIOR BANK SA
CSM CORBION NV
SAE SHOP APOTHEKE EUROPE NV
ALD ALD SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ALLFG ALLFUNDS (UK) LTD
ORP ORPEA
SHA SCHAEFFLER AG
- Julian Dobrovolschi
- ING Helpdesk
Benelux Morning Notes
Adyen: 3Q25 results – solid net revenue, FY25 guidance reiterated. Aedifica: Guidance raised, positive tenant trends and good portfolio valuation. Ageas: China Taiping Life 3Q25 Solvency much lower, remains solid. Allfunds Group PLC: Strong flows. ASM International: 3Q25 results - disappointing orders, much better margins. Corbion: Iron wills and nerves of steel. Lotus Bakeries: peer Mondelez 3Q25 results. Melexis: 3Q25 results, ongoing gross margin pressure. Staffing: Dutch figs...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group PLC: 3Q25 Preview. Ahold Delhaize: Amazon to invest €1.4bn in the Netherlands. ASM International: 3Q25 preview – derisked estimates. Basic-Fit: Acquires low-cost franchise operator Clever Fit; now Germany market leader. JDE Peet's: Ad hoc progress update. Lotus Bakeries: Product recall for waffles in Belgium. Melexis: 3Q25 preview, slow cyclical recovery
- Luis de Toledo Heras
ITP INTERPARFUMS
RWE RWE AG
AALB AALBERTS N.V.
SEFER SERGEFERRARI GROUP SA
SSO SCATEC ASA
ENG ENAGAS SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
GLPG GALAPAGOS NV
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
COPN COSMO PHARMACEUTICALS NV
HOME NEINOR HOMES SA
GRE GRENERGY RENOVABLES
DSC1 DUTCH STAR C SHAR
OVH OVH GROUPE
ALLFG ALLFUNDS (UK) LTD
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
ATO ATOS SE
- Luis de Toledo Heras
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ITP INTERPARFUMS
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RWE RWE AG
01913 PRADA S.P.A.
AALB AALBERTS N.V.
MONC MONCLER SPA
SEFER SERGEFERRARI GROUP SA
SSO SCATEC ASA
ENG ENAGAS SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
GLPG GALAPAGOS NV
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
COPN COSMO PHARMACEUTICALS NV
HOME NEINOR HOMES SA
GRE GRENERGY RENOVABLES
DSC1 DUTCH STAR C SHAR
OVH OVH GROUPE
ALLFG ALLFUNDS (UK) LTD
ZGN ERMENEGILDO ZEGNA NV
FLOW FLOW TRADERS LTD
PLNW PLANISWARE
ATO ATOS SE
- Julian Dobrovolschi
- Adrian Pehl
ISS ISS A/S
VLS VALNEVA SE
NOEJ NORMA GROUP SE
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
TEG TAG IMMOBILIEN AG
COK CANCOM SE
TECN TECAN GROUP AG
TWEKA TKH GROUP N.V. CERT
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
AEIN ALLGEIER HOLDING AG
FQT FREQUENTIS AG WIENER
ALLFG ALLFUNDS (UK) LTD
SCHOTT PHARMA AG
- Adrian Pehl
ISS ISS A/S
VLS VALNEVA SE
NOEJ NORMA GROUP SE
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
TEG TAG IMMOBILIEN AG
COK CANCOM SE
TECN TECAN GROUP AG
TWEKA TKH GROUP N.V. CERT
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
AEIN ALLGEIER HOLDING AG
FQT FREQUENTIS AG WIENER
ALLFG ALLFUNDS (UK) LTD
SCHOTT PHARMA AG
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