Allfunds Group PLC: Ready to Spring forward. Basic-Fit: 1H25 ahead of INGF, membership ingrowth, outlook reiterated, FCF a bit light. Lotus Bakeries: Preview 1H25. NN Group & ASR: Dutch Pension Reform not an issue at 29 October Dutch elections. Philips: 2Q25 results, much lower tariff impact. Proximus: New BICS CEO and Global CRO laid off. Vastned: Good results, EPRA EPS guidance up by 2.5%. Zabka: 2Q25 Preview
We have increased our 12-month target price from €7.30 to €12.86 based on our P/AuA valuation methodology. We believe that a strategic refresh at the forthcoming CMD and the potential for a change of control catalysed by the arrival of the new CEO, Annabel Spring, will be the key to realising this higher value.
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