HEADLINES: • OPAP: announces all-share merger with parent Allwyn International NEUTRAL • Eurobank: acquires Fairfax's 80% stake in Eurolife's life insurance business NEUTRAL • CTP: issues EUR 600m 6.5Y green bonds at a 3.625% coupon POSITIVE • Pegasus Airlines: ASK up 17% in 3Q25 NEUTRAL • Cimsa: grey cement grinding plant in Houston has been commissioned POSITIVE • 11 bit: management board member sold shares worth PLN 0.3m NEUTRAL • EME Macro/Strategy: macro all-in-one (6-12 October) • Titan: ...
Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
Last week, CTP organised a well-attended 2-day Capital Markets Day in the North Rhine-Westphalia region in Germany. Mid-term GLA guidance was increased by 50% to 30m sqm and FY25 deliveries guidance has been narrowed but kept constant at the midpoint. The asset tour showed the industrial density of the region, with significant modernization opportunities. CTP continues exploring Vietnam, while expansion into Italy also looks interesting leveraging on the company's brownfield development capabili...
Belgian telcos: Digi launches new mobile offer at €7 per month with 30GB D'Ieteren: Belgium Sept car registration, Febiac cuts 2025 outlook to 405-410k new cars Dutch insurance: Achmea Sixth Steet JV done, new entrant for buyouts for ASR and NN Heijmans: I'm a steamroller baby Prosus: Just Eat Takeaway offer unconditional WDP: €22m investment in Romania
In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...
Over the past month, the EPRA BELUX index has underperformed (total return) the EPRA Developed Europe index by 3.2%, the STOXX50 by 5.4%, and the BEL20 by 3.6%. This underperformance relative to the EPRA Developed Europe Index can be attributed to the stronger performance of UK real estate compared to eurodenominated stocks, as UK equities led the recovery following a selloff in August. Additionally, the BELUX region had already posted strong year-to-date performance, which limited further upsid...
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