reports
- Guy Sips
- Mathijs Geerts Danau
- Wim Hoste
dsm-firmenich issues €1.5 billion long-term bonds
dsm-firmenich issues €1.5 billion long-term bonds Press Release dsm-firmenich issues €1.5 billion long-term bonds Kaiseraugst (Switzerland), Maastricht (Netherlands), February 17 2026 dsm-firmenich today announces the successful launch of a €1.5 billion dual-tranche bond issuance, consisting of: €750 million 3.00% fixed-rate notes due 2031€750 million 3.75% fixed-rate notes due 2038 The bonds will be issued by DSM B.V. and guaranteed by DSM-Firmenich AG pursuant to the previously established . The proceeds of the new bonds will be used for refinancing of existing bond maturities. ...
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
01913 PRADA S.P.A.
ADVI ADVINI
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TINC TINC COMM. VA
MAU ETABLISSEMENTS MAUREL & PROM SA
ZGN ERMENEGILDO ZEGNA NV
FI-N GEORG FISCHER AG
DEME DEME GROUP NV
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
01913 PRADA S.P.A.
ADVI ADVINI
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TINC TINC COMM. VA
MAU ETABLISSEMENTS MAUREL & PROM SA
ZGN ERMENEGILDO ZEGNA NV
FI-N GEORG FISCHER AG
DEME DEME GROUP NV
- 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 28 January 2026, 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. The ING Benelux Fav...
- Wim Hoste
DSM-Firmenich Biting the ANH bullet
The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target...
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Usama Tariq
TINC NV : Tomorrow’s Infrastructure, Today’s Yield
We initiate coverage on TINC with an Outperform recommendation and a target price of € 13.0/sh. With investments focused on securing long-term cashflows, we see TINC generating cash far in excess of distributions in future, enabling distribution growth at a CAGR of ~4% in our forecast period. We also forecast the portfolio fair value (FV) expanding strongly (CAGR +9.4% 2024-34), largely on the back of unrealised gains, as the company is expected to expand its sector agnostic investments in the S...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Results slightly better, guidance for the combined entity to come in Sept. CM.com: 4Q25 results – no turning point yet. D'Ieteren: Allstate reports bumper 4Q25, touts premium cuts, consensus prudent. Heijmans: Construction cool cat. Proximus: CPaaS peer Twilio 4Q25 results better than expected. Talabat: 4Q25 results, doubling down on investments. Theon International: Preview – a busy year it was.
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Stefano Toffano
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
DSM-Firmenich FIRST LOOK: 4Q25 adjusted EBITDA -4%, no FY26 guidance y...
4Q adj EBITDA for the continuing operations dropped by 4% y/y and was about 4% below our forecast and 3% below consensus. Dsm-firmenich's did not give FY26 guidance at this stage but promised to do so in the upcoming Investor Event (12 March). We remind that the long awaited and recently announced divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still ap...
dsm-firmenich reports full year 2025 results
dsm-firmenich reports full year 2025 results Press ReleaseKaiseraugst (Switzerland), Maastricht (Netherlands), February 12, 2026 dsm-firmenich reports full year 2025 results Management Report 2025 highlights Good financial performance, with strong contribution from synergiesStrategic plan now fully executed following the announced divestment of Animal Nutrition & HealthAnimal Nutrition & Health has been classified as Assets Held for Sale and Discontinued OperationsNew €500 million share repurchase program to be launched in Q1 2026Maintain stable dividend of €2.50 per share, adopting st...
dsm-firmenich provides preliminary comparative figures following the a...
dsm-firmenich provides preliminary comparative figures following the announced divestment of Animal Nutrition & Health (ANH) Press Release dsm-firmenich provides preliminary comparative figures following the announced divestment of Animal Nutrition & Health (ANH) Kaiseraugst (Switzerland), Maastricht (Netherlands), February 9, 2026 Following the announced divestment of Animal Nutrition & Health (ANH) activities to CVC Capital Partners, the assets and liabilities of the divested business have been classified as Assets Held for Sale, and the financial results of the ANH activities have bee...
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
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