reports
- Francesca Ferragina
- Michiel Vereycken
Retail Estates/Model update/BUY
We update our model with added cautiousness on the top line but leave our bottom line and NTA projections almost unchanged. Our FY26-28F earnings CAGR is at c.2%. Despite some problematic tenants (Leen Bakker, Casa and Carpetright, accounting for c.2.5% of rents), Retail Estates has a history of being capable of quick/efficient reletting and good tenant mix improvement on the back of this. We confirm our positive stance on the company, which currently trades at a 21.3% NTA discount to its FY26F ...
Fagron’s share buy-back program: Weekly update
Fagron’s share buy-back program: Weekly update Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 17 October 2025 – 6PM CET Fagron’s share buy-back program: Weekly update In the period from 16 October 2025 through 17 October 2025, Fagron purchased 20,000 of its owns shares at an average price of € 20.609 per share corresponding to a total amount of € 412,180.00. These purchases are part of the share buy-back program of up to 200,000 Fagron shares to fulfill Fagron’s obligations under its long-term incentive scheme, which was announced on 9 October 2025. The total numb...
Voortgang aandeleninkoopprogramma Fagron
Voortgang aandeleninkoopprogramma Fagron Gereglementeerde informatie Nazareth (België)/Rotterdam (Nederland), 17 oktober 2025 – 18u CET Voortgang aandeleninkoopprogramma Fagron In de periode van 16 oktober 2025 tot en met 17 oktober 2025 heeft Fagron 20.000 eigen aandelen ingekocht voor een gemiddelde prijs van € 20,609 per aandeel wat overeenkomt met een totaalbedrag van € 412.180,00. Deze aankopen zijn gedaan als onderdeel van het aandeleninkoopprogramma van maximaal 200.000 Fagron aandelen ter afdekking van Fagron’s verplichtingen uit hoofde van haar langetermijn variabele beloningsr...
- ING Helpdesk
- Research Team
WOOD Daily: OPAP GA; EUROB GA; CTPNV NA; PGSUS TI; CIMSA TI; 11B PW; E...
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: ...
- Baptiste Salaville
- Roy Külter
- Steven Boumans
- Baptiste Salaville
- Olfa Taamallah
- Yan Derocles
- Baptiste Salaville
- Olfa Taamallah
- Yan Derocles
- Roy Külter
- Steven Boumans
- Oliver Metzger
- Robert Jan Vos
- Usama Tariq
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: 3Q25 preview - USD headwind to take centre stage. Basic-Fit: 3Q25 results preview, new consensus, we expect strong membership ingrowth. Fagron: 3Q25 growth hiccup in N America, strong organic performance in EMEA, Latam. Lotus Bakeries: UK VAT conflict for Näkd negatively impacts 2024 profitability. Ontex: 3Q25 preview: consensus implies a second profit warning for FY25F. Randstad: Preview 3Q25F results due 22 October; consensus released. Staffing: French revenue impro...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Thibault Leneeuw
- Wim Lewi
Fagron reports solid third quarter performance with 6.4% revenue growt...
Fagron reports solid third quarter performance with 6.4% revenue growth and confirms full year outlook Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 9 October 2025 – 7:00 AM CET Fagron reports solid third quarter performance with 6.4% revenue growth and confirms full year outlook Fagron, the leading global player in pharmaceutical compounding today publishes its quarterly results for the period ending 30 September 2025. Key Highlights Q3 2025 organic growth at CER1 of 8.5% on a normalized basis2 and 5.7% including the GLP-1 impactRevenue for ...
Fagron rapporteert een solide resultaat in het derde kwartaal met een ...
Fagron rapporteert een solide resultaat in het derde kwartaal met een omzetgroei van 6,4% en bevestigt voor het hele jaar de verwachtingen Gereglementeerde informatie - voorkennisNazareth (België)/Rotterdam (Nederland), 9 oktober 2025 - 07:00 uur CET Fagron rapporteert een solide resultaat in het derde kwartaal met een omzetgroei van 6,4% en bevestigt voor het hele jaar de verwachtingen. Fagron, de toonaangevende wereldwijde speler op het gebied van farmaceutische bereidingen, publiceert vandaag haar kwartaalresultaten voor de periode eindigend op 30 september 2025. Belangrijkste hoogte...
- ING Helpdesk
Benelux Morning Notes
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
- Kristof Samoy
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Acomo: Acquires Manuzzi, expanding footprint in Southern Europe ASR: Ingrid de Swart to succeed Jos Baeten as CEO of ASR in May 2026 Fagron: Antitrust clearance for Brazilian Purifarma and Injeplast deals PostNL: Relaxation USO D+3 brought forward, pre-earnings analyst call 3Q25 Sofina: Over €0.5bn of additional firepower
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Fagron receives Brazilian antitrust clearance for Purifarma and Injepl...
Fagron receives Brazilian antitrust clearance for Purifarma and Injeplast acquisitions Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 6 October 2025 – 7:00 AM CET Fagron receives Brazilian antitrust clearance for Purifarma and Injeplast acquisitions Fagron, the leading global player in pharmaceutical compounding, announces that the Brazilian competition authority, CADE, has granted clearance for the previously announced acquisitions of Purifarma and Injeplast in Brazil. The clearances represent an important step forward in executing Fagron’s di...
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