easyJet Plc: Update to credit analysis

Our credit view of this issuer reflects its excellent liquidity and net cash position, against its disruption risks across the wider aviation ecosystem.

Benelux Morning Notes

AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...

ASML Holding NV: 1 director

A director at ASML Holding NV bought 254 shares at 1,180.020EUR and the significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...

KPN/Delivering on 2027, Delta still a question mark/HOLD

The stock has rerated in line with the Telecoms sector, +15% YTD, which we factor in with a lower WACC, despite some limited cuts in estimates for 2026 following the CMD and 4Q25 results. KPN deservedly trades at best in class European telecom multiples but we don't see much room for further outperformance. We are in line with management and consensus on the guidance of 7% FCF CAGR to 2027, indirect cost savings offsetting more intense competitive pressure, but are more prudent on the 2027-30 ta...

Benelux Morning Notes

Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...

US capex: Q4 below estimates, but 4% growth '26e

ASML HOLDING NV: LA DEMANDA ESTÁ “AHÍ” (ANÁLISIS BANCO SABADELL)

El empuje sostenible de la demanda da mayor visibilidad al negocio de los próximos años. SOBREPONDERAR La fortaleza histórica de los pedidos mostrada en los Rdos. 4T’25 y los comentarios contundentes de la compañía sobre el feedback de sus clientes, aportan nueva visibilidad sobre el negocio en próximos años, que se beneficia, entre otros factores, del nuevo ciclo de inserción de las herramientas High NA más avanzadas. Elevamos P.O. a 1.450 euros/acc. (+54% vs anterior y +20% potencial) tras rev...

INFORME DIARIO 12 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: AB INBEV, AHOLD DELHAIZE, ASML, DEUTSCHE TELEKOM, ESSILORLUXOTTICA, MERCEDES BENZ GROUP, SANOFI. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El dato de empleo en EE.UU. agita los mercados Jornada de más a menos en las bolsas europeas, que ...