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Benelux Morning Notes
ABN AMRO: CMD targets at higher end, bold FTE cut to clinch 55% C/I ratio, lower CoRisk. D'Ieteren: Key Belron US glass supplier Fuyao connected to US labour allegations. Elia: Preview 3Q25 update; fine-tuning guidance to upper end of range?. NSI: KPN to leave Glass House, c.7.5% additional vacancy. SBM Offshore: Another step towards SEAP 1+2 FPSO awards. Universal Music Group: Spotify to increase its US subscription prices in 1Q26
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Lewi
VGP Model update, recurrent EPS increases with pipeline acceleration
At the 10m25 update, VGP gave optimistic guidance on its pipeline and JV closings as it completes projects over 2H25 and 1H26. VGP differs from most REITS due to its JV-structure. Initially it develops for its own portfolio and recycles the capital afterwards by selling into a JV. Hence, VGP realises valuation gains in 2 stages. First, at the start of the asset construction as an unrealised gain estimated by experts (not included in EPRA EPS). Secondly, as the asset is transferred to a JV on the...
- Wim Lewi
Switch on the Robots Automation and Energy Investments in Logistic/Ind...
Automation and Energy investments increase the value per sqm of landbank. Tenants are inclined to sign longer lease contracts to protect their significant investments. We expect to see more large warehouse automation projects over the next 12-18 months as the ROI increases thanks to technological innovations. The decision process seems to take longer due to the size of the investments. We believe the logistic segment offers an interesting investment opportunity. WDP trades at only 3% premium...
Information relating to the stabilization activities carried out in th...
Information relating to the stabilization activities carried out in the context of its recent offering Daix (France), New York City (New York, United States), November 24, 2025 – Publication of information relating to the stabilization activities carried out in the context of the recent public offering of Inventiva (the "Company" or "Inventiva") in the United States (the "Offering") of 38,961,038 American Depositary Shares ("ADSs"), each representing one ordinary share of the Company with a nominal value of €0.01. As announced on 18 November 2025, the underwriters have exercised in full the...
Informations relatives aux activités de stabilisation menées dans le c...
Informations relatives aux activités de stabilisation menées dans le cadre de sa récente offre au public Daix (France), New York City (New York, États-Unis), le 24 novembre 2025 - Publication d'informations relatives aux activités de stabilisation menées dans le cadre de la récente offre au public d'Inventiva (la "Société" ou "Inventiva") aux États-Unis (l'"Offre") de 38.961.038 American Depositary Shares ("ADSs"), chacune représentant une action ordinaire de la Société, d'une valeur nominale de 0,01 euro. Comme annoncé le 18 novembre 2025, les teneurs de livre associés ont intégralement ex...
- Jacob Mekhael
Onward Medical Uneventful 3Q25 results, pivotal Empower BP trial to st...
Onward reported its 3Q25 results, which show no major surprises as the company previously announced the sale of 40 devices in the US in a preliminary update. With a cash position of € 77.7m, Onward is funded into 1Q27 assuming no drawdown of its debt facility. In the pipeline, timelines were reiterated and the company continues to expect to initiate the pivotal Empower BP trial of the ARC-IM system in blood pressure instability by YE25, which means interim results could come in 2H26. We reiterat...
- Jacob Mekhael
Inventiva 9M25 results show all is on track
Inventiva reported 9M25 results which hold no surprises, and confirmed its recently updated cash runway guidance, which following the € 149m capital raise announced in November 2025, extends the company's runway to end of 1Q27 (previously end of 3Q26). This provides funding beyond the expected topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which are expected in 2H26. We update our model for the additional cash and shares (185m outstanding), as well as tweak some of our o...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Mathijs Geerts Danau
- Thibault Leneeuw
- Wim Lewi
- Wim Lewi
Montea Model Update for pipeline delays, no change to Target Price
Montea operates by the rule, “no tenant, no building” and almost completely avoids speculative development. On the recent analyst call, CEO JO De Wolf explained that speculative development remains possible if a single building is already more than 50% pre-let and is located in a sought after area. Currently, Montea has 322k of permitted land ready to start construction and is in exclusive negotiations for a large part of it. These take longer due to the size and complexity of new projects on a...
ONWARD Medical Drives Strong US ARC-EX Adoption and Achieves Important...
ONWARD Medical Drives Strong US ARC-EX Adoption and Achieves Important Scientific and Regulatory Milestones in Q3 2025 EINDHOVEN, the Netherlands, Nov. 24, 2025 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD – US ADR: ONWRY), the leading neurotechnology company pioneering therapies to restore movement, function, and independence in people with spinal cord injuries (SCI) and other movement disabilities, today announced its results for the third quarter of 2025 and provides a comprehensive business update: Commercial traction: The Company met its objective of 40 ARC-EX® Systems ...
Inventiva reports 2025 Third Quarter Financial Information¹
Inventiva reports 2025 Third Quarter Financial Information¹ Cash and cash equivalents at €97.6 million, and €24.7 million in short-term deposits2 as of September 30, 2025.Revenues of €4.5 million for the first nine months of 2025.Cash runway expected until the end of the first quarter of 20273, including net proceeds from the November 2025 public offering. Daix (France), New York City, (New York, United States), November 21, 2025 – Inventiva (Euronext Paris and Nasdaq: IVA) ("Inventiva" or the "Company"), a clinical-stage biopharmaceutical company focused on the development of oral therapi...
Inventiva publie ses informations financières du 3ème trimestre 2025¹
Inventiva publie ses informations financières du 3ème trimestre 2025¹ Trésorerie et équivalents de trésorerie à 97,6 millions d’euros, et 24,7 millions d’euros en dépôts à court terme2 au 30 septembre.Chiffre d’affaires de 4,5 millions d’euros sur les neuf premiers mois de 2025.Horizon de trésorerie prévue jusqu’à la fin du premier trimestre 20273, incluant le produit net de l'offre au public réalisée en novembre 2025 Daix (France), New York City (New York, Etats-Unis), le 21 novembre 2024 – Inventiva (Euronext Paris and Nasdaq :IVA) (la « Société »), société biopharmaceutique spécialisée ...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Jacob Mekhael
MaaT Pharma Model update post € 9.1m capital raise
MaaT announced the completion of a capital raise of € 9.1m (at a 9% discount to closing price prior to deal announcement), and expects to use the net proceeds of € 8.7m to fund Xervyteg commercialisation preparation in Europe, advance MaaT033 development, and prepare for a pivotal US study of Xervyteg in 2026. This capital raise unlocks a € 6m EIB tranche, extending the company's cash runway to August 2026. Upon anticipated EU approval of Xervyteg in mid-2026, MaaT is eligible to receive a € 12m...
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
Inventiva announces full exercise of Underwriters’ Option, bringing pr...
Inventiva announces full exercise of Underwriters’ Option, bringing proceeds of Offering to approximately $172.5M Daix (France), New York City (New York, United States), November 17, 2025 – Inventiva (Euronext Paris and Nasdaq: IVA) ("Inventiva" or the "Company"), a clinical-stage biopharmaceutical company focused on the development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis ("MASH"), today announced that the underwriters of the previously announced public offering in the United States (the "Offering") of 38,961,038 American Depositary Shares ("A...
Inventiva annonce l’exercice intégral de l’Option des Banques portant ...
Inventiva annonce l’exercice intégral de l’Option des Banques portant le montant de l'Offre à environ 172,5 millions de dollars Daix (France), New York City (New York, États-Unis), le 17 novembre 2025 – Inventiva (Euronext Paris et Nasdaq : IVA) (« Inventiva » ou la « Société »), société biopharmaceutique spécialisée dans le développement de thérapies orales pour le traitement de la stéatohépatite associée à un dysfonctionnement métabolique (« MASH »), a annoncé aujourd'hui que les teneurs de livre associés de l'offre au public aux Etats-Unis préalablement annoncée (l’« Offre ») de 38.961.0...
- Jacob Mekhael
- Mathijs Geerts Danau
Onward Medical ARC-EX US home use label expansion broadens commercial ...
Onward announced that it has received 510(k) clearance to expand the ARC-EX system indication for home use in SCI patients in the US. This follows the initial approval for clinic use obtained in 4Q24, and we believe this expansion could unlock sales beyond rehabilitation clinics and to individual patients, which in our view is key to broaden the commercial potential of the ARC-EX system. With 70 devices sold in 9M25, we believe FY25 CSS of 150 devices sold is within reach, and look forward to ne...
ONWARD Medical Receives FDA 510(k) Clearance Expanding ARC-EX System I...
ONWARD Medical Receives FDA 510(k) Clearance Expanding ARC-EX System Indication for Home Use THIS PRESS RELEASE CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE EUROPEAN MARKET ABUSE REGULATION (596/2014) US FDA clearance now allows use of the ARC-EX® System both in clinics and homesARC-EX is the first and only FDA-cleared technology demonstrated to improve hand strength and sensation in people with spinal cord injuryYear to date, ARC-EX Systems have been purchased by more than 60 US clinics EINDHOVEN, the Netherlands, Nov. 17, 2025 (GLOBE NEWSWIRE) -- ONWARD Medic...
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