reports
D`ieteren Group: 1 director
A director at D`ieteren Group sold 5,000 shares at 205.000EUR and the significance rating of the trade was 100/100. 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 clearl...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2024: Adding TINC
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2024 : Replacing UCB by Tubize
We replace UCB by Tubize in our KBC Securities Dynamic Top Pick List. Over the past few weeks, UCB has seen a strong rally in its share price, markedly outperforming the BEL-20 index. The rally came on the back of renewed investor confidence in its flagship product Bimzelx, which gained FDA approval for psoriasis in October 2023 albeit with unexpected warnings and precautions. In the meantime, we see that commercial traction is growing in line with our expectations, as phyicians and caregivers ...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - February 2024 KBCS Holdings Universe Underperforms B...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.8% which was mainly driven by single-asset holdings (-5.4%) while multi-asset holdings posted a less negative return og -2.8%. The 3 top performers during the period were Financière de Tubize (+8.7%), Whitestone Group (+7.7%), and Texaf (+3.0%) while the 3 worst performers were Heineken Holding (-8.3%), Compagnie Du Bois Sauvage (-7.7%), and Solvac (-7.5%). YTD Performance - Relative: On a YTD ...
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Michiel Declercq
D'Ieteren FIRST LOOK: Good FY23 results, outlook slightly softer
D'Ieteren reported a nice set of FY23 results, with the adj. PBT (gs) +28.1% to € 971m, above the upward revised guidance of € 960m, as well as kbcs and css estimates of € 966m. Although the mid to high single digit adj PBT (gs) growth outlook for 2024 is slightly softer than expected, we see no major surprises across the divisions. Knowing that D'Ieteren is usually conservative with its guidance, we reiterate our Buy & € 225 TP.
- Kris Kippers
D'Ieteren Group - Solid H2 with some prudence on 2024 guidance
D'Ieteren's FY results were in line with expectations driven by a (small) beat at Belron and a (larger) beat at Auto. Other results were more mutedImportantly, after some disappointments, the company's FCF was finally rock solid now that also working capital returned to normal levels combined with strong margin improvements. Hence, the company's net cash positioned improved further to EUR 1.2bnGuidance of ‘mid-to high single PBT growth' is in line with our estimate and s...
- Sharad Kumar S.P
Holdings Report - January 2024 KBCS Holdings Universe outperforms BEL2...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +1.2% which was mainly driven by single-asset holdings (+2.0%) while multi-asset holdings posted a lower return (+0.5%). The 3 top performers during the period were Financière de Tubize (+7.5%), Brederode (+7.5%), and D'Ieteren Group (+6.1%) while the 3 worst performers were Solvac (-4.0%), Ackermans & van Haaren (-2.5%), and Gimv (-2.4%). YTD Performance - Relative: On a YTD basis, the KBCS Holdi...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2024 – Adding Syensqo
We continue with a balanced cyclical/defensive Dynamic Top Pick List, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor set-backs. These could be m...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Guy Sips
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - December 2023 KBCS Holdings Universe Outperforms BEL...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a resturn of +6.8% which was mainly driven by single-asset holdings (+9.2%) while multi-asset holdings holdings posted a lower return (+5.2%). The 3 top performers during the period were Sofina NV (+16.0%), D'Ieteren Group (+13.4%), and Gimv (+10.4%) while the 3 worst performers were Texaf (+1.8%), Heineken Holding (+1.3%), and The Infrastructure Company (TINC; -1.3%). Full Year Performance: On a FY basis, the KBCS Holdi...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List How to start 2024?
Since the start of the selection for 2023, the Dynamic Top Pick List is up 5.1%. Today we present 16 new names 'To Start 2024'. We start the year with 11 Large Caps and 5 Midcaps in a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like Holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
SHUR SHURGARD SELF STORAGE LIMITED
- Sharad Kumar S.P
Holdings Report - November 2023 KBCS Holdings Universe Posts 1M Absolu...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a resturn of +7.2% which was mainly driven by multi-asset holdings (+10.5%) while single-asset holdings holdings posted a much lower return (+2.2%). The 3 top performers during the period were Sofina NV (+16.0%), D'Ieteren Group (+13.4%), and Gimv (+10.4%) while the 3 worst performers were Texaf (+1.8%), Heineken Holding (+1.3%), and The Infrastructure Company (TINC; -1.3%). YTD Perfomance: On a YTD basis, the KBCS Holdi...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Michiel Declercq
- Joren Van Aken
D'Ieteren Group - Also D'ieteren believes the discount is excessive
Announcing a buyback of EUR 100m or 1.3% of outstanding sharesAlso D'Ieteren's board seems to agree with our view that the current discount is at excessive levelsWe stick to our BUY rating and with almost 50% upside to our EUR 230 TP (with a 10% discount to NAV), we fully agree on why they announce this buyback
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Michiel Declercq
D'Ieteren Group 2025 ambitions now well within reach
After a strong operational performance so far this year, we have adjusted our estimates and now expect the adj. PBT (gs) to grow by 28% to € 969m in 2023. Especially at Belron, we believe the margin expansion is trending well above the budget. Based on our estimates, we think D'Ieteren will comfortably exceed its own 2025 ambitions as we bank on an Adj. PBT (gs) of € 1.26bn by 2025. We therefore reiterate our Buy rating and € 225 TP.
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List – Update November 2023 Sitting still while…
In this November update of our KBC Securities Dynamic Top Pick List we are not making changes to our selection. We anticipated a weak stock market over 2H23 as corporate profit growth in Europe slows and the US consumer is running out of cheap financing and stimulus. The central banks have let inflation slip away after years of "irrational" quantitative experiments to stoke inflation and are now overcompensating. The market was too optimistic that the interest rate peak would be followed by swif...
MTLS MATERIALISE ADS
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
IBAB ION BEAM APPLICATIONS SA
AED AEDIFICA SA
ONTEX ONTEX GROUP N.V.
TWEKA TKH GROUP N.V. CERT
VGP VGP NV
TINC TINC COMM. VA
INGA ING GROEP NV
ADYEN ADYEN NV
BAR BARCO NV
AZE AZELIS GROUP NV
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List – Update October 2023 Adding EVS
We anticipated a weak stock market over 2H23 as corporate profit growth in Europe slows and the US consumer is running out of cheap financing and stimulus. The central banks have let inflation slip away after years of "irrational" quantitative experiments to stoke inflation and are now overcompensating. The market was too optimistic that the interest rate peak would be followed by swift rate cuts as the economy effectively slows down. Now the message has become "high for longer". We started the...
MTLS MATERIALISE ADS
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
AED AEDIFICA SA
ONTEX ONTEX GROUP N.V.
TWEKA TKH GROUP N.V. CERT
VGP VGP NV
TINC TINC COMM. VA
INGA ING GROEP NV
ADYEN ADYEN NV
BAR BARCO NV
AZE AZELIS GROUP NV
- Sharad Kumar S.P
Holdings Report - October 2023 KBCS Holdings Universe Posts -3.8% 1M A...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a -3.8% resturn which was mainly driven by single-asset holdings (-4.4%) while multi-asset holdings holdings posted a slightly better return (-3.5%). The 3 top performers during the period were D'Ieteren Group NV (+3.7%), Solvac (+1.8%), and The Infrastructure Compnay (TINC; +1.3%) while the 3 worst performers were Ackermans & van Haaren (-10.5%), Sofina (-7.5%), and Compagnie du Bois Sauvage (-7.1%). YTD Perfomance: On ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
BREB BREDERODE S.A.
TINC TINC COMM. VA
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.