Nextensa Model update after FY25 results, hold reiterated

We update our model after the FY25 results and include the new guidance on the Bel Tower project and Proximus HQ into our estimates. The Proximus HQ project moved from development projects to investment properties, resulting in a higher debt ratio as we don't factor in an immediate exit. We accelerate disposals of standing assets into our model from €50.0m to €100.0m per annum to counterbalance the €565m cash drain from developments. We downgraded Nextensa from Accumulate to Hold ahead of the re...

Benelux Morning Notes

dsm-firmenich: To 2027 and beyond. GBL: NAV a bit below INGF, dividend reset to stable, moving to reinvestment phase. Sif Group: Good 4Q25, solid FY26 outlook, uncertainty for short-term tender pipeline

Morning Notes : DIE BB, DSFIR NA, EVS BB, GBLB BB, NEXTA BB, DEME BB

: DIE BB, DSFIR NA, EVS BB, GBLB BB, NEXTA BB, DEME BB

D'Ieteren Model update post FY25 results

On Tuesday, D'Ieteren reported a strong set of FY25 results, driven by an impressive performance at Belron. We were particularly encouraged by management's confirmation that the claims avoidance situation in N-A is normalising. While the outlook was somewhat softer than expected, we believe the underlying assumptions are still rather conservative and therefore see room for D'Ieteren to comfortably deliver on its guidance. Following the rollover of our model, we arrive at a new SOTP valuation of ...

DSM-Firmenich Feedback from the Investor Event

In the Investor Update, dsm-firmenich showed a detailed roadmap towards the company's mid-term targets, reflecting the anticipated step-by-step improvement. On the strategic side, dsm-firmenich will, after the announced ANH divestment, fully focus on growing its current portfolio of consumer oriented businesses. We remind that the guidance of 2026 is broadly in line with our and consensus expectations (2-4% organic sales growth and c. 20% adjusted EBITDA margin). We still appreciate dsm-firmenic...

EVS Broadcast Equipment From Slow-Mo to Go-Go: EVS speeds up, replays ...

We update our model (Buy, €45 Target Price maintained) after EVS delivered another year of solid progress, supported by a clearer operational rhythm and an improved ability to convert commercial momentum into revenue. EVS has structurally shifted to a pre-production model that shortens delivery cycles and gives customers faster turnaround, while also improving internal planning stability. This shift allowed EVS to convert a significant portion of late-2025 orders within the year, supporting s...

Benelux Morning Notes

Achmea: Reinsures €8bn of liabilities with Sixth St, ASR next, but no rush. dsm-firmenich: 2026 outlook & share repurchase programme

Morning Notes : AALB NA, OPTI BB, DSFIR NA, MELE BB, SHUR BB

: AALB NA, OPTI BB, DSFIR NA, MELE BB, SHUR BB

DSM-Firmenich FIRST LOOK Investor Update: no surprise on guidance & mi...

Following the recent divestment announcement of ANH, dsm-firmenich presents is updated strategy & targets in an Investor Update which will take place in London today. After the ANH divestment, dsm-firmenich will focus on its consumer oriented businesses. As previously hinted at, Dsm-firmenich reiterated the mid term financial targets for organic sales growth and adjusted EBITDA margin whilst it has upped the cash conversion target from =10% to =14%. The guidance of 2026 is a bit more cautious th...

Benelux Morning Notes

AEGON: Launch of Aegon Insurance Asset Management Company in China (tidying up). Basic-Fit: Solid final FY25; strong membership ingrowth in 1Q26 comfort on energy prices. CVC Capital Partners: Steady delivery. D'Ieteren: 2H25 beat on Auto, Belron delivering, PBT group guidance 7% below. UCB: Bimzelx demonstrates superiority to Skyrizi. Wereldhave: c.€5.6m acquisition of supermarket in Ville2, full ownership of the centre

Morning Notes : AGFB BB, BFIT NA, DIE BB, TINC BB, UCB BB, ARG FP

: AGFB BB, BFIT NA, DIE BB, TINC BB, UCB BB, ARG FP

D'Ieteren Strong FY25 results with Belron meeting guidance, conservati...

D'Ieteren reported good FY25 results, with the adj. PBT (gs) of € 956m exceeding expectations (kbcse: € 943m, css: € 921m). This implies a 3.8% increase on a comparable basis, or in line slight increase that was guided at the start of the year. The performance was predominantly driven by an exceptionally high Belron margin of 24.4% in 2H25, hereby offsetting analyst concerns after a softer 1H25. While the LSD to MSD growth outlook for the Adj. PBT (gs) somewhat disappointed, driven by margin pre...

Benelux Morning Notes

Aedifica and Cofinimmo: Exchange offer complete and new board members appointed. D'Ieteren: Change in CEO at Moleskine, preview FY25. Euronext: Positive volume momentum continues. Retail Estates: €27m retail park development. Staffing: French January trend softer on tough comps, February outlook better

Morning Notes : BAR BB, ELI BB, PROX BB, RET BB, DEME BB

: BAR BB, ELI BB, PROX BB, RET BB, DEME BB

DEME They Came, Dredged/Drilled, Delivered — Standing Still Isn't in t...

DEME is a world leader in the specialised fields of dredging, marine infrastructure, solutions for the offshore energy market, and environmental works. DEME can build on exactly 150 years of know-how and experience and has fostered a pioneering approach throughout its history, being a front runner in innovation and new technologies. We raise our Target Price —from € 230 to € 240, in line with our DCF—after updating our model to reflect higher FY26E and outer-year EBITDA margins. Recall that FY25...

ODDO : After a week of conflict, what are the first lessons to be lear...