reports
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Nextensa might aim for ‘Proximus Towers' landmark project. D'Ieteren: Auto CEO sees Belgian new car market at 420k in 2025, down 6% YoY. Fastned: Preview of 4Q24 trading update. Proximus: HQ sale likely at price materially lower than expected. Randstad: 4Q24F results due 12 Feb, consensus released, negative earnings momentum. WDP: Sizeable acquisition in Belgium
- Sharad Kumar S.P
Holdings Report - December 2024 KBCS Holdings Universe Returns -3.1% d...
1M Performance - Absolute: During Dec'24 (1M period), the KBCS Holdings Universe posted a return of -3.2% which was mainly driven by multi-asset holdings (-4.3%) while single-asset holdings posted a significantly less negative return of -0.6%. The 3 top performers during the period were D'Ieteren Group (+26.6%), Compagnie du Bois Sauvage (+7.0%) and KBC Ancora (+7.0%) while the 3 worst performers were Exor (-5.4%), Heineken Holding (-3.6%) and Gimv (-1.1%). FY24 Performance - Relative: During ...
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
EXO EXOR N.V.
ROCK WHITESTONE GROUP
D`ieteren Group: 1 director
A director at D`ieteren Group bought 1,820 shares at 164.492EUR and the significance rating of the trade was 79/100. 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...
Floridienne S.A.: 1 director
A director at Floridienne S.A. sold 2,000 shares at 510.000EUR 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 clear...
- Guy Sips
- Hilde Van Boxstael
- 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 2025?
On this Friday the 13th we select for you 13 stocks to start 2025 with a bang : ABN Amro, Ackermans & van Haaren, Bekaert, D'Ieteren, EVS, Fagron, Fugro, Gimv, Melexis, Shurgard, Sofina, WDP and Xior However, we maintain a defensive stance in our Benelux selection at the start of 2025.. The long anticipated interest rate cuts by central banks are expected to continue their decline into 2025 (see graph above). However, the Trump election victory in the US hits European stocks even before he tak...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Michiel Declercq
D'Ieteren Special General Meeting Approves extraordinary dividend of €...
On Friday, D'Ieteren Group's special general meeting approved the distribution of an extraordinary gross dividend of € 74 per ordinary share and € 9.25 per profit share. D'Ieteren Group will go ex-dividend on 10 December 2024, with the record date on 11 December 2024. Payment of the dividend will take place as from 12 December 2024. Deducting the dividend from our valuation, we derive a post-dividend SOTP valuation of € 281ps. After applying a 20% holding discount, we derive a new TP of € 225ps....
- Sharad Kumar S.P
Holdings Report - November 2024 KBCS Holdings Universe Returns -3.6% D...
1M Performance - Absolute: During Nov'24 (1M period), the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-6.9%) while multi-asset holdings posted a slightly less negative return of -2.2%. The 3 top performers during the period were D'Ieteren Group (+5.4%), Gimv (+5.1%) and KBC Ancora (+0.6%) while the 3 worst performers were Compagnie du Bois Sauvage (-10.1%), Heineken Holding (-9.6%) and Quest For Growth (-7.5%). YTD Performance - Relative: O...
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
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- ING Helpdesk
- Guy Sips
Floridienne Strong 9M24 mainly thanks to successful integration of Bio...
We increased our FY24 numbers substantially as Floridienne recorded strong growth in 9M24 y/y as 9M24 sales came in at € 502.4m (+25% y/y), and 9M24 EBITDA was €84.9m (+€35.9m y/y) and a 9M24 net result came in at € 17.1m (+€8.0m y/y). Floridienne indicated that this was mainly thanks to the dynamism of its historical activities and the successful integration of Biotrop. The Foot Division is succeeding in increasing its profitability. BioFirst is growing significantly on its historical market of...
- ING Helpdesk
Benelux Morning Notes
Ageas: Circling around Direct Line, Aviva edges ahead. D'Ieteren: TVH distribution footprint restructured in Belgium. Dutch insurance - Achmea Life JV with PE firm, aiming to take 20% of Dutch buyouts. Elia: FY24 guidance up. Prosus: 1H25 Preview. Renewi: Macquarie is back. Sif Group: First monopile rolls out of new factory
- ING Helpdesk
Benelux Morning Notes
Aalberts: highlights ING Benelux Conference Brussels 2024, Ackermans & Van Haaren: Highlights ING Benelux Conference Brussels,Ackermans & Van Haaren: Strong operational performance of underlying companies and guidance fine-tuned upwards, AMG: Highlights ING Benelux Conference Brussels, Aperam: Highlights ING Benelux Conference Brussels, Arcadis: Highlights ING Benelux conference, Azelis: Highlights ING Benelux Conference Brussels, Bekaert: Guidance cut and €200m buyback as sweetener, CFE: No new...
BEKB BEKAERT SA
APAML APERAM SA
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MONT MONTEA SCA
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
KIN KINEPOLIS GROUP NV
INX IMCD N.V.
JDEP JDE PEET'S NV
UMG UNIVERSAL MUSIC GROUP NV
AZE AZELIS GROUP NV
- Sharad Kumar S.P
Texaf 3Q FY24: Rental Income Up 16.0% YoY
During 3Q FY24, Texaf's rental income (residential + commercial) came in at €6.7m, up 16.0% on a YoY basis – the increase in rental income was mainly driven by the renting our 2 major projects ‘Promenade des Artistes' and Phase 3 of Silikin Village which became available during July'24. We note that during Oct'24, Texaf announced that it had sold 49.0% of Petit-Pont for total proceed of €5.4m of which €2.7m was capital gains which will not show on the consolidated financials of Texaf due to Texa...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...
- 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 2024 – Adding Azelis – Removing ...
With 2 changes in our Dynamic Top Pick list (we add Azelis and we remove Solvay) we maintain a defensive stance on the market for 2H24. The long anticipated interest rate cuts by central banks have finally started. The Trump election victory in the US does not bode well for European stocks as he favours a protectionist course. Although industrial companies with a US base could actually benefit. Cleantech names with exposure to the US could also suffer (unless owned by E.Musk). We expect the US ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
TINC TINC COMM. VA
FUR FUGRO NV
AZE AZELIS GROUP NV
SYENS SYENSQO
- Sharad Kumar S.P
Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...
1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...
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
EXO EXOR N.V.
ROCK WHITESTONE GROUP
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