reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
US Tariffs Navigating the impact on Benelux equities
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
COFB COFINIMMO SA
DIE D'IETEREN SA
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
AALB AALBERTS N.V.
ONTEX ONTEX GROUP N.V.
MELE MELEXIS NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
AUTL AUTOLUS THERAPEUTICS ADS
BAR BARCO NV
DEME DEME GROUP NV
FLOW FLOW TRADERS LTD
SYENS SYENSQO
Floridienne S.A.: 4 directors
Four Directors at Floridienne S.A. bought/sold 920 shares at 510.000EUR. The significance rating of the trade was 67/100. 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 ...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen
In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen. Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and...
- ING Helpdesk
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Arcadis: Further in German rail. CVC Capital Partners: They beat, they score. D'Ieteren: US Belron peer Boyd 4Q24 a bit ahead, weak 2025 early outlook. Fastned: Preview FY24. IBA: 2H24 better REBIT, net cash but outlook on the low side. Proximus: Interim leadership announced. UCB: Peer Immunovant reports mixed results in gMG Zabka: Peer Jeronimo Martins FY24 results
- Michiel Declercq
D'Ieteren Growth drivers remain intact
Following the publication of the FY24 results on Monday, we have slightly tweaked our estimates to the downside, partially driven by the depreciation of the USD and softer sales growth outlook at Belron. After applying a 20% discount to our new SOTP valuation of € 275ps (prev. € 281ps), we reiterate our Buy rating but lower our TP from € 225 to € 220ps.
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Michiel Declercq
D'Ieteren FY24: good results, outlook slightly disappoints
D'Ieteren reported good FY24 results, with the adj. PBT (gs) up 9.6% and 12.7% at ccy and excluding the financing impact to € 1065m (kbcse: € 1018m, css: € 1006m). The better than expected performance was largely driven by Auto, while Belron performed broadly in line. However, the outlook slightly disappointed with the group banking on a slight increase in Adj. PBT (gs) from € 924m on a comparable basis (kbcse: € 995m, css: € 974m). On a reported basis, the adj. PBT (gs) is expected to decline f...
- ING Helpdesk
- Guy Sips
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Acomo: A game of two halves. Ahold Delhaize: Peer Kroger FY24 results. Belgian telecoms: Telenet 2.9% price increase. D'Ieteren: FY24 results preview. Elia: Strong results and 2025 outlook, €2.2bn equity financing. Eurocommercial Properties: Sound results, positive revaluations, lighter LTV. Melexis: Attractive bid on direct peer Allegro. Universal Music Group: Much better Q4 - on strong subscription, DSP catch-up payment.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Michiel Declercq
D'Ieteren FY24 earnings preview
Running up to the publication of D'Ieteren's FY24 result on March 10th after market close, we have summarized our expectations below. While we expect the group to meet its adj. PBT (gs) ambitions for 2024, focus will again be concentrated towards Belron, which should face easier margin comps in 2H24. Additionally, we will also pay attention on FCF generation at Belron following the increased leverage after the refinancing. Buy and € 225.0 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 March 2025: Removing ABN, Ackermans – Add...
We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
ACKB ACKERMANS & VAN HAAREN NV
ROYAL VOPAK NV
MELE MELEXIS NV
WDP WAREHOUSES DE PAUW SCA
FUR FUGRO NV
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Sharad Kumar S.P
Holdings Report - February 2025 KBCS Holdings Universe Returns 3.7% Du...
1M Performance - Absolute: During Feb'25 (1M period), the KBCS Holdings Universe posted a return of +3.7% which was mainly driven by single-asset holdings (+11.1%) while multi-asset holdings posted a modest return of +0.5%. The 3 top performers during the period were Heineken Holding (+21.3%), KBC Ancora (+6.9%) and Ackermans & van Haaren (+4.4%) while the 3 worst performers were Financière de Tubize (-6.3%), Compagnie du Bois Sauvage (TINC; -6.6%) and Whitestone Group (-6.8%). YTD Performance...
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
- Sharad Kumar S.P
Texaf FY24: RE Business Shines; New Growth Accretive Projects Being St...
During FY24, the RE business achieved a record top line of €27.3m, up 18% YoY and up 3% YoY on a like-for-like basis. The top line growth was mainly driven by the letting of 94 apartments (Promenade des Artistes) and the letting of office space (Silikin Village). Occupancy rate of residential business stands at 99%. During Oct'24, Texaf sold 49% of the building ‘Petit Pont” for €5.5m, generating a capital gain of €2.7m which is not reflected in the financials since the building continues to rema...
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