reports
- ING Helpdesk
- Livio Luyten
- Michiel Declercq
- Michiel Declercq
D'Ieteren A Clear Road Ahead
Following the CMD on May 14th, we have slightly tweaked our estimates for the different divisions. While the new 2024-2028 ambitions were broadly in line with our expectations, we welcome the reiteration of the strong underlying growth drivers and good 1Q25 results at Belron. As we estimate D'Ieteren to be trading at a 25e adj. FCFy (gs) before M&A of 6.0%, we believe these strong growth drivers are not yet reflected in D'Ieteren's share price. Moreover, we think the mid-single digit adj. EBIT C...
D`ieteren Group: 1 director
A director at D`ieteren Group bought 230 shares at 182.120EUR and the significance rating of the trade was 54/100. 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 clearly...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Solid 1Q25. Ascencio: Resilient results. Gimv: NAV a tad higher than expected, underlying companies surprisingly strong. IBA: Soft start in Technologies, 2025 and 2028 guidance reiterated. OCI: In-line 1Q25 trading update. Vopak: IPO of AVTL - value coming to the surface
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Livio Luyten
- Wim Lewi
Gimv FY24-25 Results: Realizing Growth Strategy With €336m In Investme...
Gimv reported another record year. Net profit reached €219m or €7.5ps. Portfolio result was €300m, up 19.3% YoY. Investments surged to €336.1m, including €267m in eight new companies and two roll-over's. Divestments totalled €560m from exits in Mega, United Dutch Breweries, Köberl, rehaneo, and Medi-markt. The book value of these stakes was €200m, implying a money multiple of 2.4x and IRR of 14.0%. NAVps stood at €53.3, slightly down from €53.4 YoY due to the capital increase, but up 14.6% on a ...
- Michiel Declercq
D'Ieteren DIE CMD Feedback: Steady as she goes, but with some extra co...
Yesterday, D'Ieteren disclosed its new 2024-2028 ambitions during a CMD in London. In general, D'Ieteren's new ambitions were broadly in line with our expectations and reconfirm the structural growth trends of the recent years. We therefore do not expect major changes to css expectations. While the event did not contain any major surprises, we did get some extra colour on certain topics, with the key new elements summarized below. We further also welcome the solid 1Q25 results at Belron. As the ...
- ING Helpdesk
Benelux Morning Notes
CM.com: CMD – AI-first strategy, new medium-term targets. CVC Capital Partners: Good realisations. D'Ieteren: CMD feedback. Euronext: An even stronger April is Next. Flow Traders: Promising April. KBC: M&A in Slovakia, capital changes, beat in 1Q. Prosus: iFood partners with Uber. SBM Offshore: FY25 starts reasonably well, decarbonization gains momentum. Syensqo: Modest 1Q25 beat, +€1.4bn FY EBITDA guidance excludes FX, tariff impact
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Michiel Declercq
D'Ieteren New 2024-2028 targets in line with expectations, but will th...
This morning D'Ieteren announced its new 2024-2028 ambitions which will be followed by a CMD in London later today. While the mid-single digit adj. EBIT growth target came below our estimate of 7.1%, we believe the outlook is rather prudent as the outlook for the different entities is almost perfectly in line with our expectations. No other major news was announced. While the 1Q25 sales update came in slightly below our estimates , we want to highlight that this was partially due to fewer tradi...
- ING Helpdesk
Benelux Morning Notes
Alfen: Dead cat bounce? Ayvens: Overhang cure. Belgian telcos: Hey! discontinues €5 offer, OBEL price increases from June 2025. B&S Group: Pulls FY EBITDA guidance in light of tariffs. D'Ieteren: CMD, 1Q25 Preview. Kendrion: Wrestling through difficult macro conditions. NN Group, ASR: Vote on Dutch pension reforms postponed. TKH Group: Not that bad, good progress at Eemshaven. UCB: US Most Favoured Nation initiative back on the agenda. Vastned: Good results, integration ongoing...
- Guy Sips
- Hilde Van Boxstael
- 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 May 2025: Removing Fugro – Adding Merus
The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European compa...
- Livio Luyten
Holdings Report - April 2025 KBCS Holdings Universe Returns 2.7% Durin...
1M Performance - Absolute: During April'25 (1M period), the KBCS Holdings Universe posted a return of +2.7% which was mainly driven by multi-asset holdings (+3.0%) while single-asset holdings posted a smaller return of +2.0%. The 3 top performers during the period were D'Ieteren (+10.6%), Ackermans & van Haaren (+7.7%) and Groupe Bruxelles Lambert (+5.4%) while the 3 worst performers were Exor (-0.8%), HAL Trust (-1.5%) and Quest for Growth (-5.5%). YTD Performance - Relative: On a YTD basis (a...
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
Benelux Morning Notes
BE Semiconductor Industries: Important TCB Next order. Belgian telcos: Telenet weak Q1 commercially across the board, financials reasonable. D'Ieteren: Belgian April car registrations down 5%, VW down 11%. GBL: NAV per share above estimates. Kinepolis: US Peer Cinemark 1Q25 results a slight miss. KPN: VodafoneZiggo 1Q25 very weak, cut guidance on EBITDA, revenue after 2 months
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- David Vagman
- CFA
D'Ieteren/Defensive story, CMD to support a rerating/BUY
We think the solid 2H24 and 2025 operational guidance derisked the short term case despite the volatile macro. The 14 May CMD could help the stock to rerate, on new 2028 targets and new Belron CEO Carlos Brito presenting for the first time. We like Belron's resilience, with recessions seeing only mild drops in miles driven. We also like its self-help, price/mix and ADAS tailwinds and the large US cash market potential, even if USD depreciation is a risk (50% of sales). TVH and Auto have manageab...
- 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
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