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David Vagman ... (+2)
  • David Vagman
  • CFA

D'Ieteren/Compounding business services portfolio

We think the May CMD cemented D'Ieteren's profile as an EPS and FCF compounder, +14% EPS CAGR 2025F-28F, +14% FCFev CAGR, a specialised listed Private Equity (PE) fund building a portfolio of growth platforms in adjacent, resilient business services companies, with a potential to rerate and D'Ieteren to invest in new high ROCE, FCF businesses with scalable franchise. We estimate a new participation could add c.15% of EBITDA by 2026/2027. We think the IPO of Belron, 70% of our SOTP, is possible b...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ASM International: 2Q25 Results; Positive tone, weak orders. CM.com: 1H25 results; disappointing performance, guidance downgrade. Gimv: Gimv fuels Hemink's sustainable expansion. KPN: Solid 2Q25, guidance raised largely on €25m IPR claim benefit. Philips: 2Q25 Preview; improvement needed. Randstad: 2Q25 in line; outlook touch below; FX spoils the party but operational leverage story is unfolding. Sofina: Newsletter #16. Universal Music Group: EU opens in-depth investigation into Downtown ...

Hilde Van Boxstael ... (+8)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Hoste

Morning Notes : AVS NA, CSUA NA, GIMBb BB, KPNa NA, RANDa NA, SOFb BB,...

: AVS NA, CSUA NA, GIMBb BB, KPNa NA, RANDa NA, SOFb BB, N4SA NA, PHVS US

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ASM: 2Q25 Preview, AI winner BE Semiconductor Industries: 2Q25 Preview, focus on advanced order intake CM.com: Preview 1H25 D'Ieteren: Belron $4.655bn TBL repriced 25bp lower PostNL: Preview 2Q25F; consensus released Wolters Kluwer: To divest Finance, Risk and Regulatory Reporting unit

Marc Zwartsenburg ... (+2)
  • Marc Zwartsenburg
  • CEFA

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 27 January 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...

Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Wim Hoste
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

D'Ieteren: Belron renegotiating US$4.65bn TLB debt at lower rates Exor: Call for caution, also after tax probe settlement Solvay: Cuts 2025F EBITDA outlook, maintains FCF guidance TomTom: 2Q25 results; guidance increased

Hans D’Haese ... (+2)
  • Hans D’Haese
  • Stijn Demeester

Gimv/Skin in the game/HOLD

We are updating our sum-of-the-parts model following the announcement of some larger deals (both exits and (follow-up) investments), the modalities of the optional stock dividend and the publication of a reviewed remuneration policy that was approved by the AGM on 25 June. The updated remuneration policy, with a focus on an enhanced involvement of the Gimv executives and non-executives in the Gimv share and the LTIP structures, is creating further alignment between the executives, non-executive ...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Alfen: CEO intends to retire early. D'Ieteren: Belgian June car registrations down 16%, VW down only 5%, good mix. Euronext: Bearing gifts to Greeks. JDE Peet's: Instant Decaf

Guy Sips ... (+9)
  • Guy Sips
  • Hilde Van Boxstael
  • Kristof Samoy
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding...

Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, ...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Gimv: Hear, hear – new acquisition. KBC: Now Belfius lowers saving rates to 0.60%

Livio Luyten ... (+2)
  • Livio Luyten
  • Wim Lewi
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

AEGON: Always a pleasure to debate with management. Avantium: Summer Doldrums. Gimv: Itineris out

Kristof Samoy ... (+4)
  • Kristof Samoy
  • Livio Luyten
  • Michiel Declercq
  • Wim Lewi
Wim Lewi
  • Wim Lewi

Dollar Weakness The impact on our Benelux Coverage

In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...

Gimv NV: 1 director

A director at Gimv NV bought 2,250 shares at 44.642EUR and the significance rating of the trade was 60/100. 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 showin...

Livio Luyten
  • Livio Luyten

Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During Ma...

1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as o...

Guy Sips ... (+11)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update June: Removing Merus, Shurgard and Adyen ...

In this June update, we've made four adjustments to the KBC Securities Dynamic Top Pick List: 1.Merus (Removed – 27 May) was removed following the release of strong interim Phase 2 data at the ASCO 2025 conference. Its lead asset, petosemtamab, in combination with Keytruda, showed a 63% overall response rate in first-line treatment of head and neck cancer—significantly outperforming Keytruda monotherapy. The resulting share price surge validated our investment thesis. 2. Adyen (Removed) has de...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aedifica and Cofinimmo: Agreement reached to create Europe's leading Healthcare REIT. bpost: CMD press release; #Reshape 2029. D'Ieteren: Belgian new car registrations down 11.7% in May, VW down 13.5% Fugro: Meeting with CEO & IR; 2Q25 also has its challenges. UCB: Peer Moonlake held takeover talks with US Merck, FT reports

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Arcadis: Calcasieu bridge project. Gimv: Pushchairing to Bugaboo

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