ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/19/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/12/2025

NX Filtration : Longer lead times, NX Filtration readjusts its full ye...

Morning Notes : BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, N...

: BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, NXFIL NA, ENRGY BB

NX Filtration Trouble comes in fours, yet another profit warning erodi...

NX Filtration just sent out another profit warning. For the fourth time in a row the company confessed it will not be able to realise its issued revenue guidance. At the 1H25 release the company reiterated its FY25 revenue guidance calling for y/y growth in the 50-70% range with KBC est. at the 60% midpoint. Today management warns FY25 revs are expected to be ca. €14m, representing a y/y growth just topping 25%. No quantified insights in profitability and cash position were given but surprisingl...

Dynamic Top Pick List How to start 2026?

How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...

Local Champions Mid Cap Conference Book 11.12.2025

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB

Benelux Morning Notes

CM.com: Bird goes directly after CM.com customers (again). D'Ieteren: Belgium November car registrations down 11.8%, VW down 24%

Morning Notes : JEN BB, MONT BB, BTLS BB, AUTL US

: JEN BB, MONT BB, BTLS BB, AUTL US

Benelux Morning Notes

Adecco: Introduces the agility advantage to grow, adapt and lead in the intelligent era. Belgian telcos: DAZN announces immediatele end for Belgian football broadcasting. CMB.TECH: Good 3Q thanks to its tankers. D'Ieteren: CFO buys more shares, State Farm seeks 6% California Auto Rate cut. Staffing: Belgium October Temp volume stable at -3.4% YoY despite tougher comps.

D`ieteren Group: 1 director

A director at D`ieteren Group bought 2,040 shares at 147.000EUR and the significance rating of the trade was 81/100. 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...

Benelux Morning Notes

ABN AMRO: CMD targets at higher end, bold FTE cut to clinch 55% C/I ratio, lower CoRisk. D'Ieteren: Key Belron US glass supplier Fuyao connected to US labour allegations. Elia: Preview 3Q25 update; fine-tuning guidance to upper end of range?. NSI: KPN to leave Glass House, c.7.5% additional vacancy. SBM Offshore: Another step towards SEAP 1+2 FPSO awards. Universal Music Group: Spotify to increase its US subscription prices in 1Q26

Benelux Morning Notes

AEGON: 3Q in line, UK weak, all eyes on CMD in December. DEME Group: Going into 2026 with a stable order book. D'Ieteren: North America Beron peer Boyd confirms positive l/l in 3Q25, further improvement in 4Q25. KBC: 3Q above, increase in FY25 guidance across the board, first SRT is sizeable. Ontex: Peer Essity acquires Edgewell's Feminine Care activity. SBM Offshore: Progression in markets and earnings. Zabka: CVC and PG sell 100m shares via ABB

Morning Notes : AED BB, COFB BB, GLPG NA, JEN BB, SOLB BB, VGP BB, SHU...

: AED BB, COFB BB, GLPG NA, JEN BB, SOLB BB, VGP BB, SHUR BB, CTPNV NA, IMCD NA, SYENS BB

Dynamic Top Pick List Update November: Removing Xior; Adding Aedifica

The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...

Jensen-Group Recent slowdown in order intake but on track to deliver a...

We updated our model (new € 67.5 Target Price (from €62) after Jensen-Group's 3Q25 revenues came in at a very nice € 134.9m compared to € 107.5m in 3Q24, resulting in a 19% y/y higher 9M25 sales of € 398.0m. We maintain our Accumulate rating. We incorporated in our updated model that Jensen-Group highlighted that after very solid results in the first nine months, they remain on track to deliver a record year with an expected FY25 EBIT range € 66m and € 71m (KBCSe from 64.9m to € 69m). On the ...

Benelux Morning Notes

Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...

Benelux Morning Notes

Azelis: Appointment of Boris Cambon-Lalanne as group CFO. Belgian Telecoms: Price increase on most of the non-commercialised products and Scarlet trio. D'Ieteren: Belgian October car registrations down 7%, VW down 20%. Kendrion: Results preview; launching share buyback programme. Kinepolis: Acquires US movie theatre chain Emagine Entertainment for US$105m. Kinepolis: October box office in US/Canada and France attendance drop again. Ontex: Branded activity now fully divested. Philip...

D'Ieteren/A leap of faith for 2H25, concerns for 2026/BUY

We cut our 2025-28F EPS by 4-5% and target price by 5% to €223 on weaker TVH, PHE and Belron as well as lower multiples, in particular at TVH. We still expect 13% FCFev CAGR 2025-28F and 14% EPS CAGR, on 7% EBIT CAGR. The stock has underperformed 17% since 1H25 and is flat YTD, trading at >40% discount, 11x P/E 2026F, 7% FCFev yield. We remain believers in the long-term story, self-help potential (Belron price/mix, cash/commercial markets, mobile static recalibration, TVH turnaround) but admit t...

Benelux Morning Notes

AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...