reports
- 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...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- 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
- 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
- Marc Lavaud
- Philippe Ourpatian
- Youssef Besbes
- Marc Lavaud
- Philippe Ourpatian
- Youssef Besbes
- Thijs Berkelder
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- 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
- Emira Sagaama
- Margaux van Oerle
- Stephane Houri
- Thomas Zlowodzki
CON CONTINENTAL AKTIENGESELLSCHAFT
IPS IPSOS
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
RNO RENAULT SA
KPN ROYAL KPN NV
ORA ORANGE SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
GAMA GAMMA COMMUNICATIONS
LSS LECTRA SA
HAL HAL TRUST
G ASSICURAZIONI GENERALI S.P.A.
FR VALEO SE
GEBN GEBERIT AG
VOW3 VOLKSWAGEN AG PREF
WPP WPP PLC
AMP AMPLIFON S.P.A.
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
KGX KION GROUP AG
OTP OTP BANK NYRT
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
POST OSTERREICHISCHE POST AG
RACE FERRARI NV
IDR INDRA SISTEMAS S.A. CLASS A
BIM BIOMERIEUX SA
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
GEST GESTAMP AUTOMOCION S.A.
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
FDJ LA FRANCAISE DES JEUX SA
DSC1 DUTCH STAR C SHAR
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AG1 AUTO1 GROUP
NA9 NAGARRO
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM ARM HOLDINGS PLC
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
EXENS EXOSENS
AMS AMS-OSRAM AG
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Stephane Houri
- Thomas Zlowodzki
CON CONTINENTAL AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
RNO RENAULT SA
ORA ORANGE SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
HAL HAL TRUST
G ASSICURAZIONI GENERALI S.P.A.
FR VALEO SE
GEBN GEBERIT AG
VOW3 VOLKSWAGEN AG PREF
AMP AMPLIFON S.P.A.
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
KGX KION GROUP AG
OTP OTP BANK NYRT
RACE FERRARI NV
BIM BIOMERIEUX SA
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
FDJ LA FRANCAISE DES JEUX SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- 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
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