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...

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...

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...

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

Morning Notes : DIE BB, GIMBb BB

: DIE BB, GIMBb BB

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...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/19/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 19/05/2025

HAL Trust : Recovery new economy plus usage war chest key for lower di...

Hal Trust 1Q25: NAV Increased 0.5% Driven By Listed Assets

During 1Q25, NAV increased 0.5% to €15.6b or €172.4ps or (vs. €15.5b €171.6ps at FY24-end). The slight uptick was driven by a €100m increase in the market value of listed assets. Best performer was Technip Energies (~5.7% of NAV) which reported a 12% net profit increase YoY for 1Q25. Vopak (~15% of NAV) was the worst performer after reporting no revenue increase YoY and supply chain disruptions from Trump's tariffs. Total listed portfolio stood at €4.5b (vs. €4.4b at FY24-end). Revenues from the...

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 ...

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

Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

: CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

Morning Notes : ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MA...

: ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MAAT FP, DEME BB, PHVS US

Benelux Morning Notes

ABN AMRO: Surprise higher cet1 bodes well. Bekaert: In-line 1Q25 revenues, margin guidance more cautious as Specialty misses. Cofinimmo: Counter proposal to Aedifica. DEME Group: Confirms FY25 outlook. D'Ieteren: Solid 2028 targets

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...

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...

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...

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...