reports
- ING Helpdesk
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...
- David Vagman
- CFA
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...
- ING Helpdesk
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...
- ING Helpdesk
Benelux Morning Notes
Alfen: Preview - kitchen sinking again? CM.com: New CFO appointed. Cofinimmo: Good results a touch better than forecasts, guidance reconfirmed, DEME Group: Wins strategic position in Brazil. D'Ieteren: State Farm TPA contract details emerge. Signify: 3Q25 results – guidance cut. Xior Student Housing: 5.4% LFL growth and full occupancy – operational trends solid.
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Livio Luyten
Hal Trust Top tier investment firm with a fading appeal
HAL Trust, a prestige investment firm, has delivered over 100x returns to shareholders since 1977 with a small, talented team. Its portfolio stands out with maritime assets like Boskalis (33% of NAV), Vopak (14.3%), SBM Offshore (5%), and well-known names like Coolblue and Siltronic. Despite this, HAL's share price is down 20% from its peak in 2016 and the stock is trading at a 24% discount to book value. Apart from sluggish portfolio performance, we see four reasons for fading investor interes...
- ING Helpdesk
Benelux Morning Notes
Belgian telcos: Digi launches new mobile offer at €7 per month with 30GB D'Ieteren: Belgium Sept car registration, Febiac cuts 2025 outlook to 405-410k new cars Dutch insurance: Achmea Sixth Steet JV done, new entrant for buyouts for ASR and NN Heijmans: I'm a steamroller baby Prosus: Just Eat Takeaway offer unconditional WDP: €22m investment in Romania
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...
In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Michiel Declercq
D'Ieteren All eyes on Belron in 2H25
Following the publication of D'Ieteren's 1H25 results, we have slightly adjusted our estimates to the downside and currently bank on an FY25 adj. PBT (gs) of € 935m (prev. € 946m). Adjusting for constant exchange rates, our estimates imply a 2.8% growth on a comparable basis, or in line with the group's guidance (slight increase). While our new estimates reflect lower margin assumptions for Belron and TVH Parts, this effect is partially offset by lower financing costs at Belron on the back of fa...
- ING Helpdesk
D`ieteren Group: 2 directors
Two Directors at D`ieteren Group bought 4,500 shares at between 162.611EUR and 165.970EUR. The significance rating of the trade was 100/100. 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 ...
Hal Trust: 1 director
A director at Hal Trust maiden bought 350 shares at 139.880EUR and the significance rating of the trade was 70/100. 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 clearl...
- Michiel Declercq
D'Ieteren No room for error in 2H25, with Belron in focus
1H25 results disappointed with the adj. PBT (gs) down 22.7% to € 452.4m (kbcse: € 493m, css: € 475m). Note that on a comparable basis, the adj. PBT (gs) only decreased by 8.7%, but remained below the full year guidance (slight improvement). The miss was driven by a weak performance at TVH Parts, and only modest margin improvement at Belron. While the reiteration of the FY25 outlook implies a big step up in Belron's margins in 2H25, we give the group the benefit of the doubt. This because manage...
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September: Adding AB InBev and Exor
In this September update we added 2 stocks to the KBC Securities Dynamic Top Pick List : We added AB InBev after the share price weakened post-2Q results. ABI's 2Q volumes fell 1.9% organically, below expectations, mainly due to a 9% drop in Brazil where a price hike led to temporary market share loss. However, strong revenue per hl growth (+4.9%) drove a 6.5% organic EBITDA increase, with 1H growth at +7.2%, near the top of FY guidance (+4–8%). AB InBev, the world's largest brewer, generates ...
- Michiel Declercq
D'Ieteren 1H25: Soft results, but reiterated outlook implies large ste...
1H25 results disappointed, with the adj. PBT (gs) down 22.7% to € 452.4m (kbcse: € 493m, css: € 475m). On a comparable basis, the adj. PBT (gs) only decreased by 8.4%, falling short of the “slight improvement” guided for FY25. The miss was driven by soft results at TVH Parts and only modest margin improvement at Belron. While the reiteration of the FY25 outlook implies a big step up in Belron's margins in 2H25, we give the group the benefit of the doubt. This because management highlighted durin...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.