reports
- Wim Hoste
Umicore EU looks set to abandon combustion engine ban in 2035
Based on various press articles, it seems increasingly likely that the European Union is to abandon the earlier agreed ban on new combustion engine-based passenger cars by 2035, whilst new legislation would still require a significant reduction of tailpipe emissions. Any loosening of legislation would probably be good news for Umicore's Catalysts business, with European ICE Light duty Automotive Catalysts' revenue representing c. 28% of total ICE light duty Automotive Catalysts' revenue. We awai...
- Guy Sips
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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...
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Lewi
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Wim Hoste
Corbion Strategy update shows increased focus, upgrade to BUY
Corbion's BRIGHT 2030 strategy update revealed an increasing focus on clean label Food Ingredients, Nutrition and Biomedical Polymers/Pharma. Biochemicals are being de-prioritized and the strategic ownership review on PLA will most likely result in an exit. Financial targets include a 3-6% annual organic sales growth target and a c 2pp increase in the adjusted EBITDA margin by 2028. A disciplined approach on capex is expected to result in an average 8% FCF yield in the coming years with a streng...
- Emira Sagaama
- Emmanuel Matot
- Emira Sagaama
- Emmanuel Matot
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: 3Q TU mostly in line, better inflows, markets support AuMs. Ahold Delhaize: Peer Walmart 3Q25/26 results. Bekaert: Soft 3Q25 update, FY guidance further toned down. Corbion: Evolution, not revolution. Universal Music Group: Peer Warner Music 11% revenue and 8% OIBDA beat
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- Wim Hoste
Corbion Feedback CMD
Below we list the key highlights from the CMD. We remind that Corbion announced new financial targets for 2026-2028 including a 3-6% organic sales growth target (KBCS 3.0%) and an 18% adjusted EBITDA margin target (KBCS 17%), vs a 16.3% margin YTD. The announced strategic review on PLA is no surprise and will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservati...
- Robert Jan Vos
- ING Helpdesk
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Wim Hoste
Corbion FIRST LOOK: CMD review PLA, focus on food, algae & biomedical/...
Corbion's announced ambitious new financial targets for 2026-2028 including a 3-6% organic sales growth target (KBCS 3.0%) and an 18% adjusted EBITDA margin target (KBCS 17%). Unsurprisingly (given the volatile track record), a strategic review on PLA is being initiated, which we believe will result in an eventual exit. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, algal oils and Biomedical Polymers/Pharma. We continue to appreciate Cor...
Corbion unveils BRIGHT 2030 strategy to lead in sustainable specialty ...
Corbion unveils BRIGHT 2030 strategy to lead in sustainable specialty food-ingredients; outlining its strategic path and medium-term financial targets Corbion, the Amsterdam-listed sustainable food-ingredients company that champions preservation through application of science, will hold its Capital Markets Day for analysts and investors via live webcast and in-person in Gorinchem, the Netherlands today. Corbion management will present its strategy for the period 2026-2030: BRIGHT 2030, a new strategy designed to lead the way in sustainable specialty food ingredients for preservation and nut...
- Jean-François Granjon
- Jean-François Granjon
- ING Helpdesk
Benelux Morning Notes
Arcadis: US peer Aecom sets a new standard for EBITDA margin potential. Belgian telecoms: Orange Belgium price increases from January. CFE: Keeps outlook, materially lower QoQ net debt. Flow Traders: Market volumes improve in October. IMCD: Awaiting a recovery. Kinepolis: Launches retail bond issuance for €100-150m. NEPI Rockcastle: Sound operational performance continues. Universal Music Group: EU to warn on Downtown deal
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Wim Hoste
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.