reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Wim Lewi
- Maxime Stranart
- Stijn Demeester
Deceuninck/1H25: weak performance in Turkey/HOLD
We reiterate our HOLD on Deceuninck, but lower our target price to €2.3, from €2.5, following the group's 1H25 results. We note that the profitability in Turkey has disappointed, following a double-digit drop in sales, materially below the Street's expectations. Turkey accounted for >50% of group Adj. EBITDA last year. We expect high interest rates and inflation to continue to negatively affect the group's operating profit, but also its financial expenses due to its hedging policy in the country...
- Wim Hoste
Deceuninck Feedback analyst meeting
Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly at...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Expect buoyed contribution from Private Banking. ASR: 1H: strong solvency, buyouts at 12% IRR. Deceuninck: Weak set of results, as expected following the change in CEO. EVS: Very weak 1H25, but guidance unchanged; convincing bolt-on deal in the US. IBA: IBA to install one P1 system at university campus in Heidelberg, Germany. NEPI Rockcastle: Robust performance, small upward revision to guidance
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Deceuninck FIRST LOOK: 1H25 adj EBITDA -16%, no precise guidance
Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly at...
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Lynn Hautekeete
Immobel After the through, increase to Buy
Yesterday Immobel issued a trading update that gives comfort in the FY26 bond repayment of EUR 125.0m which was the biggest short term risk of the investment case. This triggered us to increase our TP from EUR 23.0 to EUR 28.0 with a BUY recommendation (prev. accumulate). The reasoning is explained in this new company note. We still don't think the dividend will come back in the next 2 years as the focus remains deleveraging. However, the share price reflected a dilutive capital raise which has ...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
Roularta Media Group Nv: 2 directors
Two Directors at Roularta Media Group Nv sold/sold after exercising options 14,472 shares at 15.500EUR. The significance rating of the trade was 60/100. 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 dir...
EXMAR NV: 1 director
A director at EXMAR NV bought 35,243 shares at 11.500EUR and the significance rating of the trade was 61/100. 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 show...
- Guy Sips
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Thomas Vranken
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
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