Morning Notes : ARGX BB, SOLV BB, PHVS US, ENRGY BB

: ARGX BB, SOLV BB, PHVS US, ENRGY BB

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...

Local Champions Mid Cap Conference Book 11.12.2025

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB

Morning Notes : CRBN NA, GIMB BB, HAL NA

: CRBN NA, GIMB BB, HAL NA

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...

Benelux Morning Notes

Adecco: Introduces the agility advantage to grow, adapt and lead in the intelligent era. Belgian telcos: DAZN announces immediatele end for Belgian football broadcasting. CMB.TECH: Good 3Q thanks to its tankers. D'Ieteren: CFO buys more shares, State Farm seeks 6% California Auto Rate cut. Staffing: Belgium October Temp volume stable at -3.4% YoY despite tougher comps.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/21/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 21/11/2025

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

Morning Notes : ACKB BB, BEKB BB, CRBN NA

: ACKB BB, BEKB BB, CRBN NA

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...

Corbion N.V. : A decent CMD update, albeit without the real spice

Benelux Morning Notes

Corbion: Better to travel than to arrive. Gimv: Portfolio return of 9.5% over 1H25, NAV in-line with INGF. IBA: 2025 guidance confirmed, debt high at €60m, €135m of long term financing. Wereldhave: €120m acquisition at 8% NIY, c.€80m capital increase

Morning Notes : ATEB BB, CRBN NA, GIMB BB, IBAB BB

: ATEB BB, CRBN NA, GIMB BB, IBAB BB

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...

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

Corbion/Goldilocks scenario; no more bears/HOLD(previously Sell)

In April, we reduced our Corbion forecasts and 12-month target price to account for the double pronged attack on profits from weaker fish oil prices and weaker currencies. We are now in the position of reversing this change due to a Goldilocks scenario in which fish oil prices have risen by 21% in a week, combined with a significant tailwind from a c.25% decline in the sugar price this year. This should drive sustained margin expansion over the next two years and as a result of these changes, ou...

Benelux Morning Notes

Belgian telcos: Digi negative view on fibre deals, ups stake in Belgium to 76.9%. CFE: Preview - navigating challenging end markets. Retail Estates: Conference call highlights

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/12/2025