reports
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
- Robert Jan Vos
- Usama Tariq
- ING Helpdesk
Benelux Morning Notes
AB InBev: 2Q25 results. Air France-KLM: Nice beat, let's see how FY25 finishes. AMG: Uptrend continues in 2Q25 with 23% EBITDA beat and guidance up to +US$200m. Aperam: Slight 2Q25 EBITDA beat, 3Q25 seen down QoQ. Arcadis: EBITA margin held up well in 2Q25, order intake mixed. Ayvens: 2Q25 results. Azelis: Soft but largely in-line 2Q25 with EMEA offsetting weaker APAC. Bekaert: 1H25 miss and lowered outlook to result in c.5% consensus downside. Corbion: Taking it to the wire. dsm...
APAML APERAM SA
FAGR FAGRON SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ALD ALD SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Fagron delivers strong performance with 11% topline growth and 12% inc...
Fagron delivers strong performance with 11% topline growth and 12% increase in REBITDA for H1 2025 Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 31 July 2025 – 7:00 AM CET Fagron delivers strong performance with 11% topline growth and 12% increase in REBITDA for H1 2025 Fagron, the leading global player in pharmaceutical compounding today publishes its first half results for the period ending 30 June 2025. Key Highlights Strong revenue performance with 10.9% reported revenue growth (14.4% at CER1) and 11.3% organic growth at CER 12.3% R...
Fagron levert sterke resultaten met een omzetgroei van 11% en 12% stij...
Fagron levert sterke resultaten met een omzetgroei van 11% en 12% stijging van REBITDA in H1 2025 Gereglementeerde informatie - voorkennisNazareth (België)/Rotterdam (Nederland), 31 juli 2025 – 07.00 uur CET Fagron levert sterke resultaten met een omzetgroei van 11% en 12% stijging van REBITDA in H1 2025 Fagron, de toonaangevende wereldwijde speler op het gebied van farmaceutische compounding, publiceert vandaag haar eerste halfjaarresultaten voor de periode eindigend op 30 juni 2025. Belangrijkste hoogtepunten Sterke omzetresultaten met een gerapporteerde omzetgroei van 10,9% (1...
- Ghada Ben Sedrine
- Nicolas David
- ING Helpdesk
Benelux Morning Notes
Aalberts: Light 1H performance, lowers FY25 outlook. Acomo: Hot chocolate. BAM Group: Solid 1H25 performance. BE Semiconductor Industries: 2Q25 results, light at the end of the tunnel. Econocom: 1H25 REBITA in line, net profit hit by €18m loss on discontinued. Orange Belgium: Better 1H25, guidance increased but MSA hurt perception. RELX: 1H25 results – powering ahead. UCB: 1H25 Preview: focus on US expansion.
- Ghada Ben Sedrine
- Nicolas David
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 27 January 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
Openbaarmaking van kennisgeving ontvangen van Alychlo
Openbaarmaking van kennisgeving ontvangen van Alychlo Gereglementeerde informatie Nazareth (België)/Rotterdam (Nederland), 18 juli 2025 – 18 CET Openbaarmaking van kennisgeving ontvangen van Alychlo Fagron heeft een kennisgeving ontvangen op grond van de Belgische Wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen in beursgenoteerde vennootschappen van Alychlo NV. Kennisgeving van Alychlo NV Op 14 juli 2025 ontving Fagron een melding dat het belang van Alychlo NV de meldingsdrempel van 3% had overschreden als gevolg van de verkoop van stemrechtverlenende effecten of s...
Disclosure of notification received from Alychlo
Disclosure of notification received from Alychlo Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 18 July 2025 – 6 PM CET Disclosure of notification received from Alychlo Fagron received a notification based on the Belgian law of 2 May 2007 regarding the disclosure of major shareholdings in listed companies from Alychlo NV. Notification by Alychlo NV On 14 July 2025, Fagron received a notification that the shareholding of Alychlo NV, crossed the disclosure threshold of 3% downwards as the result of the disposal of voting securities or voting rights on 25 July 2024....
- Juan Ros-Padilla
ALLIX WALLIX GROUP SA
DKSH DKSH HOLDING AG
STF STEF
SZG SALZGITTER AG
FAGR FAGRON SA
VRAP VRANKEN-POMMERY MONOPOLE SA
RIEN RIETER HOLDING AG
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
ARG ARGAN SA
IDR INDRA SISTEMAS S.A. CLASS A
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
ALAFY AFYREN
ARVEN ARVERNE GROUP SA
- Juan Ros-Padilla
ALLIX WALLIX GROUP SA
DKSH DKSH HOLDING AG
STF STEF
SZG SALZGITTER AG
FAGR FAGRON SA
VRAP VRANKEN-POMMERY MONOPOLE SA
RIEN RIETER HOLDING AG
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
ARG ARGAN SA
IDR INDRA SISTEMAS S.A. CLASS A
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
ALAFY AFYREN
ARVEN ARVERNE GROUP SA
- Robert Jan Vos
- Usama Tariq
Fagron N.V. : A serial compounder in the pharma land, we raise our tar...
We’ve raised our medium term estimates for Fagron, expecting mid-term sales growth of 8.3% versus guidance (high single digit), likely topped by 2% via M&A and further supported by rising (AA-OB at 20.8% for 2027) margins (21% by 2027). At ~13.3x (AA-OB) 2026 P/E, Fagron is valued attractively, leading us to raise our target price to €27 per share.
- Stijn Demeester
Fagron/1H25 preview: Organic growth sound, FX bites/BUY
We update our model and target price to reflect recent adverse FX trends, with our organic growth assumptions unchanged. We reiterate our BUY on Fagron, an ING Benelux Favourite, as its strengthening track record, high visibility on organic growth and attractive valuation at c.9x/8x 2026F/2027F EV/EBITDA, lay the grounds for a re-rating as the company further executes on its growth agenda.
- ING Helpdesk
Benelux Morning Notes
Aalberts: Acquisition of Asian semiconductor player. ASML: Preview 2Q25; building backlog for 2026. BAM: 1H25 preview - YoY improvement from UK. Barco: Preview 1H25F; significant headwinds. Econocom: Acquires four specialist AV companies under ‘One Econocom' strategic plan. Flow Traders: Preview 2Q25. Staffing: Page Group 2Q25 trading update; soft 2Q25 especially in perm; outlook in line. WDP: €41m sale-and-lease back in France
- 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 ...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: 2Q25 pre-close call feedback. Azelis: Attractive acquisition in personal care Italy. Econocom: Two UK/Ireland AV acquisitions disclosed. Staffing: Better French volumes in May even with easier comps, June outlook sluggish. Staffing: Dutch figs Period 6 volume and revenues weaker on tougher comps. UCB: Trump threatens a 200% tariff on pharmaceutical products
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