Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nemak, Telenet, Lowell, AMS Osram, evoke, Atalian, Maxeda, TUI, Morrisons

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Sappi, Telecom Italia, Telenet, Mahle, Seche Environnement, Crown Holdings

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

Deceuninck NV: 2 directors

Two Directors at Deceuninck NV bought 8,550 shares at between 2.030EUR and 2.050EUR. The significance rating of the trade was 51/100. 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 las...

3Q25 results: Telenet, VodafoneZiggo, Virgin Media O2/Better than fear...

VodafoneZiggo, Telenet and Virgin Media O2 presented mixed results over 3Q25. Fortunately, KPIs are improving somewhat. Given the competitive end markets, our conviction to buy or sell the notes of any of the three companies remains low. Leverage remained stable QoQ. Nevertheless, we still see upside to the VMED and ZIGGO notes if either Vodafone or Telefonica were to acquire full ownership of their joint ventures or if the businesses where to IPO.

Europe HY Trade Book - Media & Communications - Lucror Analytics

The Europe HY Trade Book - Media & Communications includes current trade recommendations drawn from our European HY media & communications coverage universe, along with relative-value scatter plots and a peer table. 

Telenet - ESG Report - Lucror Analytics

Coffee, Croissants & Credit/Inmobiliaria Colonial, Benelux TMT Credits

Real Estate: Inmobiliaria Colonial was back in the market with a green bond; TMT: Benelux TMT Credits - How's it going? Where's the value?

Benelux TMT Credits: How's it going? Where's the value?

These are exciting times in the Benelux TMT markets. In this new Benelux Credit TMT report we discuss the most attractive corporate bonds in the Benelux and wider TMT space and provide insights into the key developments driving the Dutch broadband market. We also discuss recent developments of the names under our coverage: ASML, SES, KPN, Proximus, VodafoneZiggo, Telenet, Wolters Kluwer and RELX. The latter section comes from previously published Flash Notes and have been updated where needed.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/09/2025

Greenyard N.V. : Termination of coverage of Greenyard N.V.

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...

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...

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

Morning Notes : ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

: ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

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...

2Q25 Results: Telenet, VodafoneZiggo, Virgin Media O2/A strategic pivo...

The 2Q25 earnings of VodafoneZiggo, Telenet and Virgin Media O2[de] continue to look soft. Interestingly, a network carve-out in the UK now seems off the table, while Liberty Global is working to unlock the intrinsic value of its separate businesses through divestitures, as they have done with Sunrise. Nevertheless, 2Q25 performance was underwhelming and our conviction to buy or sell the notes is low. Despite stable QoQ leverage, we see limited value in current spreads. Nevertheless, there is st...

Benelux Morning Notes

Ascencio: Stable update CFE: Preview; margin over volume CVC Capital Partners: Moments of Realisation D'Ieteren: Belron North American peer Boyd points to positive 3Q25 inflection point in like for like growth Fastned: 1H25 results; disappointing charging volumes, cost pressure continues Greenyard: Results of second acceptance period concerning takeover bid and launching squeeze-out

Morning Notes : DECB BB, SHUR BB, AUTL US, PHVS US

: DECB BB, SHUR BB, AUTL US, PHVS US