In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
Sofina finished FY23 with a stable NAV of €9.1b (€273.6ps) which represents a YoY decrease of a little more than 2.0% - we attribute this stability to the various levels of diversification that has been built into the portfolio. The pace of investments during FY23 (€517.0m) was half of the previous year due to muted levels of activity in the private market but also because of management placing more emphasis on engaging with portfolio companies in order to better maintain the portfolio's health....
• Final NAV at EUR 274 p/s, slightly above the EUR 272 reported in January. Q4 Private Funds higher than Q3 despite USD/EUR headwind and the company proposed a dividend of EUR 3.35 p/s, up 3.4%• We estimate today's NAV to be EUR 288.9 p/s, implying a discount of 28%. We do not understand the continued skepticism around the NAV given Sofina's track record. Hence, we deem Sofina to be one of the best opportunities in the sector• Our TP moves to EUR 280 (from EUR 273) providing 35% upside...
We replace UCB by Tubize in our KBC Securities Dynamic Top Pick List. Over the past few weeks, UCB has seen a strong rally in its share price, markedly outperforming the BEL-20 index. The rally came on the back of renewed investor confidence in its flagship product Bimzelx, which gained FDA approval for psoriasis in October 2023 albeit with unexpected warnings and precautions. In the meantime, we see that commercial traction is growing in line with our expectations, as phyicians and caregivers ...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.8% which was mainly driven by single-asset holdings (-5.4%) while multi-asset holdings posted a less negative return og -2.8%. The 3 top performers during the period were Financière de Tubize (+8.7%), Whitestone Group (+7.7%), and Texaf (+3.0%) while the 3 worst performers were Heineken Holding (-8.3%), Compagnie Du Bois Sauvage (-7.7%), and Solvac (-7.5%). YTD Performance - Relative: On a YTD ...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +1.2% which was mainly driven by single-asset holdings (+2.0%) while multi-asset holdings posted a lower return (+0.5%). The 3 top performers during the period were Financière de Tubize (+7.5%), Brederode (+7.5%), and D'Ieteren Group (+6.1%) while the 3 worst performers were Solvac (-4.0%), Ackermans & van Haaren (-2.5%), and Gimv (-2.4%). YTD Performance - Relative: On a YTD basis, the KBCS Holdi...
We continue with a balanced cyclical/defensive Dynamic Top Pick List, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor set-backs. These could be m...
Ageas: Executive Board changes: more members, more women, new faces. ASR: Remains in ING Benelux Favourites list, Look beyond 2023 results to 2024-25. Philips: 4Q23 preview - further recovery offset by recall overhang. Sofina: NAV underperformed materially in 2023. TomTom: 4Q23 preview; cautious on growth
• Sofina's preliminary NAV landed at EUR 272, albeit excluding the market rally in Q4• We expect the final NAV to come in higher. Today, we estimate Sofina's NAV to be EUR 283.2 p/s, implying a discount of 25.6%.• Sofina has been one of the laggards YTD in the investment company sector. We expect this to revert as we progress into the year and as we expect deal activity returns. Hence, we reiterate our BUY rating in the meantime. TP increased to EUR 273 (from EUR 266 previously)
Once the poster child of the Indian startup ecosystem, BYJU's has recently found itself dealing with problems on several fronts. Since a couple months, the company has been openly criticised for maintaining inadequate corporate governance measures despite several notifications from major investors which led to several board of directors stepping down. Also, BYJU's has been dealing with a cash-crunch which has led to aggressive cost-cutting, employee dissatisfaction, and bad press. BYJU's has bee...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a resturn of +6.8% which was mainly driven by single-asset holdings (+9.2%) while multi-asset holdings holdings posted a lower return (+5.2%). The 3 top performers during the period were Sofina NV (+16.0%), D'Ieteren Group (+13.4%), and Gimv (+10.4%) while the 3 worst performers were Texaf (+1.8%), Heineken Holding (+1.3%), and The Infrastructure Company (TINC; -1.3%). Full Year Performance: On a FY basis, the KBCS Holdi...
A director at Sofina SA sold 300 shares at 223.590EUR and the significance rating of the trade was 55/100. 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 showing...
Since the start of the selection for 2023, the Dynamic Top Pick List is up 5.1%. Today we present 16 new names 'To Start 2024'. We start the year with 11 Large Caps and 5 Midcaps in a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like Holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even ...
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