reports
- ING Helpdesk
Benelux Morning Notes
Alfen: Profit warning. ASR: CMD expectations, capital accumulation substantial in 2025-26. Barco: Co-CEO Charles Beauduin steps down. Belgian telecoms: Orange Belgium prepares for battle ahead of Digi arrival. D'Ieteren: PHE day feedback, ambition to double in size. Exor: Increases its stake in Philips to 17.51% Gimv: Investing in Infrastructure, optional dividend terms. Just Eat Takeaway.com: DoorDash reportedly interested in Deliveroo. SBM Offshore: Preparating for two new hull...
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - May 2024 KBCS Holdings Universe Down -0.9% Due To Mu...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -0.9% which was mainly driven by multi-asset holdings (-1.3%) while single-asset holdings posted a positive return of +0.6%. The 3 top performers during the period were Solvac (+8.0%), Gimv (+5.5%), and Compagnie du Bois Sauvage (+5.3%) while the 3 worst performers were HAL Trust (-6.5%), D'Ieteren Group (-1.8%), and Texaf (-1.1%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Sharad Kumar S.P
- Wim Lewi
- Joren Van Aken
Gimv - First investment following change in shareholdership
• Gimv announced it will take a majority stake in SMG Sportplatzmaschinenbau, the global leader of machines for sports floors and artificial grass• It is Gimv's first significant investment since its change in shareholdership• No further details were announced• We estimate today's NAV to be EUR 54.2, implying a discount of 14.1%. Given the conservative valuation (8.6x EBITDA) of the portfolio combined with the low leverage (1.7x EBITDA), we deem this as too high. Hence, we reiterate ou...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update June 2024: Replacing ‘Gimv' and ‘TKH Grou...
Despite some large dividend payments (CP Invest, Bekaert, EVS, Solvay, TINC, Van de Velde, Ackermans & Van Haaren...) in our Dynamic Top Pick list in May 2024, our selection gained 1.6% on average, underperforming our benchmark indices (Bel20, AEX, EuroStoxx50) by -0.8% on average. Since the start of the 2024 selection (published on 14 December 2023), the Dynamic Top Pick list is up 15.2%, outperforming these indices by 3.7% on average. In this June 2024 update of our Dynamic Top Pick List, we ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
ARGX ARGEN-X SE
ALFEN ALFEN NV
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: 1Q24 trading update, inflows continue, issue in Meikabazaar. Ahold Delhaize: New 2025-28F targets. Gimv: Solid portfolio year. Greenyard: FY23/24 results in line, guidance unchanged, strong Long Fresh performance. IBA: High cash burn on backlog conversion, guiding to a weak 1H, good H2
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Sharad Kumar S.P
Gimv FY24: Strong Set Of Results; NAVps Up 10.8% YoY
Gimv reported a strong set of results with net profit coming in at €217.1m (€7.8ps) while portfolio result clocked in at €291.1m (19.1%). Investments were €115.8m (of which €57.5m in 5 new companies) whereas divestments were €364.6m thanks to the sale of stakes in Coolworld, GNPZ, Impact, Wemas and Groupe Claire. We note that significant upward revaluation linked to the Acceo sale is included in the unrealised result since the transaction was not finalised by 31st March'24. The book value of all...
- Joren Van Aken
Gimv - FY23/FY24 in line, EUR 2.6 dividend confirmed
• FY23/24 NAV came in at EUR 53.4 p/s, up 10.8% YoY • Stable dividend proposed at EUR 2.6 p/s, implying 5.6% yield• We estimate today's NAV to be EUR 54.2 p/s, implying 14% discount which we expect to narrow now that dust has settled surrounding WorxInvest entry.• We remain confident about the reported NAV thanks to conservative valuation (average 8.6x EBITDA multiple). BUY reiterated as well as our EUR 54 TP.
- ING Helpdesk
- Sharad Kumar S.P
Holdings Report - April 2024 KBCS Holdings Universe Up 0.6% Thanks To ...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +0.6% which was mainly driven by single-asset holdings (+1.8%) while multi-asset holdings posted a negative return of -0.1%. The 3 top performers during the period were Financière de Tubize (+8.1%), Brederode (+7.4%), and Texaf (+6.9%) while the 3 worst performers were HAL Trust (-4.6%), Gimv (-1.5%), and D'Ieteren Group (-1.2%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univer...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis
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...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2024: Adding TINC
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...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2024 : Replacing UCB by Tubize
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 ...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Sharad Kumar S.P
Holdings Report - February 2024 KBCS Holdings Universe Underperforms B...
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 ...
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Kristof Samoy
- Sharad Kumar S.P
- Joren Van Aken
Gimv - Sale of Groupe Acceo with EUR 1 capital gain
• Gimv will sell its majority stake in Groupe Acceo to Sagard, resulting in a capital gain vs. last reported NAV of about EUR 1 p/s• We estimate today's NAV to be EUR 54.4 implying a discount of almost 20%• Despite the uncertainty surrounding the new cornerstone investor now being gone, the discount has remained elevated. Potentially, investors remain hesitant and prefer to wait and see whether WorxInvest will try to change Gimv's strategy• Following today's news combined with a p...
- Sharad Kumar S.P
Holdings Report - January 2024 KBCS Holdings Universe outperforms BEL2...
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...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
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