reports
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Benelux Local Champions Feedback document
Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
Benelux Local Champions 27 May 2025
This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 27 May 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR. ACKERMANS & VAN HAAREN | AGEAS | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | KBC GROUP | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMIC...
GBLB GROUPE BRUXELLES LAMBERT SA
AGS AGEAS SA/NV
KBC KBC GROUP N.V.
LOTB LOTUS BAKERIES NV
SOF SOFINA SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MELE MELEXIS NV
CSM CORBION NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
UMI UMICORE
AKZA AKZO NOBEL N.V.
AZE AZELIS GROUP NV
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Guy Sips
Jensen-Group A good start of 2025 and aiming to stay on course
1Q25 order intake for Jensen-Group came in at €137.5m (+20% y/y) and 1Q25 revenues increased y/y 17% to a very nice €127.5m (KBCSe € 120.5m). 1Q EBIT was €16.6m (KBCSe €13.5m), compared to €11.2m in 1Q24, resulting in a very impressive 1Q25 EBIT margin of 13% (KBCSe 11.2%) compared to 10.3% in 1Q24. The 1Q25 net result amounted to €14.7m (KBCSe €10.8m) compared to €11.1m in 1Q24 or 1Q25 EPS of €1.55, y/y +34% as 1Q24 EPS was €1.15. We updated our model and as a result we increase our TP from €51...
- ING Helpdesk
Benelux Morning Notes
Kinepolis: Box office doubles in US/Canada, flat attendance in France. KPN: VodafoneZiggo goes for accelerated DOCSIS 4.0 roll out, answering infra question. Lotus Bakeries: CEO expects US$100m in sales in India by the end of the decade. Philips: 1Q25 results – Guidance lowered on tariffs. PostNL: 1Q25 in line with consensus; FY25 outlook reiterated
Lotus Bakeries: 1 director
A director at Lotus Bakeries bought 15 shares at 8,180.000EUR and the significance rating of the trade was 62/100. 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...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Strong Q1, improving fundamentals, further growth to come. Air France-KLM: Surprising Atlantic. Aperam: In-line 1Q25, seasonal better 2Q25 expected. ArcelorMittal: In-line 1Q25, risks to steel demand due to tariff uncertainty. ASM International: 1Q25 Results - FY25 headwinds from weak USD. Ayvens: Getting into Gear. dsm-firmenich: Transformation on Track. Lotus Bakeries: Peer Mondelez 1Q25 results. Melexis: Mixed 1Q25 results in unstable markets. Ontex: Two steps fo...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Lotus Bakeries Bake Baby Bake
We updated our model after Lotus Bakeries achieved in FY24 significant double-digit growth of almost 15.9% to € 1,232m. The organic growth in FY24 was driven almost exclusively by record volume growth. We maintain our DCF backed € 10 750 Target Price but -after the recent share price weakness- we increase our rating to Accumulate as the growth strategies of Lotus Biscoff and Lotus Natural Foods will further drive the ambition to become a global top 3 cookie and a leader in the better-for-you ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Jensen-Group All-time high FY24 revenues forms a strong basis for FY25
In FY24, Jensen-Group achieved remarkable milestones, establishing new standards in both operational and financial performance. We maintain our Accumulate rating and have slightly increased our Target Price from €50 to €51.5, in line with our updated DCF, as we believe Jensen-Group can continue its consistent growth trajectory.
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/Attractive entry point on unwarranted de-rating/BUY (pr...
We upgrade Lotus Bakeries from Hold to BUY, as we remain convinced by this Belgian gem's unique self-funded organic growth story in the Snacking segment, as demonstrated by its double-digit top and bottom line CAGR over 2024-30F. Management has a strong track record in executing its strategy, allowing Lotus Bakeries organic sales growth to be 4x higher than the industry average over 2016-24. 2024 was an exceptional year for the group, with its organic sales growth being 12x superior to the one o...
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: 4Q24 EBITDA beats by 8%, strong year-end CF, dividend +10%. Ayvens: Still in neutral. BAM: Preview - non-res UK and possible share buyback. IBA: Signs first P1 system order in the South Asian region with AIG in Hyderabad, India. Kinepolis: Reasonable start to 2025 for US/Canada and France box office, attendance. Lotus Bakeries: Another strong year for Biscoff. Ontex: Post Christmas Turkey
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
Lotus Bakeries FIRST LOOK – FY24 Results : Bake Baby Bake
In 2024, Lotus Bakeries achieved significant double-digit growth of almost 15.9% (KBCSe 17.2%) to € 1,232m (KBCSe 1,245.8 million). Lotus Bakeries indicated that the organic growth in FY24 is driven almost exclusively by record volume growth. Price increases have, combined with FX impact, a limited contribution of less than 2% The significant volume increase in 2024 demonstrates continued momentum and robust demand across the entire product range and across the different geographies. All thre...
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: ARES Infrastructure deal helps CET1 ratio ahead of possible add-ons in 1Q25. Ackermans & van Haaren: +50% in five years the growth target for Bank Van Breda. Lotus Bakeries: FY24 preview - another year of strong execution. Staffing: Belgium December Temp volume trend stable at -3.4% YoY on tougher comps. Staffing: Manpower: 1Q25 outlook missed
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Wim Hoste
Local Champions Midcap Conference Book 12.12.2024
This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 12 December 2024 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 | EKOPAK | EVS | GREENYARD | IBA | JENSEN | ONTEX | RECTICEL | VAN DE VELDE | WHAT'S COOKING? | XFAB
- MarketLine Department
Brioche Pasquier SA - Company Profile and SWOT Analysis
Summary Brioche Pasquier SA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Brioche Pasquier SA (Brioche Pasquier) is a manufacturer and distributor of fresh and frozen bakery products. The company's product portfolio includes breads, frozen tarts, milk breads, buns, pastri...
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