reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Presents supportive three-year Bimzelx data in HS at EHSF
UCB announced that three-year data from the BE HEARD trials for Bimzelx in moderate to severe HS will be presented at the Conference of the European Hidradenitis Suppurativa Foundation EHSF, being held 4–6 February in Malta. The data show high rates of total HS resolution at 3 years, high rates of improvement from moderate or severe HS to mild disease, as well as strong draining tunnel resolution. This continues to highlight Bimzelx' benefit in this patient group, which we believe will further d...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Model update ahead of FY25 results
Following the second guidance upgrade for FY25 (announced 5 December 2025), we update our UCB model ahead of FY25 results. UCB now expects revenue to exceed €7.6bn, representing +24% y/y (previously at least €7bn). The upgraded guidance reflects - next to the continued growth of Rystiggo, Zilbrysq, Fintepla and Evenity – strong performance of Bimzelx, including a strong momentum in hidradenitis suppurativa (HS) and a favourable payer mix in the US. Our model update increases Bimzelx FY25 sales t...
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Kygevvi receives positive CHMP opinion in ultra-rare disease TK2d
Friday during trading hours, UCB announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending the granting of marketing authorisation under exceptional circumstances for Kygevvi (doxecitine and doxribtimine) for the treatment of pediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. Following the positive CHMP opinion...
Nextensa NV/SA: Information on the total number of voting rights an...
Nextensa NV/SA: Information on the total number of voting rights and shares Nextensa NV/SA: Information on the total number of voting rights and shares In application of article 15 of the Law of 2 May 2007 on disclosure of major shareholdings, Nextensa (the 'Company') announces the following information following the loss of double voting rights attached to registered shares. Situation on 29 January 2026: Total capital : EUR 111,856,017.40 Total number of securities carrying voting rights: 10,171,130Number of securities with double voting rights: 6,174,488(1) Total numbe...
Nextensa SA: Informations relatives au nombre total de droits de vo...
Nextensa SA: Informations relatives au nombre total de droits de vote et d'actions Nextensa SA: Informations relatives au nombre total de droits de vote et d'actions En application de l'article 15 de la loi du 2 mai 2007 relative à la publicité des participations importantes, Nextensa (la ‘Société’) communique les informations suivantes suite à la perte des droits de vote double attachés aux actions nominatives. Situation au 29 janvier 2026 : Total du capital : EUR 111 856 017,40 Nombre total de titres conférant le droit de vote : 10 171 130 Nombre de tit...
Nextensa NV: Informatie betreffende het totale aantal stemrechten e...
Nextensa NV: Informatie betreffende het totale aantal stemrechten en aandelen Nextensa NV: Informatie betreffende het totale aantal stemrechten en aandelen In toepassing van artikel 15 van de wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen, maakt Nextensa (de ‘Vennootschap’) de volgende informatie bekend naar aanleiding van het verlies van het dubbel stemrecht verbonden aan aandelen op naam. Situatie op 29 januari 2026: Totaal kapitaal: EUR 111.856.017,40 Totaal aantal stemrechtverlenende effecten : 10.171.130 Aantal effecten met dubbel stemrecht :...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Conditional approval for the acquisition of Delfood / Bekaert: Acquires Bridgestone's €80m tyre cord business in China and Thailand / KPN: In-line Q4, 2026 guidance, cash returns / NSI: Results in line, further vacancy weighing on 2026 and cautious tone on new developments / UCB: Cimzia included in Medicare's price negotiations for 2028
- David Vagman
- CFA
- Maxime Stranart
UCB/Bimzelx continues its exceptional launch/BUY
We reiterate our BUY rating and raise our target price from €257 to €310. UCB finished the year strongly, after upgrading its guidance for a second time in FY25. This upgraded guidance was mainly driven by an exceptional performance for Bimzelx, the group's key growth engine and which continues to surprise to the upside. This gives us comfort into our peak sales of €8.5bn for Bimzelx by 2032F, especially as the performance of Bimzelx in Hidradenitis Suppurativa remains strong. Alongside Bimzelx,...
- Dominic Rose
- Naresh Chouhan
UCB - Highest Conviction Long (BUY, TP EUR300, 13pgs)
Deeper analysis on Bimzelx pricing means UCB is now our highest conviction long (Roche & AZN have had big moves). We show that: 1) Bimzelx ’26 pricing concerns are overdone, 2) 55% US volume growth in 2026 is likely, 3) Consensus is likely too low for H225 on US Bimzelx (pricing is likely +ive vs H125), 4) Guidance is likely in-line with cons. & 5) H225 has 2 upside drivers, with BE-BOLD boosting rheum volumes & one big payor likely unlocking HS access. Our proprietary product-by-product model s...
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Lynn Hautekeete
Nextensa Refinancing risks mitigated, cut to hold on SP performance
Nextensa announced the €35.95m disposal of its Gewerbepark Stadlau retail park in Vienna. Since the Bel Tower/Proximus announcement in early 2025, the company has accelerated its disposal program to address upcoming debt maturities (average term 2.6y) and ongoing capex commitments. Refinancing risks now appear largely mitigated. We expect FY25 results to come in ahead of our previous estimates, primarily driven by the strong share price performance of the nowdivested Retail Estates stake. On a r...
Nextensa sells retail park in Vienna to Union Investment
Nextensa sells retail park in Vienna to Union Investment NON-REGULATED INFORMATIONBrussels, 14 January 2026, 17:55 Nextensa sells retail park in Vienna to Union Investment Nextensa announces the sale of its retail park Gewerbepark Stadlau in Vienna to an open-ended special real estate fund managed by Union Investment. The retail park, located in Donaustadt, Vienna's 22nd district, was originally built in 1996 as a DIY store. In 2016, it underwent extensive restructuring as a retail park and was expanded by around 3,000 m². The asset comprises a lettable area of nearly 11,000 m² and is ...
Nextensa vend centre commercial à Vienne à Union Investment
Nextensa vend centre commercial à Vienne à Union Investment INFORMATION NON-RÉGLEMENTÉEBruxelles, 14 janvier 2026, 17h55 Nextensa vend centre commercial à Vienne à Union Investment Nextensa annonce la vente de son centre commercial Gewerbepark Stadlau à Vienne à un fonds immobilier spécial ouvert géré par Union Investment. Situé dans le 22e arrondissement de Vienne, Donaustadt, ce centre commercial a été construit en 1996 pour accueillir un magasin de bricolage. En 2016, il a fait l'objet d'une restructuration complète pour devenir un parc commercial et a été agrandi d'environ 3 000 m². ...
Nextensa verkoopt retailpark in Wenen aan Union Investment
Nextensa verkoopt retailpark in Wenen aan Union Investment NIET-GEREGLEMENTEERDE INFORMATIEBrussel, 14 januari 2026, 17u55 Nextensa verkoopt retailpark in Wenen aan Union Investment Nextensa kondigt de verkoop aan van zijn retailpark Gewerbepark Stadlau in Wenen aan een open-ended gespecialiseerd vastgoedfonds, beheerd door Union Investment. Het retailpark, gelegen in Donaustadt, het 22e district van Wenen, werd oorspronkelijk in 1996 gebouwd als doe-het-zelfzaak. In 2016 onderging het een ingrijpende omvorming tot retailpark en werd het met ongeveer 3.000 m² uitgebreid. Het pand he...
UCB SA: 2 directors
Two Directors at UCB SA bought/sold after exercising options 3,500 shares at between 254.270EUR and 255.491EUR. The significance rating of the trade was 75/100. 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 compa...
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