reports
- Sharad Kumar S.P
Quest for Growth Q1 FY24: Starting The Year With A €1.4m Net Loss
During 1Q24, Quest for Growth booked a net loss of –€1.4m while return on equity for the period was -1.0%. NAVps remained stable at €7.4ps (vs. €7.46ps during FY23-end). Within quoted assets, ABO Wind returned +42.0%, Tubize returned +25% and EVS Broadcasting returned +15% during 1Q24. Tubize and EVS are the largest positions in the portfolio as of 1Q24-end. On the other hand, LEM Holdings fell -18%, Melexis fell -18% and Equasens fell -16%; QfG added to their Equasens position during 1Q24. Har...
- Joren Van Aken
Quest For Growth - Q1-24: No dividend yet
Q1-24 NAV came in at EUR 7.44 p/s but already pre-announced.Loss of EUR -1.4m in Q1, despite a strong performance of the listed portfolio, implies that QfG still needs to recover about EUR 7.7m or ~+5.5% before it can pay out a dividend.We estimate today's NAV to be EUR 7.44 p/s, implying an elevated discount of 38.5%. Unfortunately, QfG's discount is highly dependent on whether it can pay out a dividend. At the moment, this does not yet seem to be in the cards and hence we expect it t...
- 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
- 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
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Joren Van Aken
Quest For Growth - FY loss slightly lower than expected
The FY loss of EUR 3.5m was less than our EUR 6m loss anticipatedQuest is simplifying its shareholder base by halving its preference shares but raising its ordinary shares, causing almost 3% dilutionThe company will organize an analyst meeting at 11.00 CET today. We stick to our Hold rating and EUR 5.4 TP
- Joren Van Aken
Quest For Growth - No FY23 dividend expected, but FY24 dividend possib...
QfG announced its December 2023 NAV which came in at EUR 7.51. This was slightly below or estimate of EUR 7.71.Some important valuation changes in Finquest and Health-Tech FundWe estimate some EUR 6m of remaining losses which need to be recovered in FY24 in order to pay out a dividend in 2025Discount has been elevated, hovering in a 30-35% range. We expect this discount to persist as long as there is no dividend within reach. Hold reiterated.
- Sharad Kumar S.P
Holdings Report - December 2023 KBCS Holdings Universe Outperforms BEL...
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...
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
- Sharad Kumar S.P
Holdings Report - November 2023 KBCS Holdings Universe Posts 1M Absolu...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a resturn of +7.2% which was mainly driven by multi-asset holdings (+10.5%) while single-asset holdings holdings posted a much lower return (+2.2%). 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%). YTD Perfomance: 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
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Joren Van Aken
Quest For Growth - Q3 Trading update: FY23 dividend becomes unlikely
Q3 NAV came in at EUR 7.41 p/s, but already previously announcedGiven the level of realized losses in 2023 YTD, we do not expect QfG to pay out a dividend for FY23QfG's discount has been elevated for some time at >30% which is typical during periods when the firm does not pay dividends. We estimate today's NAV to be EUR 7.18 p/s implying a discount of 36%. As we do not expect this discount to change as long as there is no dividend, we raise our target discount to 30%. This will go lowe...
- Sharad Kumar S.P
Holdings Report - October 2023 KBCS Holdings Universe Posts -3.8% 1M A...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a -3.8% resturn which was mainly driven by single-asset holdings (-4.4%) while multi-asset holdings holdings posted a slightly better return (-3.5%). The 3 top performers during the period were D'Ieteren Group NV (+3.7%), Solvac (+1.8%), and The Infrastructure Compnay (TINC; +1.3%) while the 3 worst performers were Ackermans & van Haaren (-10.5%), Sofina (-7.5%), and Compagnie du Bois Sauvage (-7.1%). YTD Perfomance: On ...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
QFG QUEST FOR GROWTH
QRF QRF COMM
ONTEX ONTEX GROUP N.V.
MITRA N.V. MITHRA PHARMACEUTICALS S.A.
IVA INVENTIVA SA
XFAB X-FAB SILICON FOUNDRIES SE
UMI UMICORE
WDP WAREHOUSES DE PAUW SCA
MAAT MAAT PHARMA SA
FLOW FLOW TRADERS LTD
- Joren Van Aken
Quest For Growth - Difficult Q2 but halfway there for a dividend
H1 NAV at EUR 7.78 p/s which was already pre-announced.Net profit at EUR 1.5m which is about half of the EUR 2.8m accumulated loss needed to be able to pay out a dividend for FY23.Dividend still possible if QfG manages EUR 1.35m profit in H2 or only +1%We estimate today's NAV to be EUR 7.85 p/s, implying a discount of 31.2%. TP of EUR 6.3 and Hold rating reiterated.More details in our note issued this morning
- Sharad Kumar S.P
Holdings Report - June 2023 KBCS Holdings Universe Declines By -4.0% Y...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned -4.0% but outperformed the BEL20 by +1.6%, underperformed the Euronext 100 by -1.6% and lagged the Euro Stoxx 50 by -2.4%. Non-Mono holdings declined by -3.8% whereas Mono holdings declined even more by -4.4%. The negative performance of Mono holdings was mainly driven by KBC Ancora (-10.4%), Heineken Holding (-5.4%), and Financière de Tubize (-3.7%) whereas the negative performance of non-m...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Sharad Kumar S.P
Holdings Report - May 2023 KBCS Holdings Universe Declines By -1.5% Du...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned -1.5% but outperformed the BEL20 by +0.8%, underperformed the Euronext 100 by -0.9% and lagged the Euro Stoxx 50 by -1.0%. Non-Mono holdings declined by -1.2% whereas Mono holdings declined even more by -2.3%. The negative performance of Mono holdings was mainly driven by Solvac (-3.5%), Financière de Tubize (-2.7%) and Heineken Holding (-2.2%). The performance of non-mono holdings were main...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Guy Sips
- Hilde Van Boxstael
- Jeroen Van Den Bossche
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - April 2023 KBCS Holdings Universe Posts Strong +5.4%...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned +5.4% but underperformed the BEL20 by -0.9%, the Euronext 100 by -1.9% and lagged the Euro Stoxx 50 by -2.7%. Non-Mono holdings advanced by +4.3% whereas Mono holdings advanced by +8.2%. The performance of Mono holdings was mainly driven by Solvac (+11.8%), KBC Ancora (+8.8%) and Heineken Holding (+6.8%). The performance of non-mono holdings were mainly driven by Gimv (+9.3%), GBL (+8.2%), a...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Sharad Kumar S.P
Holdings Report - March 2023 KBCS Holdings Universe Dragged Down By SV...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned -2.9% and managed to outperform the BEL20 by +1.3% but lagged the Euronext 100 by -0.7% and lagged the Euro Stoxx 50 by -1.5%. Non-Mono holdings declined by -3.8% whereas Mono holdings declined by -0.7%. The relative stable performance of Mono holdings was mainly driven by Heineken Holding (+5.9%), and Financière de Tubize (+2.3%). Performance – YTD Absolute vs Relative: On a YTD basis, th...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Sharad Kumar S.P
Holdings Report - February 2023 KBCS Holdings Universe Posts Flat 1M P...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned 0.0% and managed to outperform the BEL20 by +0.9% but lagged the Euronext 100 by -2.4% and lagged the Euro Stoxx 50 by -2.4%. Non-Mono holdings declined by -1.1% whereas Mono holdings rose +2.6%. The positive performance of Mono holdings was mainly driven by KBC Ancora (+8.3%), Heineken Holding (+4.6%), and Solvac (2.7%). Performance – YTD Absolute vs Relative: On a YTD basis, the KBCS hol...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
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