reports
- Christophe Chaput
- ING Helpdesk
- Christophe Chaput
- Thijs Berkelder
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
- Charlotte Vaisse
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
- ING Helpdesk
Benelux Morning Notes
Aalberts: Acquisition of Asian semiconductor player. ASML: Preview 2Q25; building backlog for 2026. BAM: 1H25 preview - YoY improvement from UK. Barco: Preview 1H25F; significant headwinds. Econocom: Acquires four specialist AV companies under ‘One Econocom' strategic plan. Flow Traders: Preview 2Q25. Staffing: Page Group 2Q25 trading update; soft 2Q25 especially in perm; outlook in line. WDP: €41m sale-and-lease back in France
- Julian Dobrovolschi
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Couvreur
Flow Traders Trump uplift in market volatility short-lived
In April we published the note “Trump volatility resulting in a massive tailwind”, where we were banking on a strong 2Q25 for Flow Traders on the back on economic turmoil caused by Trump's trade war. Despite continued erratic actions from the White House, combined with a significant escalation in the Middle East, market volatility virtually fully normalized. The strong quarter for Flow Traders we were expecting clearly did not materialize.
- Martijn Den Drijver
- Adrien Frachette
NDX1 NORDEX SE
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
ARYN ARYZTA AG
SZG SALZGITTER AG
LXS LANXESS AG
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
SDF K+S AG
ACX ACERINOX SA
BAS BASF SE
SOLB SOLVAY SA
ERA ERAMET SA
ELIS ELIS SA
SY1 SYMRISE AG
GLB GLANBIA PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BHP BHP GROUP LTD
RUI RUBIS SCA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
AKZA AKZO NOBEL N.V.
TOM2 TOMTOM NV
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
VUL VULCAN ENERGY RESOURCES
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
PLX PLUXEE NV
AAL ANGLO AMERICAN PLC
- Adrien Frachette
- Christophe-Raphaël Ganet
- Emmanuel Matot
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
LXS LANXESS AG
TEP TELEPERFORMANCE SE
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
EOAN E.ON SE
SDF K+S AG
ACX ACERINOX SA
BAS BASF SE
SOLB SOLVAY SA
ERA ERAMET SA
ELIS ELIS SA
SY1 SYMRISE AG
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
RUI RUBIS SCA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
VUL VULCAN ENERGY RESOURCES
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
AAL ANGLO AMERICAN PLC
- Maxime Kogge
MT ARCELORMITTAL SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VUL VULCAN ENERGY RESOURCES
AAL ANGLO AMERICAN PLC
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ENX EURONEXT NV
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
ITRK INTERTEK GROUP PLC
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
WPP WPP PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALKAL KALRAY SA
JEN JENOPTIK AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ENX EURONEXT NV
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
ITRK INTERTEK GROUP PLC
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
WPP WPP PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALKAL KALRAY SA
JEN JENOPTIK AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding...
Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, ...
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