reports
- ING Helpdesk
Benelux Morning Notes
Ageas: Final stages in race for bidders on ESURE (UK). Agfa-Gevaert: A strong end to the year, driven by Healthcare. Basic-Fit: FY24 broadly in line; outlook FY25 below due to more aggressive 24/7 roll-out. GBL: Preview of upcoming FY24 results. Staffing: Manpower Employment Outlook Survey 2Q25; positive but stable trend vs 1Q25
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Guy Sips
Agfa FIRST LOOK : Capitalizing on strategies designed for growth engin...
In FY24, Agfa continued to capitalize on the successful strategies they designed for their growth engines. Agfa's HealthCare IT, Digital Printing Solutions and Green Hydrogen Solutions divisions all achieved record-high EBITDA figures in 4Q24 (4Q REBITDA of 30m and 20m FY24 REBIT, resulting in above expectations FY24 results (€ 70m REBITDA vs € 76m in FY23 and € 27m REBIT vs € 31m in FY23). We maintain our Accumulate rating and € 1.4 Target Price as Agfa expects that the growth engines will con...
The Agfa-Gevaert Group in 2024: strong performance from growth engines...
The Agfa-Gevaert Group in 2024: strong performance from growth engines offsets decline in traditional film markets - regulated information Regulated information March 12, 2025 - 7:45 a.m. CET The Agfa-Gevaert Group in 2024: strong performance from growth engines offsets decline in traditional film markets The Agfa-Gevaert Group posted strong Q4 revenue growth, profitability and free cash flow, with record performances of its growth engines. The strong year-end resulted in significant full year revenue gr...
De Agfa-Gevaert Groep in 2024: sterke prestaties van de groeimarkten c...
De Agfa-Gevaert Groep in 2024: sterke prestaties van de groeimarkten compenseerden achteruitgang in traditionele filmmarkten - gereglementeerde informatie Gereglementeerde informatie 12 maart 2025 - 7:45 uur CET De Agfa-Gevaert Groep in 2024: sterke prestaties van de groeimarkten compenseerden achteruitgang in traditionele filmmarkten De Agfa-Gevaert Groep noteerde in het vierde kwartaal een sterke omzetgroei, rendabiliteit en vrije kasstroom, met recordprestatie...
Extraordinary General Meeting of Agfa-Gevaert NV - regulated informati...
Extraordinary General Meeting of Agfa-Gevaert NV - regulated information March 11, 2025 – 5.40 PM CET Regulated information Extraordinary General Meeting of Agfa-Gevaert NV Mortsel, Belgium – March 11, 2025 – 5.40 p.m. CET On Tuesday, March 11, Agfa held an Extraordinary General Meeting at its head office in Mortsel, Belgium. At the meeting, the shareholders approved the reduction of the capital of the Company to the amount of 26,000,000.00 euro by offsetting losses incurred in the amount of 160,794,611.00 euro. Also approved were clarifications...
Buitengewone Algemene Vergadering van Agfa-Gevaert NV - gereglementeer...
Buitengewone Algemene Vergadering van Agfa-Gevaert NV - gereglementeerde informatie 11 maart 2025 – 17u40 CET Gereglementeerde informatie Buitengewone Algemene Vergadering van Agfa-Gevaert NV Mortsel, België – 11 maart 2025 – 17u40 CET Op dinsdag 11 maart hield Agfa een Buitengewone Algemene Vergadering in zijn hoofdkantoor in Mortsel, België. Tijdens de vergadering keurden de aandeelhouders de vermindering van het kapitaal van de Vennootschap goed tot het bedrag van 26.000.000,00 euro, door aanzuivering van geleden verliezen ten belope van een bedrag van 160.794.611,00 euro. Voorts ...
- Thomas Vranken
UCB J&J and Amgen data drops at AAD 2025
At the American Academy of Dermatology (AAD) 2025 conference, UCB presented strong 5-year follow-up data for Bimzelx in plaque psoriasis and 2-year follow-up in hidradenitis suppurativa. Meanwhile, Johnson & Johnson also announced Phase 3 data for its oral drug icotrokinra in psoriasis, showing promising results and planning further trials. In addition, Amgen reported positive Phase 3 results for rocatinlimab in atopic dermatitis. These developments highlight significant advancements in dermatol...
- Michiel Declercq
D'Ieteren FY24: good results, outlook slightly disappoints
D'Ieteren reported good FY24 results, with the adj. PBT (gs) up 9.6% and 12.7% at ccy and excluding the financing impact to € 1065m (kbcse: € 1018m, css: € 1006m). The better than expected performance was largely driven by Auto, while Belron performed broadly in line. However, the outlook slightly disappointed with the group banking on a slight increase in Adj. PBT (gs) from € 924m on a comparable basis (kbcse: € 995m, css: € 974m). On a reported basis, the adj. PBT (gs) is expected to decline f...
- ING Helpdesk
- Guy Sips
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
Biotalys Positive first field trial results with 2nd biocontrol BioFun...
Biotalys announced strong results from field trials of its second biofungicide BioFun-6, which targets Botrytis and powdery mildew in fruits and vegetables. The trials showed BioFun-6 effectively controlled fungi compared to synthetic and biological solutions at lower dosage rates than Evoca. While further field trials still need to be conducted before a regulatory filing, we estimate BioFun-6 could reach the market by the end of the decade and reach a significant share of the today € 1.2bn mark...
- Wim Hoste
Deceuninck FIRST LOOK: Taking full ownership of alu JV increases strat...
Taking full ownership of the aluminum profiles JV So Easy – Decalu is a fairly small transaction but gives Deceuninck the strategic flexibility to further grow its presence in aluminum next to the legacy PVC window profiles business. We remind that Deceuninck recently reported a flat FY24 adj. EBITDA whilst market conditions for FY25 are expected to remain challenging. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while als...
- Guy Sips
Kinepolis Group Managing to get its financial strength back to FY19 le...
We updated our model after FY24 illustrated that visitor numbers are largely driven by international film offerings, which suffered from the impact of the Hollywood strike at the beginning of the year. From the summer onwards, the post-pandemic recovery since 2022 continued steadily. After a weak 1H24 due to the Hollywood strike, a stronger film offering from June onwards ensured a successful film summer and year-end. However, 2H24 could not fully compensate for the first five months of the yea...
- Guy Sips
Agfa FIRST LOOK : Strategic agreement with BHS Corrugated & Preview
Agfa has entered into a strategic commercial agreement with BHS Corrugated, a leading supplier in the corrugated industry and OEM of single-pass inkjet print systems. Under this agreement, Agfa will exclusively supply the printing engines for the BHS Jetliner Xceed and BHS Jetliner Monochrome to BHS Corrugated and become a certified ink supplier. We also provide our forecasts for 4Q and FY24 results that are expected Wednesday. Between REBIT and EBIT we expect € 50m restructuring costs in 4Q (re...
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB FIRST LOOK: 5Y PsO and 2Y HS data further cement Bimzelx' leadersh...
Additional data presented at AAD 2025 further cement Bimzelx' leadership in the IL-17 space for PsO and HS. In PsO, efficacy was well maintained from previous 4-year data into the 5-year follow-up with 67.7% PASI100 and 84.9% PASI90. In HS, additional 2-year data saw 55.7% pts with draining tunnels at baseline, a particularly painful manifestation, reaching clearance after two years. We reiterate our confidence in Bimzelx as an rising leader in the dermatology/rheumatology space, and confirm our...
- ING Helpdesk
Benelux Morning Notes
Acomo: A game of two halves. Ahold Delhaize: Peer Kroger FY24 results. Belgian telecoms: Telenet 2.9% price increase. D'Ieteren: FY24 results preview. Elia: Strong results and 2025 outlook, €2.2bn equity financing. Eurocommercial Properties: Sound results, positive revaluations, lighter LTV. Melexis: Attractive bid on direct peer Allegro. Universal Music Group: Much better Q4 - on strong subscription, DSP catch-up payment.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Michiel Declercq
D'Ieteren FY24 earnings preview
Running up to the publication of D'Ieteren's FY24 result on March 10th after market close, we have summarized our expectations below. While we expect the group to meet its adj. PBT (gs) ambitions for 2024, focus will again be concentrated towards Belron, which should face easier margin comps in 2H24. Additionally, we will also pay attention on FCF generation at Belron following the increased leverage after the refinancing. Buy and € 225.0 TP.
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