Morning Notes : ASRNL NA, FAGR BB, HAL NA, TESB BB

: ASRNL NA, FAGR BB, HAL NA, TESB BB

Morning Notes : AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

: AGFB BB, OPTI BB, EVS BB, TINC BB, UCB BB, CTPNV NA

Benelux Morning Notes

Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB

Morning Notes : NEXTA BB, SOF BB, UCB BB, BTLS BB, ONWD BB, EXO NA

: NEXTA BB, SOF BB, UCB BB, BTLS BB, ONWD BB, EXO NA

Biotalys 1H25 underscores its prudent and cost-efficient operating str...

Biotalys' 1H25 financials, including a cash position of €15.7m at period-end, underscore its disciplined and cost-conscious strategy, providing a financial runway through May 2026. We maintain our Buy and € 6.1 Target Price.

Benelux Morning Notes

Staffing: French recovery in July on easier comps, August comps tougher

Benelux Morning Notes

Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...

Benelux Morning Notes

Ackermans & van Haaren: A strong 1H25. Avantium: Nearly there. Eurocommercial Properties: Good results, positive effects of remerchandising. Recticel: Weak 1H25 calls for a 12% downgrade to consensus at Adj. EBITDA level. Sif Group: 2025 and 2026 guidance cuts. Staffing: Belgium - July Temp volume weaker at -3.5% YoY despite easier comps

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

Biotalys EPA's review on Evoca in 4Q rather than by end September

In an update on the regulatory approval procedure in the US of Evoca, its first protein-based biocontrol product, Biotalys has received further guidance from EPA, the U.S. Environmental Protection Agency on the regulatory review of Evoca. The EPA has confirmed that the scientific review of the dossier is progressing, and that all the requests for additional information have been addressed. While the agency continues to work diligently on the review, Biotalys now expects the final steps of the re...

Morning Notes : AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXF...

: AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXFIL NA, IMCD NA

Alfen/Near-term outlook remains clouded/HOLD

Alfen reported broadly in line 1H25 results and maintained its 2025 outlook but lowered its 2026 revenue growth and adjusted its EBITDA margin guidance. As a result, we cut our FY26F revenue estimate by c.4% and our FY26F EBITDA estimate by around 16%. Alfen's Smart Grid division reported rather weak production volumes in 2Q25 and a very low quarterly gross margin, which increased the overall risk profile of the company. The Smart Grid division has the most attractive fundamental characteristics...

Deceuninck/1H25: weak performance in Turkey/HOLD

We reiterate our HOLD on Deceuninck, but lower our target price to €2.3, from €2.5, following the group's 1H25 results. We note that the profitability in Turkey has disappointed, following a double-digit drop in sales, materially below the Street's expectations. Turkey accounted for >50% of group Adj. EBITDA last year. We expect high interest rates and inflation to continue to negatively affect the group's operating profit, but also its financial expenses due to its hedging policy in the country...

Tessenderlo Feedback 1H results conference call

Below are the highlights from the conference call. Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation t...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/21/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 21/08/2025

Benelux Morning Notes

AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come

Morning Notes : AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA

: AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA