reports
- Guy Sips
- Mathijs Geerts Danau
- Wim Hoste
Agfa provides update on payment of the receivable related to the sale ...
Agfa provides update on payment of the receivable related to the sale of Offset Solutions division February 16, 2026 – 5.40 PM CET Regulated information Agfa provides update on payment of the receivable related to the sale of Offset Solutions division Mortsel, Belgium – February 16, 2026 – 5.40 PM CET On 16 January 2026, Agfa announced that it had received the final report of the independent expert regarding the outstanding receivable under the share purchase agreement for the sale of Agfa’s Offset Solutions division. Further to this report, the pa...
Agfa geeft update over de betaling van de vordering in verband met ver...
Agfa geeft update over de betaling van de vordering in verband met verkoop van de Offset Solutions-divisie 16 februari 2026 – 17u40 CET Gereglementeerde informatie Agfa geeft update over de betaling van de vordering in verband met verkoop van de Offset Solutions-divisie Mortsel, België – 16 februari 2026 – 17u40 CET Op 16 januari 2026 kondigde Agfa aan dat het het eindrapport van de onafhankelijke expert had ontvangen met betrekking tot de uitstaande vordering in het kader van de aandelenkoopovereenkomst voor de verkoop van Agfa's Offset Solutions-divisie. Naar aanleiding van dit rappo...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: Modest 4Q25 EBITDA beat and upbeat 2026F outlook / KBC Group: BNP Paribas good results in Belgium, increasing outlook, notably reducing C/I ratio / Recticel: Peer Rockwool's 4Q25 results SBM Offshore: Early purchase of ONE Guyana FPSO by Exxon Mobil / Shell: Keeping SBB at $3.5bn / Sligro: FY25 net profit in line with expectations, SBB announced / Universal Music Group: YouTube ads revenue +9% YoY in 4Q25 and Sony Music up by 13% YoY / Wereldhave: Wereldhave Belgium FY25 results a...
- David Vagman
- CFA
- Dirk Verbiesen
- Francesca Ferragina
- Jason Kalamboussis
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Michiel Vereycken
- Quirijn Mulder
- Reg Watson
- CFA
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...
We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...
- Carole Braudeau
- Carole Braudeau
- Robert Jan Vos
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
- Maxime Stranart
- Stijn Demeester
Recticel/Acquisition of Miclar Group/BUY
We reiterate our BUY rating on Recticel and increase our target price from €12.0 to €13.5, following the acquisition of a 76% stake in Miclar Group. We view this as a very appealing acquisition for Recticel with Miclar having a materially higher Adj. EBITDA margin than the group at 19.8%. Furthermore, we view the multiple paid at 4.4x EV/EBITDA 2024 as undemanding, which should lead to material value creation in the upcoming years. At €13.5, Recticel would trade at 10.9/9.2x EV/EBITDA 2026/27F, ...
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
Agfa Final resolution of price adjustment related to sale of Offset to...
In a press release -in which adherence to legal exactitude substantially compromised the clarity of the communication- Agfa announced the final resolution of the purchase price adjustment related to the 2022 sale of its Offset Solutions division to Aurelius. After contacting Agfa's management, it became clear that -following the independent expert's ruling- Agfa should receive €19.9m in cash within 15 business days, bringing the miss in total cash receipts from the original receivable of € 31...
Agfa receives final expert ruling on receivable related to sale of Off...
Agfa receives final expert ruling on receivable related to sale of Offset Solutions division to Aurelius January 16, 2026 – 6.30 PM CET Regulated information Agfa receives final expert ruling on receivable related to sale of Offset Solutions division to Aurelius Mortsel, Belgium – January 16, 2026 – 6.30 p.m. CET Agfa has received the final report of the independent expert regarding the outstanding receivable under the share purchase agreement that was signed with Aurelius Group for the sale of Agfa’s Offset Solutions division. In August 2022, Ag...
Agfa ontvangt eindrapport van expert over vordering in verband met ver...
Agfa ontvangt eindrapport van expert over vordering in verband met verkoop van de Offset Solutions-divisie aan Aurelius 16 januari 2026 – 18u30 CET Gereglementeerde informatie Agfa ontvangt eindrapport van expert over vordering in verband met verkoop van de Offset Solutions-divisie aan Aurelius Mortsel, België – 16 januari 2026 – 18u30 CET Agfa heeft het eindrapport ontvangen van de onafhankelijke expert met betrekking tot de uitstaande vordering in het kader van de aandelenkoopovereenkomst die werd gesloten met Aurelius Group voor de verkoop van Agfa's Offset Solutions-divisie. In au...
- ING Helpdesk
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Converting to a Basic-Fit Feel-Good Club?/BUY
We reiterate our BUY rating but raise our target price from €35.0 to €43.0 driven by our increased estimates on the back of the strong membership momentum and the consolidation of Clever Fit, which in our view provides attractive upside potential. Note that we have not yet modelled in the potential savings from a change in business model for the 24/7 gyms in France, but we did include the VAT increase in Belgium. We also underline that BFIT remains on the ING Benelux Favourites list.
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