reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2024: Adding TINC
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- ING Helpdesk
- Jacob Mekhael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Kris Kippers
Ackermans & van Haaren - Interesting acquisition Delen + add-on in Van...
• Bank Delen announced the acquisition of Box Consultants in the Netherlands which is rumoured to double the firm's AuM in the Netherlands while also adding some high profile Dutch families to its client base• AvH also announced a EUR 41m add-on investment in the Van Moer family, hereby raising its stake to 32.4%• These two investments will likely be well-received by the market. Some investors wished for more dynamic in the investment portfolio combined with higher ticket sizes. Both invest...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2024 : Replacing UCB by Tubize
We replace UCB by Tubize in our KBC Securities Dynamic Top Pick List. Over the past few weeks, UCB has seen a strong rally in its share price, markedly outperforming the BEL-20 index. The rally came on the back of renewed investor confidence in its flagship product Bimzelx, which gained FDA approval for psoriasis in October 2023 albeit with unexpected warnings and precautions. In the meantime, we see that commercial traction is growing in line with our expectations, as phyicians and caregivers ...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- 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
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Thijs Berkelder
Ackermans & Van Haaren : Banks and DEME back to solid profitable growt...
>Marine Engineering and Private Banking drivers behind earnings beat - Net earnings over 2023 came in at € 399m (AAOB € 388.2m having incorporated the subsidiary results over the past few days), with the core segments up 6% to € 377.4m (AAOB € 369.9m; € 354.4m in 2022) and other segments contributing € 25.7m (AAOB € 18m; € 326.4m in 2022).Core segments: Marine Engineering was up 36% y-o-y to € 128.5m (AAOB € 126.4m), Private Banking up 16% y-o-y to € 208.7m (AAOB...
- ING Helpdesk
Benelux Morning Notes
AB InBev: A Bit Light, Bud. Ackermans & van Haaren: Core units AM/Banks and DEME. Adecco: Beats by 17% on 4Q23 EBITA; outlook solid. Air France-KLM: Peak reached already? Allfunds Group PLC: MoreFunds. ASR: 2H23 squeezed between two CMDs, no surprises. Belgian telecoms: Digi to launch convergent offers in Belgium. CM.com: FY23 results, EBITDA positive in 2H23. Fugro: Strong? Excellent!. NN Group: FY23 better, modest 2025 targets, capital distribution strategy better. Recticel...
- Sharad Kumar S.P
Ackermans & van Haaren FY23: New Records Set By Private Banking Divisi...
During FY23, AvH recorded a healthy net profit of €399.2m (€12.1ps) on the back of strong performance of its core participations – which contribute €377.4m to net income, up 7.0% YoY. DEME's FY result came in much higher than guidance thanks to strong execution during 2H23 and a strong orderbook that stood at €7.6b. The private banking division set new records as net result rose to €208.7m (up 15.9% YoY), AuM reached €65.3b (+13.1% YoY) and gross inflows were €4.67b (vs €4.56b during FY22) – the...
Ackermans & van Haaren realised a net profit of 399.2 million euros, t...
Ackermans & van Haaren realised a net profit of 399.2 million euros, thanks to a record performance of its core participations Dear shareholder, Dear Madam, Dear Sir, Ackermans & van Haaren realised a net profit of 399.2 million euros, thanks to a record performance of its core participations.Growth of equity per share of 9.6% over 2023 and 9.8% compounded over the last 10 years.Increase of the dividend per share to 3.40 euros, +9.7% compared to last year. “With these strong results, AvH delivers on its guidance and shows once again the merits of its lon...
Ackermans & van Haaren a réalisé un bénéfice net de 399,2 millions d’e...
Ackermans & van Haaren a réalisé un bénéfice net de 399,2 millions d’euros, grâce aux performances record de ses participations principales Cher actionnaire, Monsieur, Madame, Ackermans & van Haaren a réalisé un bénéfice net de 399,2 millions d’euros, grâce aux performances record de ses participations principales.Croissance des capitaux propres par action de 9,6% en 2023 et de 9,8% composée sur les dix dernières années.Augmentation du dividende par action à 3,40 euros, +9,7% par rapport à l’année dernière. “Avec ces bons résultats, AvH tient ses promesses et...
Ackermans & van Haaren realiseerde een nettowinst van 399,2 miljoen eu...
Ackermans & van Haaren realiseerde een nettowinst van 399,2 miljoen euro dankzij de recordprestaties van haar kernparticipaties Geachte aandeelhouder, Geachte mevrouw, geachte heer, Ackermans & van Haaren realiseerde een nettowinst van 399,2 miljoen euro dankzij de recordprestaties van haar kernparticipaties.Groei van het eigen vermogen per aandeel van 9,6% in 2023 en 9,8% samengesteld over de afgelopen 10 jaar.Verhoging van het dividend per aandeel tot 3,40 euro, +9,7% vergeleken met vorig jaar. “Met deze sterke resultaten maakt AvH haar verwachtingen waar en to...
- Joren Van Aken
Ackermans & van Haaren - FY23: Strong year-end of private banking but ...
Delen inflows remain strong with AuM up 13% to EUR 65.3bnProposed dividend of EUR 3.4 p/s, an increase of 9.7%Net cash of EUR 518m leaves plenty of room for new investmentsWe estimate today's NAV to be EUR 190.4 p/s, implying
- ING Helpdesk
Benelux Morning Notes
Aalberts: Solid FY23 print. Ackermans & van Haaren: Nextensa FY23 results much lower (c.5% of NAV). AMG: Strong 4Q23 beat, c.US$130m 2024F guidance now includes lower lithium prices. Arcadis: Momentum continues. BE Semiconductor Industries: 4Q23 Results, solid hybrid bonding orders. Kinepolis: 2H23 REBITDA 7% beat despite 1% fewer visitors, net debt a bit better. Proximus: 4Q23 preview. Van Lanschot Kempen: FY23 – DPS up, C/I beat, 4Q net outflows to reverse in 1Q24
- 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
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2024 – Adding Syensqo
We continue with a balanced cyclical/defensive Dynamic Top Pick List, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor set-backs. These could be m...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: another (small) deal for January. AEGON: New Year's event with CFO, new head of IR & team. Air France-KLM: Not a very strong end to FY23. Belysse: Finalizes its debt refinancing with a €20m RCF. Just Eat Takeaway.com: Preview 4Q23. Kinepolis: Peer Cineplex December box office revenue at 69% of 2019 level
- Hilde Van Boxstael
- Sharad Kumar S.P
- Wim Lewi
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