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 October 2024 – Adding NN Group
We maintain a defensive stance on the market for 2H24. The long anticipated expectations for interest rate cuts by central banks will finally come to pass. The election fever in the US is reaching boiling point and the conversations are becoming more polarised than before. Also corporate profit growth in Europe slows and the French elections have cast a negative spell. In Germany by-elections in the Eastern part showed a shift to extreme right and left that will make budget decisions even more ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- ING Helpdesk
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
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
ROCK WHITESTONE GROUP
- 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 September 2024 –Cofinimmo & Kinepolis in;...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
CPINV CARE PROPERTY INVEST SA
KIN KINEPOLIS GROUP NV
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Thijs Berkelder
Ackermans & Van Haaren : Strategy update required
>Strong core versus weak non-core results - H1 results up 17%. AvH has improved its 24H1 reported net result by 17% y-o-y to € 200.4m (AAOB € 218m post results listed subsidiaries), equivalent to an EPS of € 6.13 per share, and up from € 5.16 per share in 23H1. Key drivers: DEME and Private Banking. The Contribution from AvH’s core segments rose by 50% to € 224.2m (AAOB € 215.0m post results listed subsidiaries), with DEME yesterday clearly beating all analyst e...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
- Sharad Kumar S.P
Ackermans & van Haaren 1H FY24: Marine & Private Banking Post Strong P...
During 1H FY24, net result before capital gains/losses rose by 38% to €224.2 thanks to the strong performances of both the marine & private banking, which together make up 92% (€206.6). Compared to 1H FY23, the private banking division posted impressive results across the board with op. income rising 27% YoY to €420m, net result rising by 22.5% YoY to €147m, ROE at 14.2%, AuM reaching a record level of ~€71b while managing to further lower cost-income ratio to 48%. High activity levels and stron...
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Ackermans & van Haaren: Outstanding results in core participations res...
Ackermans & van Haaren: Outstanding results in core participations result in a strong increase of AvH's net profit for 1H2024 to EUR 200 million (+17%) Dear shareholder, Dear Madam, Dear Sir, Please find attached our Half-Year Report 2024. Best regards Ackermans & van Haaren Attachment
Ackermans & van Haaren : Des résultats exceptionnels dans les particip...
Ackermans & van Haaren : Des résultats exceptionnels dans les participations principales entraînent une forte augmentation du bénéfice net qui atteint € 200 millions (+17%) Cher actionnaire, Monsieur, Madame, veuillez trouver ci-joint notre communiqué. Meilleures salutations, Ackermans & van Haaren Pièce jointe
Ackermans & van Haaren: Uitstekende resultaten van kernparticipaties z...
Ackermans & van Haaren: Uitstekende resultaten van kernparticipaties zorg voor sterke stijging van nettowinst van AvH in 1H2024 tot 200 miljoen euro (+17%) Geachte aandeelhouder, Geachte mevrouw, geachte heer, gelieve bijgevoegd ons halfjaarverslag 2024 te vinden. Met vriendelijke groeten, Ackermans & van Haaren Bijlage
- Hans D’Haese
- Jason Kalamboussis
Ackermans & van Haaren/1H24 preview and model update/BUY
After underperforming the market by 2% in 2023, Ackermans & van Haaren's (AvH) share price has continued to underperform in 2024 - with 10% total return YTD vs. 14% for the BEL20 Index. We argue that this still does not reflect the good performance and earnings momentum of AvH's main participations and that AvH remains undervalued on various metrics. At the current price, the company is trading at a FY24F PER of 11.8x, below the 10-year average (14.6x), FY24F P/B of 1.0x, below the 10-year avera...
- Sharad Kumar S.P
Holdings Report - July 2024 KBCS Holdings Universe Up 1.2% Thanks To M...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
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
- 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 August 2024: argenx & Tubize out after de...
In July, our Dynamic Top Pick List selection was up on average 0.9%; outperforming our benchmark indices (Bel20, AEX, EuroStoxx50) by 1.7% on average. Helped by this July performance, the selection is now up by 11.4% since the start of the 2024 selection (published Mid-December 2023). In this August 2024 update of our KBC Securities Dynamic Top Pick List we remove argenx and Tubize after delivering upon expectations. * Over the past two months, argenx has delivered upon our expectations on the...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TINC TINC COMM. VA
ARGX ARGEN-X SE
FUR FUGRO NV
SYENS SYENSQO
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Ackermans & van Haaren leads EUR 60 million Series B Financing Round f...
Ackermans & van Haaren leads EUR 60 million Series B Financing Round for Confo Therapeutics, a Belgian clinical-stage biopharmaceutical company Dear shareholder, Dear Madam, Dear Sir, please find attached our press release. Best regards Ackermans & van Haaren Attachment
Ackermans & van Haaren mène une levée de fonds de série B de 60 millio...
Ackermans & van Haaren mène une levée de fonds de série B de 60 millions d'euros pour Confo Therapeutics, une société biopharmaceutique belge Cher actionnaire, Monsieur, Madame, veuillez trouver ci-joint notre communiqué. Meilleures salutations, Ackermans & van Haaren Pièce jointe
- ING Helpdesk
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2024
Après un parcours décevant (-21% depuis son entrée), nous décidons de prendre nos pertes sur Daimler Truck à l’occasion de la publication des résultats T2 où la société a décidé de passer une dépréciation de 120 M€ sur sa JV chinoise dans un « environnement de marché durablement faible » - ...
ADS ADIDAS AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
AIR AIRBUS SE
ACKB ACKERMANS & VAN HAAREN NV
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
ARGX ARGEN-X SE
FDJ LA FRANCAISE DES JEUX SA
DTG DAIMLER TRUCK
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2024
After a disappointing performance (down 21% since the IPO), we have decided to take our losses on Daimler Truck following its Q2 2024 results release, in which the company decided to write down the value of its Chinese joint venture by € 120m in a ‘persistently weak market environment’. - ...
ADS ADIDAS AG
RI PERNOD RICARD SA
DEMANT DEMANT A/S
AIR AIRBUS SE
ACKB ACKERMANS & VAN HAAREN NV
ASSA B ASSA ABLOY AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
ARGX ARGEN-X SE
FDJ LA FRANCAISE DES JEUX SA
DTG DAIMLER TRUCK
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
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