Morning Notes : ATEB BB, COMB BB, BPOST BB, ELI BB, GLPG NA, JEN BB, H...

: ATEB BB, COMB BB, BPOST BB, ELI BB, GLPG NA, JEN BB, HYSG BB, ZEAL DC, ECMPA NA

BE Semiconductor Industries N.V: 1 director

A director at BE Semiconductor Industries N.V sold 1,121 shares at 196.020EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...

Bible 4Q25 - Semicap: growth outlook strengthens, but less than the do...

Today, we are publishing the Semicap Equipment section of our 30th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, and Foundry. 4Q25 semicap revenues increased 9% QoQ led by DRAM, while China...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/05/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/03/2026

Benelux Morning Notes

Acomo: Seeds of recovery. AEGON: UK sale momentum continues, price lower. Elia: Solid FY25 results and encouraging outlook for FY26. Eurocommercial Properties: €110m Swedish acquisition. TKH Group: Neither fish or flesh. TomTom: Major changes at the top

Coffee, Croissants & Credit/Elia, LEG Immobilien

Utilities - Elia: strong 2025 results but balance sheet continues to expand

Morning Notes : CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, E...

: CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, ENRGY BB

Van de Velde FIRST LOOK - OK 2H25 but impairment at Top Form

After a challenging first half of the year, Van de Velde returned to revenue growth in 2H25, driven by lingerie sales. Van de Velde indicated that the renewal of its assortment and the further expansion of the Direct-to-Consumer segment to strengthen brand experience are beginning to bear fruit in both the summer and winter seasons. This also translated into higher 2H26EBITDA. Recall that in 1H25 EBITDA decreased due to lower sales in Swim and the impact of US tarifs. The good 2H25 was countered...

Elia Group FY25 underlying result in line, but strong German outlook F...

The FY25 group net profit stood at 556.6m, a 32.1% increase yoy vs. our 525.9m expectation. This was mainly thanks to tax compensations in Germany and at the holding level. Net profit grew 58% at the 50Hz division to 388m vs. 368m expected that benefited from a higher 10y bund. ETB came in line with our expectation at 272m vs. 274m. The non-regulated division however realised a net profit of 5.3m vs. a net loss of 12.8m expected thanks to 44m tax compensation. Elia initiated a strong FY26 outloo...

Elia Group : Clear beat of consensus, both on actual as on guidance, b...

Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...

The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...

ASM International/Industry outperformance at a discount/BUY

ASM provided a very solid guidance for FY26. We expect this strength to continue in subsequent years as AI strength and ongoing technology transitions are key tailwinds for ASM. We expect the company to significantly outgrow its peers. We again increase our estimates, up our DCF-based target price to €950 per share (from €900) and reiterate our BUY. ASM remains on the ING Benelux Favourites list.

Solvay SA: 1 director

A director at Solvay SA bought 820 shares at 26.500EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showin...

ASM International Upside on FY26 estimates already reflected in the va...

We provide more colour in this note on our change in TP and recommendation following ASMi FY25 results, which were good given the improved outlook. We see upside on the FY26 estimates, yet expectations for FY27 are already high and leave little room for upside, while the valuation is also above the historical average. We derive a fair value of €658 p.s. based on our FY27 diluted EPS of € 22.1 and a PE multiple of 30x. Given the downside we reduced our recommendation this morning from Accumulate ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/04/2026

D'Ieteren Sensitivity analysis on IPO rumours and earnings preview

According to Bloomberg, D'Ieteren Group has appointed Rotschild to explore strategic options for its controlling stake in Belron, people familiar with the matter said. Options considered include an IPO in the US or in the EU, with a valuation of upwards of $30bn and close to $40bn. Deliberations are preliminary and D'Ieteren could decide to keep its stake in Belron, people said. Any IPO plan would need to be agreed by the entire ownership of Belron, including CD&R, H&F, GIC and Blackrock. In thi...