reports
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Preview 1Q26. D'Ieteren: FT reports Belron to list in Amsterdam, mentions €30-40bn valuation. Econocom: Weak start to the year, -1.9% organic, poor mix, leasing down 14% Fugro: Very weak 1Q likely, will 2Q bring relief? Staffing: Manpower: 1Q26 - slight beat and improving trends; 2Q26 outlook also beats. Wereldhave: Guidance and growth ambitions reiterated
- ING Helpdesk
Benelux Morning Notes
AEGON: Sale of the UK at the higher end of our range (€2bn) to Standard Life. Ahold Delhaize: Peer Albertsons 4Q25/26 results. ASML: 1Q26 results, FY26 guidance increased. KPN: VodafoneZiggo's hollandsnieuwe enters into fixed internet and TV. Staffing: Dutch Period 3: Surprisingly positive trends in March despite new regulation. WDP: Italy country manager appointment
- Emira Sagaama
- Marc Lavaud
- Olfa Taamallah
- Yan Derocles
- Emira Sagaama
- Marc Lavaud
- Olfa Taamallah
- Yan Derocles
- ING Helpdesk
- Marc Zwartsenburg
- CEFA
PostNL/2026 a transition year/HOLD
We keep our HOLD, raising our Target Price slightly from €0.95 to €1.00 to reflect the incorporation of FY27 estimates. We have modelled in the new segmentation and our estimates are virtually unchanged. FY26 will be a transition year towards the D+2/D+3 mail delivery model and with letterbox parcels being transferred to the e-commerce segment as per 2H26. FY26 will thus involve some transition costs while the benefits from the new mail model will phase in gradually before becoming fully effecti...
- Robert Jan Vos
Arcadis N.V.: 1 director
A director at Arcadis N.V. maiden bought 4,000 shares at 29.810EUR and the significance rating of the trade was 75/100. 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 cl...
- Ahmed Ben Salem
- Thomas Zlowodzki
AC ACCOR SA
HEIA HEINEKEN NV
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
SAND SANDVIK AB
EL ESSILORLUXOTTICA SA
ITRK INTERTEK GROUP PLC
ZAL ZALANDO SE
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
01913 PRADA S.P.A.
REP REPSOL SA
ARCAD ARCADIS NV
RAA RATIONAL AG
MOCORP METSO OUTOTEC OYJ
EVK EVONIK INDUSTRIES AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SIE SIEMENS AG
BP. BP P.L.C.
SIK SIKA AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
SHEL SHELL PLC
SGSN SGS SA
- Ahmed Ben Salem
- Thomas Zlowodzki
AC ACCOR SA
HEIA HEINEKEN NV
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
SAND SANDVIK AB
EL ESSILORLUXOTTICA SA
ITRK INTERTEK GROUP PLC
ZAL ZALANDO SE
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
01913 PRADA S.P.A.
REP REPSOL SA
ARCAD ARCADIS NV
RAA RATIONAL AG
MOCORP METSO OUTOTEC OYJ
EVK EVONIK INDUSTRIES AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SIE SIEMENS AG
BP. BP P.L.C.
SIK SIKA AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
SHEL SHELL PLC
SGSN SGS SA
- Martijn Den Drijver
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2026: Adding Fagron
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continues unabated. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. KBC macro-econimists have hiked the inflation expectation for 2026 from 1.9% to 3.3%. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We continue our defensive stance in our Benelux Dyna...
FAGR FAGRON SA
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
Arcadis nominates Carl Trowell to its supervisory board
Arcadis nominates Carl Trowell to its supervisory board PRESS RELEASE ARCADIS NOMINATES CARL TROWELL TO ITS SUPERVISORY BOARD Amsterdam, March 27 2026 – Arcadis (EURONEXT: ARCAD), the world’s leading company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets, today announces the nomination of Carl Trowell for appointment to its Supervisory Board for a four-year term. Carl Trowell currently serves as President of Strategic Infrastructure at National Grid PLC and is a member of its Group Executive Commi...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Kroger 4Q25 results. bpost: 4Q25/FY25 result in line, no dividend, FY26 outlook in line, assumptions optimistic. Eurocommercial Properties: Cautious guidance despite Swedish acquisition. Sligro: Feedback from group CMD. Universal Music Group: In line clean EBITDA, FCF below, US listing shelved
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
KNIN KUEHNE & NAGEL INTERNATIONAL AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
KBC KBC GROUP N.V.
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
ENI ENI S.P.A.
SY1 SYMRISE AG
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
VACN VAT GROUP AG
BP. BP P.L.C.
8TRA TRATON SE
AM DASSAULT AVIATION
SHEL SHELL PLC
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
KNIN KUEHNE & NAGEL INTERNATIONAL AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
KBC KBC GROUP N.V.
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
ENI ENI S.P.A.
SY1 SYMRISE AG
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
VACN VAT GROUP AG
BP. BP P.L.C.
8TRA TRATON SE
AM DASSAULT AVIATION
SHEL SHELL PLC
- Martijn Den Drijver
- Mateo Salcedo
Azelis Group NV : Review of capacity additions and potential tailwinds...
After a difficult year 2025, a significant rebound in chemical performance in 2026 is not very likely as weak end-market demand continues, while significant capacity additions in key feedstock like ethylene will limit the increase in utilization rates. However, some positive news, especially for European chemical producers, have come up including changes in the asphyxiating regulatory and environmental framework. Other measures, including potential anti-dumping duties and government support are ...
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