UCB SA: 1 director

A director at UCB SA bought 674 shares at 138.350EUR and the significance rating of the trade was 59/100. 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 showing ...

CMB.TECH (No_rec, TP: USD) - Recommendation and target price withdrawn

CMB.TECH and Golden Ocean have signed a term sheet for a contemplated stock-for-stock merger at an exchange ratio of 0.95 CMB.TECH shares for each outstanding Golden Ocean share. Completion is scheduled for Q3, and the companies are scheduled to host CMDs on 24 and 29 April to provide further information. As DNB Markets is acting as financial advisor to Golden Ocean, we have withdrawn our recommendation and target price.

Morning Notes : AKZA NA, BESI NA, CRBN NA, CMBT BB, FLOW NA, RAND NA, ...

: AKZA NA, BESI NA, CRBN NA, CMBT BB, FLOW NA, RAND NA, VPK NA, TKWY NA

CMB.Tech Merger proposal with Golden Ocean

CMB.Tech and Golden Ocean announced they have signed a term sheet for a contemplated stock-for-stock merger, with CMB.Tech as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.Tech for each share of Golden Ocean, subject to customary adjustments. The merger will create one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels. Early March CMB.Tech acquired an initial stake of 40.8% in Golden Ocean which it increased to ...

Another abrupt change

The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/17/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 17/04/2025

Benelux Morning Notes

Aalberts: Preview - priced like it is 2009 all over again. ABN AMRO: Pre-close 1Q – focus on capital & new CEO. Ahold Delhaize: Preview 1Q25. Arcadis: Gatwick work. Basic-Fit: 1Q25 trading update; strong membership ingrowth; CB repayment refinancing. CM.com: 1Q25 trading update. Fastned: 1Q25 trading update; disappointing charging volumes. NSI: A steady quarter, increasing vacancy on the horizon. Sligro: Soft 1Q25 sales, no outlook provided. Wereldhave: Guidance at the higher e...

Arcadis : Tariff uncertainty impacts near term but end market demand u...

PostNL/Model update/HOLD

We have updated our model post FY24 reporting and we included the restated segment reporting with Real Estate sales and results now included in Parcels versus in MailNL previously. Note that PostNL guided for an underlying EBIT for FY25F of c.€53m, ie, in line with FY24. We estimate €48m, which is a significant downgrade vs the pre-FY24 results estimate of €98m. We feel that the outlook for FY25 is not without downside risk as (a) much will depend on a strong 4Q as we expect a rather soft start ...

Arcadis/Short-term challenges/HOLD (previously Buy)

Albeit for a service company like Arcadis the direct tariffs have a modest impact on the current business, we believe that the indirect impact is significant, also on top of already mounting troubles for the sector. Arcadis is not immune, we think. Decelerating growth for its net revenues, filtering through via operational leverage leads to material lower earnings estimates for FY25 with a recovery in FY26, but from a lower point. Also, given the slowdown, we think Arcadis' FY26 margin target wi...

CMB.Tech Signing charter agreement with Fortescue for NH3 fitted Newca...

CMB.Tech signed an agreement with the Australian miner Fortescue to charter a new ammonia-powered vessel. The 210k dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026. No contract details have been disclosed, but as the Newcastlemax has been bought at risk by CMB a while ago the charter terms are expected to yield appealing IRRs and bring long contract duration. Following the LT charter agreement with MOL announced a few weeks back,...

Morning Notes : AGS BB, CMBT BB, FAGR BB, GREEN BB, SEQUA BB

: AGS BB, CMBT BB, FAGR BB, GREEN BB, SEQUA BB

US Tariffs Navigating the impact on Benelux equities

Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.

Benelux Morning Notes

Acomo: Going for growth. PostNL: Highlights of pre-earnings analyst call 1Q25. Shell: Updated outlook looks light. Staffing: US temp volume better in March; upward revisions to Feb/Jan; NFP jobs beat

Morning Notes : CMBT BB, XIOR BB, AZE BB

: CMBT BB, XIOR BB, AZE BB

Benelux Morning Notes

Ackermans & van Haaren: Nextensa acquiring the “Proximus Towers” landmark project. Avantium: Called to account. Proximus: Finalizes sale of its old HQ to Nextensa and the development of its new one. UCB: No tariffs on pharmaceutical products, at least for now