reports
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
AVTL to develop ammonia terminal in Pipavav
AVTL to develop ammonia terminal in Pipavav AVTL to develop ammonia terminal in PipavavRotterdam, the Netherlands, 20 June 2025In India, AVTL, will develop a brownfield ammonia terminal at the existing Pipavav location. The terminal will be the first independent ammonia storage terminal in India. The terminal will facilitate ammonia imports, serving the extensive fertilizer market. Next to the usage in the fertilizer industry, ammonia is a key carrier for hydrogen and identified as an important product in the energy transition. The terminal will support green ammonia exports in the futur...
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- ING Helpdesk
- Dirk Verbiesen
- Quirijn Mulder
Vopak/Accelerating growth with Indian support/BUY
We believe 1Q25 was in line with expectations, but we think the market was a bit disappointed in management keeping its FY25 guidance of a Proportional EBITDA in the range of €1,150-1,200m. While we have adjusted our estimates slightly, mainly reflecting weakening FX leading to EBITDA stagnation in FY25, we foresee material growth in FY26-27 when a couple of terminal issues should be solved in FY26, while expansion should contribute to earnings in FY27. The current average EV/EBITDA25-27F is c.7...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update June: Removing Merus, Shurgard and Adyen ...
In this June update, we've made four adjustments to the KBC Securities Dynamic Top Pick List: 1.Merus (Removed – 27 May) was removed following the release of strong interim Phase 2 data at the ASCO 2025 conference. Its lead asset, petosemtamab, in combination with Keytruda, showed a 63% overall response rate in first-line treatment of head and neck cancer—significantly outperforming Keytruda monotherapy. The resulting share price surge validated our investment thesis. 2. Adyen (Removed) has de...
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
MRUS MERUS B V
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
AVTL successfully completed IPO
AVTL successfully completed IPO AVTL successfully completed IPORotterdam, the Netherlands, 02 June 2025 Today, we announce an update regarding the primary equity issue of our joint venture AVTL.AVTL has successfully completed its IPO. The issue price for the IPO was INR 235 per share which is at the top end of the previously announced price band. The size of the primary equity issue is INR 2,800 crore (approximately EUR 290 million). The board of AVTL issued an equivalent of 10.75% of new equity shares. As a result of the issuance of new shares, Vopak’s shareholding reduced from 47.31% to 4...
- ING Helpdesk
- Charlotte Vaisse
- Fehmi Ben Naamane
- Oddo Sustainability Team
ELIOR ELIOR GROUP SA
CLN CLARIANT AG
WTB WHITBREAD PLC
ZVTG ZAVAROVALNICA TRIGLAV D.D.
GLJ GRENKE AG
RBT ROBERTET SA
POS PORR AG
CAI CA IMMOBILIEN ANLAGEN AG
WIE WIENERBERGER AG
ROYAL VOPAK NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SHOT SCANDIC HOTELS GROUP
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
IHG INTERCONTINENTAL HOTELS GROUP PLC
MFEA MEDIASET NV
DSPW DOOSAN SKODA POWER A.S.
LOUP SOCIETE L.D.C.
- Charlotte Vaisse
- Fehmi Ben Naamane
- Oddo Sustainability Team
ELIOR ELIOR GROUP SA
CLN CLARIANT AG
WTB WHITBREAD PLC
ZVTG ZAVAROVALNICA TRIGLAV D.D.
GLJ GRENKE AG
RBT ROBERTET SA
POS PORR AG
CAI CA IMMOBILIEN ANLAGEN AG
WIE WIENERBERGER AG
ROYAL VOPAK NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SHOT SCANDIC HOTELS GROUP
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
IHG INTERCONTINENTAL HOTELS GROUP PLC
MFEA MEDIASET NV
DSPW DOOSAN SKODA POWER A.S.
LOUP SOCIETE L.D.C.
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Solid 1Q25. Ascencio: Resilient results. Gimv: NAV a tad higher than expected, underlying companies surprisingly strong. IBA: Soft start in Technologies, 2025 and 2028 guidance reiterated. OCI: In-line 1Q25 trading update. Vopak: IPO of AVTL - value coming to the surface
- Kristof Samoy
Vopak Indian JV on the brink of IPO debut
This morning during trading, Vopak issued a press release commenting on the IPO process of its Indian joint venture AVTL. The final prospectus was filed and the upper end of the price band is roughly in line with the attractive pricing of the private placement occurring last October. We applaud the important hurdle being taken. Upon completion of the IPO, expected sizeable cash proceeds (€288m – upper end of range – 100% JV) will fund AVTL's growth and free up cash at Vopak holding. The latter c...
AVTL files Red Herring Prospectus
AVTL files Red Herring Prospectus AVTL files Red Herring Prospectus Rotterdam, the Netherlands, 21 May 2025Today, we announce an update regarding the primary equity issue of our joint venture AVTL.AVTL has received approval from the Securities and Exchange Board of India (‘SEBI’) and has filed the Red Herring Prospectus with the Registrar of Companies Gujarat at Ahmedabad and thereafter submitted to SEBI and the stock exchanges. The price band for the primary equity issue was approved by the board of AVTL on 20 May 2025, which ranges between INR 223 to INR 235 per share. The total IPO size...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update May 2025: Removing Fugro – Adding Merus
The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European compa...
- Kristof Samoy
Vopak Key take-aways 1Q25 analyst call
Vopak reported 1Q25 which were in line with proportional EBITDA of €300m vs consensus of €292m. So far company foresees only limited impact in the short term linked to trade tariff uncertainty. EBITDA outlook maintained even when discounting less favourable FX rates. Indian AVTL on track for IPO in 1H25 following conditional approval by regulator. Occupancy rates holding up well at 92% vs. 93% last quarter. The Q&A in the analyst call further comforted our scenario. We reiterate Buy rating and €...
Resolutions passed by Vopak’s Annual General Meeting
Resolutions passed by Vopak’s Annual General Meeting Resolutions passed by Vopak’s Annual General MeetingRotterdam, the Netherlands, 23 April 2025 The Annual General Meeting of Koninklijke Vopak N.V. (Royal Vopak) held on 23 April 2025 passed the following resolutions: Positive advisory vote implementation remuneration policy for the 2024 financial year. Adoption of the financial statements for the 2024 financial year. Approval of the proposed dividend. A dividend of EUR 1.60 per ordinary share with a nominal value of EUR 0.50 will be distributed wholly in cash on 2 May 2025. As fro...
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