reports
- ING Helpdesk
Benelux Morning Notes
Air France-KLM: Surprising 4Q to the upside. CMB.TECH: A golden step into Golden Ocean? EVS: Evertz 3Q25 results. GBL: Boosting its liquidity profile. Gimv: Continued transaction spree post capital increase. Solvay: 4Q24 beat, 2025F guide in-line, reaffirmed 2028F target. Talabat: Completes InstaShop acquisition
- Emira Sagaama
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
SREN SWISS RE AG
ADS ADIDAS AG
GFC GECINA SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
BAYN BAYER AG
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
INX IMCD N.V.
VACN VAT GROUP AG
ABI ANHEUSER-BUSCH INBEV SA/NV
NEOEN NEOEN S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
AM DASSAULT AVIATION
- Emira Sagaama
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
SREN SWISS RE AG
ADS ADIDAS AG
GFC GECINA SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
BAYN BAYER AG
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
INX IMCD N.V.
VACN VAT GROUP AG
ABI ANHEUSER-BUSCH INBEV SA/NV
NEOEN NEOEN S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
AM DASSAULT AVIATION
- Jørgen Lian
CMB.TECH (No_rec, TP: USD) - Recommendation and target price withdrawn
The company has agreed to acquire Hemen’s Golden Ocean stake (40.8%) at a price around the peak share price in May 2024, and above the market (46%) and our NAV (15%). On the face of it, we see NAV dilution for CMB.TECH, while initially the only change for Golden Ocean shareholders is a shift in main shareholder from John Fredriksen to the Saverys family. Given DNB Markets’ role in the transaction, we have withdrawn our recommendation and target price.
- Kristof Samoy
- ING Helpdesk
- Stefano Toffano
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
IMCD reports EBITA growth to EUR 531 million in 2024
IMCD reports EBITA growth to EUR 531 million in 2024 Rotterdam, The Netherlands (5 March 2025) - IMCD N.V. (“IMCD” or “Company”), a global leading distribution partner, and formulator of speciality chemicals and ingredients, today announces its full year 2024 results. HIGHLIGHTS• Gross profit growth of 7% to EUR 1,202 million (+9% on a constant currency basis)• Operating EBITA increase of 3% to EUR 531 million (+5% on a constant currency basis)• Net result for the year of EUR 278 million (-4% on a constant currency basis)• Free cash flow of EUR 450 million (2023: EUR 554 million)• Cash ear...
IMCD takes the next steps in its decarbonisation journey and commits t...
IMCD takes the next steps in its decarbonisation journey and commits to set SBTi near-term targets ROTTERDAM, The Netherlands (3 March 2025) – IMCD N.V. ("IMCD" or "Company"), a global leading distribution partner and formulator of speciality chemicals and ingredients, today announced it has committed to the Science Based Target initiative (SBTi) and intends to set near-term emissions reduction targets in line the SBTi criteria and recommendations. The SBTi is a corporate climate action organisation that enables companies and financial institutions worldwide to play their part in combating...
- ING Helpdesk
- Jørgen Lian
CMB.TECH (Hold, TP: USD10.00) - Costly road to sustainable goals
CMB.TECH is transitioning into a modern, future-proof fleet and diversifying cash flows along the way. However, we believe the shift will continue to strain the company’s balance sheet and dividend potential in the coming quarters. Further, given our more constructive view on the tanker segments versus dry bulk, we continue to prefer its pure tanker peers in the near term. Hence, we reiterate our HOLD and have lowered our target price to USD10.0 (10.7).
- ING Helpdesk
Benelux Morning Notes
Aalberts: Dividend and outlook better than expected. Ackermans & van Haaren: Anticipating an all-time-high result from core segments. Ageas: FY24 in line, strong capital, outlook for upsteams. AMG: Strong 4Q24 beat and 2025F guidance upgrade. CFE: Solid results and balance sheet, outlook weak. CMB.TECH: Cautious on outlook. Corbion: Not so sweet. CTP: Good results, 2025 outlook realistic. D'Ieteren: Boyd's Five-Year Goals. Exor: Ferrari €3bn ABB and €1bn SBB. Sofina: Further ...
AGS AGEAS SA/NV
UCB UCB S.A.
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
SOF SOFINA SA
ACKB ACKERMANS & VAN HAAREN NV
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CSM CORBION NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
SYENS SYENSQO
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
CMB.TECH announces Q4 2024 results
CMB.TECH announces Q4 2024 results CMB.TECH ANNOUNCES Q4 2024 RESULTS STRONG RESULTS DESPITE SLOW MARKETS ANTWERP, Belgium, 27 February 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) reported its non-audited financial results today for the fourth quarter ended 31 December 2024. HIGHLIGHTS Profit of USD 93.1 million in Q4 2024 bringing YTD profit to USD 870.8 million Delivery of 7 newbuilding vesselsSale of 4 Suezmaxes Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt), Cap Felix (2008, 158,765 dwt) & Cap Lara (2007, 158,826 dwt)Sale of Win...
- Jørgen Lian
CMB.TECH (Hold, TP: USD10.70) - Shift curbs near-term potential
CMB.TECH is steadily steering towards diversified and ‘future-proof’ shipping. However, this transition comes with significant capex needs that could curtail shareholder distributions medium-term and may leave its pure tanker peers in a better position to capitalise on a potentially imminent tanker upcycle. We reiterate our HOLD but have cut our target price to USD10.7 (14.1).
- Lynn Hautekeete
Home Invest Belgium FY24 results and feedback analyst call
Yesterday evening Home invest reported its FY24 earnings and had an analyst call. The FY24 results and the FY25 guidance are perfectly in line with our estimates but below CSS. FY25 will be a year where historical asset rotation and renovation temporarily impact the EPS. Operationally the company continues to perform well with a record high operating margin at 76.8% (vs. 5y average at 72.2%) and 98.2% occupancy rate. We are however concerned regarding more rental regulation in the Brussels marke...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Jørgen Lian
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
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