reports
- Kristof Samoy
CMB.Tech Supplementary payment of $0.52 on former bid price and bid re...
On September 6th the market court of Brussels ruled on a case between CMB (reference shareholder of CMB.Tech, formerly Euronav) and FourWorld. The court found that the pricing of certain vessels sold by Euronav to Frontline last November implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 per Euronav share. In connection with CMB's mandatory takeover bid for Euronav (presently CMB.Tech) earlier this year, the FSMA now made public its decision to require...
- Kristof Samoy
- Sharad Kumar S.P
- Sharad Kumar S.P
Tubize Financiere Model Update: We raise our TP to €164
We updated our model to incorporate our new €173.0 TP for UCB (vs. €161.0 previously) post a capital markets call held by the company on 30th September'24. Both UCB and Tubize have experienced a spectacular rally during 2024 and, on a YTD basis, have returned ~110.0% and ~86.0% respectively. The rally was mainly driven by the investor confidence in the launch of flagship product ‘Bimzelx' and UCB successfully launching Rystiggo and Zilbrysq for the neuromuscular disease myasthenia gravis. We bel...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Kristof Samoy
CMB.Tech Market court ruling opening door to $0.52 MTO bid price incre...
In a press release Euronav (soon to be renamed CMB.TECH) informed that the Market Court in Belgium has largely rejected the claims brought forward by FourWorld in connection with CMB's mandatory public bid for the Euronav shares that ended March 15, 2024. However, the Court did find that the pricing of certain vessels sold by Euronav to Frontline implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 p.s.. The judgment indicates that the FSMA retains discr...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Wim Lewi
- Jørgen Lian
Euronav (Hold, TP: USD16.30) - Charting a new course
Crude tankers remain the main earnings driver for now, but Euronav is steadily steering towards diversified shipping, with particular focus on sustainable solutions. A by-product of this is increasingly diversified cash flows supporting through-the-cycle investments – but also significant capex needs potentially straining the balance sheet and curtailing shareholder distributions medium-term. We reiterate our HOLD and have lowered our target price to USD16.3 (17.9).
- Kristof Samoy
CMB.Tech Key take-aways analyst call
Following this morning's publication of the 2Q release herewith key elements from Q&A with management during this afternoons analyst call. This morning we already published a FRN on the earnings release itself. All in all CMBT posted nice results showing diversifications pays off. The newly formed company is successfully disposing older vessels at high prices, reinvesting crude tanker cash flows and concluding LT contracts to finance its massive fleet transformation.
- Kristof Samoy
CMB.Tech Good 2Q24 results, swift execution of fleet rejuvenation plan...
Over 2Q24 CMB.Tech reported adjusted EBITDA (excl. capital gains) of $164m above our $129m estimate. The company is swiftly executing its new build programme and recycling cash through disposals of older vessels. Favourable dynamics in the Euronav tanker fleet finance the transformation towards a sustainable shipping platform. Following the recent $6.72 p.s. distribution bonanza no further distribution over 2Q was declared as we expected given CMBT' s discretionary dividend policy. Company manag...
- ING Helpdesk
Benelux Morning Notes
Corbion: Swings and roundabouts. CTP: Good operational trends, guidance reiterated. dsm-firmenich: Another cheque from BASF. Euronav: 2Q beats expectations. KBC: 2Q well above, NII guidance up, ready for 3Q State Bond release of c.€22bn. SBM Offshore: Strong set of 1H24 results, more to come. TKH Group: 2Q is not going to be the quarter. Xior Student Housing: Positive portfolio revaluation
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - July 2024 KBCS Holdings Universe Up 1.2% Thanks To M...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
Financiere De Tubize S.A.: 1 director
A director at Financiere De Tubize S.A. bought 11,744 shares at 121.400EUR and the significance rating of the trade was 100/100. 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...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update August 2024: argenx & Tubize out after de...
In July, our Dynamic Top Pick List selection was up on average 0.9%; outperforming our benchmark indices (Bel20, AEX, EuroStoxx50) by 1.7% on average. Helped by this July performance, the selection is now up by 11.4% since the start of the 2024 selection (published Mid-December 2023). In this August 2024 update of our KBC Securities Dynamic Top Pick List we remove argenx and Tubize after delivering upon expectations. * Over the past two months, argenx has delivered upon our expectations on the...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TINC TINC COMM. VA
ARGX ARGEN-X SE
FUR FUGRO NV
SYENS SYENSQO
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Tubize Financiere We Raise Our Target Price To €150
UCB has had a spectacular run, returning upwards of ~100.0% on a YTD basis. This was due to investor confidence in the launch of flagship product ‘Bimzelx' and UCB successfully launching Rystiggo and Zilbrysq for the neuromuscular disease myasthenia gravis. Both these advancements mark the start of a new growth phase for UCB and we upgraded our UCB TP to €159.0. On the back of favourable results at UCB, Tubize rallied as well and has returned ~70.0% on a YTD basis. After updating our model for 1...
- Quirijn Mulder
Euronav/Leading edge in shipping transition/BUY
We believe Euronav, soon to be renamed CMB.TECH, has a good outlook on the back of cash flow from its existing crude tankers, future cash flow from the build-up of a diversified eco-fleet and fixed contracts worth US$2bn in the pocket. The markets Euronav operates in are in general attractive with some demand growth. More important is limited supply in the years to come. So, a good outlook both for cash flow and value. Currently, we estimate that Euronav's share price has a 10% premium to its ad...
- Sharad Kumar S.P
Holdings Report - June 2024 KBCS Holdings Universe Down -3.6% Due To S...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-4.1%) while multi-asset holdings posted a slightly less negative return of -3.7%. The 3 top performers during the period were Financière de Tubize (+5.9%), Texaf (0.0%), and Quest for Growth (-1.8%) while the 3 worst performers were Compagnie du Bois Sauvage (-7.7%), Gimv (-5.6%), and KBC Ancora (-5.3%). YTD Performance - Relative: On a YTD ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
NEX NEXANS SA
ERA ERAMET SA
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
PLX PLUXEE NV
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