Benelux Morning Notes

Arcadis: Feedback from conference call 3Q25. Belgian telcos: Telenet positive net adds in broadband, near ECM decision. CTP: 34k sqm lease signed in Poland. Eurocommercial Properties: Organic momentum is getting stronger. Fugro: Reasonable 3Q, challenging 4Q and beyond. Heijmans: Order book quality improves further. KPN: VodafoneZiggo guidance maintained, ECM decision near. Proximus: CPaaS peer Twilio reports strong 3Q25 results. Retail Estates: Jysk new tenant of 5 Leen Bakker B...

Elia Group SANV: 1 director

A director at Elia Group SANV sold 1,000 shares at 108.500EUR and the significance rating of the trade was 51/100. 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...

Retail Estates/Model update/BUY

We update our model with added cautiousness on the top line but leave our bottom line and NTA projections almost unchanged. Our FY26-28F earnings CAGR is at c.2%. Despite some problematic tenants (Leen Bakker, Casa and Carpetright, accounting for c.2.5% of rents), Retail Estates has a history of being capable of quick/efficient reletting and good tenant mix improvement on the back of this. We confirm our positive stance on the company, which currently trades at a 21.3% NTA discount to its FY26F ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/10/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/10/2025

Elia Group : High voltage growth path back on track

Seeing that the construction of the Belgian energy island is now progressing well, that the new CEO is acting stricter on cost control, that the demand for new bonds of Elia Transmission Belgium and 50Hertz has remained high at attractive yields, that the German regulator is expected to improve the regulatory rates framework for the next regulatory period, and that the investment fits perfectly in Europe’s ambitions to become less dependent on Russia, we today reiterate our Outperform recommenda...

Real Estate Report, Company Profiles

Over the past month, the EPRA BELUX index has underperformed (total return) the EPRA Developed Europe index by 3.2%, the STOXX50 by 5.4%, and the BEL20 by 3.6%. This underperformance relative to the EPRA Developed Europe Index can be attributed to the stronger performance of UK real estate compared to eurodenominated stocks, as UK equities led the recovery following a selloff in August. Additionally, the BELUX region had already posted strong year-to-date performance, which limited further upsid...

Morning Notes : ASM NA, HEIA NA, RET BB, UCB BB, XIOR BB

: ASM NA, HEIA NA, RET BB, UCB BB, XIOR BB

Benelux Morning Notes

ASM: Capital Markets Day; Heineken: LatAm boost; KBC: News on a potential ABN Amro deal: RoE dilution only, not to mention its strategy, point the other way; Retail Estates: Manageable impact of Carpetright bankruptcy in the Netherlands

Daimler Truck : Sustainability Weekly 8 - 12 September 2025

Last week, we published a report in which we propose ideas on the theme of sustainable sovereignty. Technip Energies signed an agreement to acquire the Advanced Materials & Catalysts business of Ecovyst Inc, a global leader in specialty catalysts and advanced materials. The IEA is expected to reintroduce its slow transition scenario, ‘Current Policies’, in its next World Energy Outlook, probably under pressure from the Trump administration. German Chancellor Merz has hinted at a slowdown in the ...

Daimler Truck : Sustainability Weekly 8 – 12 septembre 2025

La semaine passée, nous avons publié une étude où nous proposons des idées pour la thématique de la souveraineté durable. Technip a signé un accord en vue d'acquérir l'activité Advanced Materials & Catalysts d'Ecovyst Inc, leader mondial des catalyseurs spéciaux et des matériaux avancés. L'AIE devrait réintroduire son scénario de transition lente « Current Policies » dans son prochain World Energy Outlook, probablement sous la pression de l'administration Trump. Le chancelier allemand Merz a lai...

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

Retail Estates Sagax takes 10.8% stake in Retail Estates, upgrade to B...

Yesterday evening Nextensa announced the sale of its 9.0% stake for 89.6m to an undisclosed party at EUR 66.3 per share. This morning, Sagax AB issued a press release that they bought a 10.8% stake in RET for 1,190m SEK (107m EUR). Sagax has been expanding its portfolio outside of Scandinavia. It has been active in the Benelux since 2016 and reported assets of 9.8bn SEK (884m EUR) in the Benelux. We welcome that the overhang of the Nextensa stake is cleared and a new active shareholder has enter...

Benelux Morning Notes

Ageas: 1H leads to increase in 2025 net result guidance, but also FCF. IMCD: Material acquisition in Italy. Kendrion: Unlocking value, sells Chinese business at high multiple. Retail Estates: Limited impact of Leen Bakker judicial reorganization

Morning Notes : AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXF...

: AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXFIL NA, IMCD NA

Retail Estates Leen Bakker gets court protection in Belgium

Leen Bakker België NV is currently under judicial protection as of 14th August 2025 and seeks buyers for its 44 stores to avoid closure. We believe this will have a limited impact on Retail Estates that leases 11 retail properties to Leen Bakker in BE. This makes up 1.39% of the rental income, while there are no arrears. The chain is owned by private equity company Gilde that bought it from Blokker Holding in 2017 and merged it with Kwantum. Both are related to home furnishing and rely on out-of...

EnergyVision It's a beautiful day, don't let it slip away

We initiate on EnergyVision 40 days after its successful IPO. We believe that the positive vibe from the stock market entry will reflect in its future business development. Credibility and brand recognition are key for an energy supplier. We also like its focus on the energy transition. This segment recovers from an over-excitement period (2021-22). Today's market is all about AI and Defence, while climate change is becoming more apparent with every wild fire or glacier collapse. Their customer...

Morning Notes : BFITa NA, ELI BB, ALFEN NA, TKWYa NA

: BFITa NA, ELI BB, ALFEN NA, TKWYa NA

Elia Group Raising the bar, but largely discounted in the current shar...

Elia delivered stellar 1H25 results, although driven by some exceptional factors that will be partly compensated in the 2H25 results. Mainly the shift to pro-rata accounting of the GE Capex had a large €40m positive impact. Also capitalising more interest as investments increase, had a positive effect on ETB as well as 50Hz. After the 2.2bn equity issue, Elia recovered sharply from the overhang uncertainty to trade back in line with the BEL-20 index. However, the equity raise at €61.9 per share ...

Retail Estates Results 3m25/26, full year outlook maintained

NRI 3m25/26 amounts to €36.4m, +3.1% YoY vs. our expectation of €36.2m. The lfl growth amounted to a respectable 2.6%. EPRA EPS came in at €1.52, -2.5% YoY vs. 1.52 expected. The EPS was diluted by the scrip dividend that raised 18m and added 2.2% to the share count (35% acceptance). RET confirmed its FY25/26 dividend of €5.20. Despite many bankruptcies, occupancy remained relatively stable at 97.45%, a slight improvement from last March at 97.26%. The debt ratio increased to 44.06% on the divid...