reports
- Guy Sips
- Lynn Hautekeete
- Mathijs Geerts Danau
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Lynn Hautekeete
Aedifica Model update FY25 results:
We update our model after the FY25 results. We now factor in a slightly higher debt ratio at similar FY26 EPRA EPS estimates based on the € 300,0m newly guided investments (acquisitions + developments) which are skewed to 2H26. This benefits mostly our FY27-28 rental income. The Armonea (Colisée) negotiations (7,0% combined total rents) are terminated with limited negative rent reversion impact included in the FY26 guidance. This results in a lower risk premium and a higher target price from € 7...
- Guy Sips
- Mathijs Geerts Danau
- Wim Hoste
dsm-firmenich issues €1.5 billion long-term bonds
dsm-firmenich issues €1.5 billion long-term bonds Press Release dsm-firmenich issues €1.5 billion long-term bonds Kaiseraugst (Switzerland), Maastricht (Netherlands), February 17 2026 dsm-firmenich today announces the successful launch of a €1.5 billion dual-tranche bond issuance, consisting of: €750 million 3.00% fixed-rate notes due 2031€750 million 3.75% fixed-rate notes due 2038 The bonds will be issued by DSM B.V. and guaranteed by DSM-Firmenich AG pursuant to the previously established . The proceeds of the new bonds will be used for refinancing of existing bond maturities. ...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- Wim Hoste
DSM-Firmenich Biting the ANH bullet
The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target...
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
- Hela Zarrouk
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
TFI TELEVISION FRANCAISE 1 SA
BLC BASTIDE LE CONFORT MEDICAL SA
RBT ROBERTET SA
LSS LECTRA SA
EOAN E.ON SE
RWE RWE AG
FIE FIELMANN AG
HEIJM HEIJMANS N.V. CERT
TIETO
DLG TIETOEVRY OYJ
AED DE'LONGHI S.P.A.
WAF AEDIFICA SA
XIL SILTRONIC AG
JEN XILAM ANIMATION SA
NLBR JENOPTIK AG
DSC1 NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 DUTCH STAR C SHAR
UNIPER SE
- Hela Zarrouk
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
TFI TELEVISION FRANCAISE 1 SA
BLC BASTIDE LE CONFORT MEDICAL SA
RBT ROBERTET SA
LSS LECTRA SA
EOAN E.ON SE
RWE RWE AG
FIE FIELMANN AG
HEIJM HEIJMANS N.V. CERT
TIETO
DLG TIETOEVRY OYJ
AED DE'LONGHI S.P.A.
WAF AEDIFICA SA
XIL SILTRONIC AG
JEN XILAM ANIMATION SA
DSC1 JENOPTIK AG
UN0 DUTCH STAR C SHAR
UNIPER SE
- ING Helpdesk
Benelux Morning Notes
Aedifica: Results slightly better, guidance for the combined entity to come in Sept. CM.com: 4Q25 results – no turning point yet. D'Ieteren: Allstate reports bumper 4Q25, touts premium cuts, consensus prudent. Heijmans: Construction cool cat. Proximus: CPaaS peer Twilio 4Q25 results better than expected. Talabat: 4Q25 results, doubling down on investments. Theon International: Preview – a busy year it was.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Roy Külter
- Steven Boumans
Aedifica NV/SA: 2025 annual results
Aedifica NV/SA: 2025 annual results Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding its 2025 annual results. Aedifica’s Exchange Offer on all Cofinimmo shares is now open Cofinimmo shareholders are offered 1.185 new Aedifica shares for each share they tenderThe Initial Acceptance Period will close on 2 March 2026 (16:00 CET)Results of the Initial Acceptance Period are expected to be announced on 6 March, with settlement scheduled on 13 March Robust operational perform...
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Stefano Toffano
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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