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...
- Mathijs Geerts Danau
Inventiva FIRST LOOK: preliminary FY25 results hold no surprises
Inventiva reported preliminary FY25 results which hold no surprises, and confirmed its cash-runway guidance, which following the € 149m capital raise announced in November 2025, extends the company's runway to middle of 1Q27. This provides funding beyond the expected topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which are expected in 2H26. We reiterate our Buy rating and € 7 TP.
- Guy Sips
- Mathijs Geerts Danau
- Wim Hoste
Inventiva reports preliminary 2025¹ fiscal year financial results
Inventiva reports preliminary 2025¹ fiscal year financial results Cash and cash equivalents at €99.3 million, and €131.6 million in short-term deposits2 as of December 31, 2025Revenues of €4.5 million in 2025Completed a U.S. registered public offering for gross proceeds of approximately $172.5 million (€149 million3)Cash runway expected until the middle of the first quarter of 20274 Daix (France), New York City (New York, United States), February 17, 2026 – (Euronext Paris and Nasdaq: IVA) ("Inventiva" or the "Company"), a clinical-stage biopharmaceutical company focused on the developmen...
Inventiva publie ses résultats financiers préliminaires pour l’exercic...
Inventiva publie ses résultats financiers préliminaires pour l’exercice 2025¹ Trésorerie et équivalents de trésorerie à 99,3 millions d’euros, et 131,6 millions d’euros en dépôts à court terme2 au 31 décembre 2025Chiffre d’affaires de 4,5 millions d’euros en 2025Réalisation d’une offre au public aux États-Unis pour un produit brut total d’environ 172,5 millions de dollars (149 millions d’euros)3Horizon de trésorerie prévue jusqu’au milieu du premier trimestre 20274 Daix (France), New York City (New York, Etats-Unis), le 17 février 2026 – (Euronext Paris and Nasdaq :IVA) (« Inventiva » ou ...
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
01913 PRADA S.P.A.
ADVI ADVINI
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TINC TINC COMM. VA
MAU ETABLISSEMENTS MAUREL & PROM SA
ZGN ERMENEGILDO ZEGNA NV
FI-N GEORG FISCHER AG
DEME DEME GROUP NV
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
01913 PRADA S.P.A.
ADVI ADVINI
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TINC TINC COMM. VA
MAU ETABLISSEMENTS MAUREL & PROM SA
ZGN ERMENEGILDO ZEGNA NV
FI-N GEORG FISCHER AG
DEME DEME GROUP NV
- 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...
- Usama Tariq
TINC NV : Tomorrow’s Infrastructure, Today’s Yield
We initiate coverage on TINC with an Outperform recommendation and a target price of € 13.0/sh. With investments focused on securing long-term cashflows, we see TINC generating cash far in excess of distributions in future, enabling distribution growth at a CAGR of ~4% in our forecast period. We also forecast the portfolio fair value (FV) expanding strongly (CAGR +9.4% 2024-34), largely on the back of unrealised gains, as the company is expected to expand its sector agnostic investments in the S...
- 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...
- ING Helpdesk
Benelux Morning Notes
Aedifica: c.€29m new developments in Germany and Finland / GBL: €0.5bn equity investment in Rayner, an ophthalmic MedTech specialist / NN Group: Is consensus running ahead of a capital update with FY25 results? / Philips: Supportive update ahead of CMD / Proximus: Route Mobile 3Q26 shows lower revenues, better profitability / Staffing sector: French staffing: December better but January outlook weaker but perhaps better than number of temp outlook indicates / VAR Energi: Strong CMD target 400kpd...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
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