reports
- Hans D’Haese
- Maxime Stranart
Sligro/3Q25 postview; another weak trading update/HOLD
We keep our HOLD but reduce our target price from €11.5 to €10.5 following Sligro's weak 3Q25 trading update. We continue to view the equity story as a margin recovery play but note that improvements in FY25F are expected to remain modest with the group reiterating its 5.5-6.0% EBITDA margin guidance, while delays in client onboarding in Belgium is another negative, in our view. We therefore reduce our EBIT forecasts by 10% for both FY25F and FY26F. Sligro's balance sheet offers limited room for...
- Luis de Toledo Heras
- Thomas Zlowodzki
- Luis de Toledo Heras
- Thomas Zlowodzki
- Robert Jan Vos
- Ahmed Ben Salem
- Baptiste Lebacq
TEMN TEMENOS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
HCO HIGHCO SA
GLO GL EVENTS SA
ENI ENI S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
REP REPSOL SA
SIX2 SIXT SE
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
THEP THERMADOR HOLDING SA
FAST FASTNED
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- Ahmed Ben Salem
- Baptiste Lebacq
TEMN TEMENOS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
HCO HIGHCO SA
GLO GL EVENTS SA
ENI ENI S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
REP REPSOL SA
SIX2 SIXT SE
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
THEP THERMADOR HOLDING SA
FAST FASTNED
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
DEME Group: First Havfram vessel ready. Fastned: 3Q25 trading update – new stations boost growth, organic lags BEV penetration. NN Group & ASR: Pension reform on track for 1st tranche move from DB to DC in Jan 26. Sligro: Another weak trading update, but FY25 guidance reiterated. Talabat: Surprise CEO departure
- Jerôme Bodin
- Thomas Zlowodzki
- Jerôme Bodin
- Thomas Zlowodzki
- Robert Jan Vos
- Maxime Stranart
Sligro/1H25 results: disappointing performance/HOLD
We keep our HOLD but reduce our target price from €12.5 to €11.5 following Sligro's weak 1H25 results. We continue to view the equity story as a margin recovery play but note that improvements in FY25F are expected to remain modest with the company guiding for a 5.5-6.0% EBITDA margin, well below the Street's expectations. We therefore reduce our EBIT forecast by 36/23% in FY25F and FY26F respectively. Sligro's balance sheet offers limited room for inorganic growth or for more cash return to sha...
- Jean Danjou
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
MBB MBB INDUSTRIES SE
01913 PRADA S.P.A.
RIEN RIETER HOLDING AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COFA COFACE SA
UMI UMICORE
- Jean Danjou
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
MBB MBB INDUSTRIES SE
01913 PRADA S.P.A.
RIEN RIETER HOLDING AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COFA COFACE SA
UMI UMICORE
- Robert Jan Vos
- Ahmed Ben Salem
- Baptiste Lebacq
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALFOC FOCUS HOME INTERACTIVE SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
LEI LEIFHEIT AG
SZG SALZGITTER AG
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
HEIJM HEIJMANS N.V. CERT
NDA
SLIGR AURUBIS AG
AMG SLIGRO FOOD GROUP N.V.
XIL AMG ADVANCED METALLURGICAL GROUP N.V.
ALBFR XILAM ANIMATION SA
ROVI SIDETRADE SA
SFSN LABORATORIOS FARMACEUTICOS ROVI S.A.
RIO SFS GROUP AG
MAU RIO TINTO PLC
BHP ETABLISSEMENTS MAUREL & PROM SA
GALE BHP GROUP LTD
AMAG GALENICA AG
VUL AMAG AUSTRIA METALL AG
FORSE VULCAN ENERGY RESOURCES
ADTN FORSEE POWER SA
AAL ADTRAN HOLDINGS INC
ANGLO AMERICAN PLC
- Ahmed Ben Salem
- Baptiste Lebacq
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALFOC FOCUS HOME INTERACTIVE SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
DKSH DKSH HOLDING AG
SSAB A SSAB AB CLASS A
LEI LEIFHEIT AG
SZG SALZGITTER AG
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
HEIJM HEIJMANS N.V. CERT
NDA
SLIGR AURUBIS AG
AMG SLIGRO FOOD GROUP N.V.
XIL AMG ADVANCED METALLURGICAL GROUP N.V.
ALBFR XILAM ANIMATION SA
ROVI SIDETRADE SA
SFSN LABORATORIOS FARMACEUTICOS ROVI S.A.
RIO SFS GROUP AG
MAU RIO TINTO PLC
BHP ETABLISSEMENTS MAUREL & PROM SA
GALE BHP GROUP LTD
AMAG GALENICA AG
VUL AMAG AUSTRIA METALL AG
FORSE VULCAN ENERGY RESOURCES
ADTN FORSEE POWER SA
AAL ADTRAN HOLDINGS INC
ANGLO AMERICAN PLC
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
Aalberts: First hydronic flow control takeover in US; Ahold Delhaize: Preview 2Q25; EVS: Wins 2026 world cup contract Big Event Rental; Exor: A tad more Philips; Via Transportation reviving IPO plans; Heijmans: 1H25 preview; looks to be on track; KPN: 2Q25 preview; Montea: €24m acquisition in Dutch logistics hotspot; Ontex: Peer Essity 2Q25 results; RELX: 1H25 preview; Sligro: Weak 1H25 calls for 7.5% downgrade to consensus at EBITDA level; Events Calendar
- Bruno Cavalier
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DEC JCDECAUX SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
KRN KRONES AG
DOKA DORMAKABA HOLDING AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
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