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...
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
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...
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
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