reports
- Martijn Den Drijver
- ING Helpdesk
- Kristof Samoy
Aalberts Divestment announcements as per strategic plan of last Decemb...
Aalberts updated the market on its divestment programme as announced at last December's CMD. We appreciate the execution of the strategic plan which so far resulted in the July acquisition of the South-Asian semicon player GVT and today's disposals of some European Industrial and Building operations. As the disposal of Metalis (Industry) and equity dilution in KAN (Building) will only result in a modest book profit we estimate the transaction will not trigger a large SBB, especially as the dilut...
- Wim Hoste
Recticel FIRST LOOK: Acquisition of Miclar Group, upgrade to Accumulat...
With the acquisition of a 76% stake in Miclar Group, Recticel further strengthens its insulated panels business, which today consists of the businesses acquired via Rex and Trimo. The deal value looks very reasonable at 5.7x EV/EBITDA24. We have updated our forecasts resulting in a 7% increase in our 2026 EBITDA estimate. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions that further enlarge positio...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- Guy Sips
DEME Another record year is taking shape
DEME is a world leader in the specialised fields of dredging, marine infrastructure, solutions for the offshore energy market, and environmental works. DEME can build on nearly 150 years of know-how and experience and has fostered a pioneering approach throughout its history, being a front runner in innovation and new technologies. A major milestone in 2025 was DEME's acquisition of Havfram, an international offshore wind contractor based in Norway with around 50 employees. The deal carried an...
Aalberts N.V.: Aalberts reports progress on divestment programme
Aalberts N.V.: Aalberts reports progress on divestment programme Utrecht, 1 December 2025 Aalberts reports three transactions to rebalance its European portfolio for the building and industry segments. Aalberts N.V. has reached an agreement to divest 100% of the shares of Metalis SAS (Metalis), headquartered in France, generating an annual revenue of approximately EUR 158 million with 1,045 employees. The results of Metalis will be deconsolidated as of 1 December 2025. We would like to thank all employees of Metalis for their loyalty and ongoing efforts during the many years of Aalberts’ ...
Aalberts NV: 1 director
A director at Aalberts NV bought 5,000 shares at 25.960EUR and the significance rating of the trade was 52/100. 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 sh...
- Jerôme Bodin
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
PSM PROSIEBENSAT.1 MEDIA SE
HOT HOCHTIEF AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SIX2 SIXT SE
WIE WIENERBERGER AG
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
COK CANCOM SE
DLG DE'LONGHI S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PYT POLYTEC HOLDING
FYB FORMYCON AG
DUE DURR AG
DMP DERMAPHARM HOLDING SE
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
FORSE FORSEE POWER SA
DEME DEME GROUP NV
R3NK RENK GROUP AG
AQ AQUILA PART PROD COM
- Jerôme Bodin
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
PSM PROSIEBENSAT.1 MEDIA SE
HOT HOCHTIEF AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SIX2 SIXT SE
WIE WIENERBERGER AG
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
COK CANCOM SE
DLG DE'LONGHI S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PYT POLYTEC HOLDING
FYB FORMYCON AG
DUE DURR AG
DMP DERMAPHARM HOLDING SE
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
FORSE FORSEE POWER SA
SPAC 468 SPAC I SE
DEME DEME GROUP NV
R3NK RENK GROUP AG
AQ AQUILA PART PROD COM
- ING Helpdesk
Benelux Morning Notes
AEGON: 3Q in line, UK weak, all eyes on CMD in December. DEME Group: Going into 2026 with a stable order book. D'Ieteren: North America Beron peer Boyd confirms positive l/l in 3Q25, further improvement in 4Q25. KBC: 3Q above, increase in FY25 guidance across the board, first SRT is sizeable. Ontex: Peer Essity acquires Edgewell's Feminine Care activity. SBM Offshore: Progression in markets and earnings. Zabka: CVC and PG sell 100m shares via ABB
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
DEME Although 3Q was weaker y/y another record year is taking shape
As 3Q25 turnover was € 980.9m (-9% y/y also impacted by a strong comparison base), 9M25 turnover surpassed €3bn, still a 3% y/y increase. Although y/y all segments had lower revenues in 3Q (-6% for Dredging & Intra, -12.7% for Offshore Energy, -16.3% for Environmental), DEME indicated that the YtD performance is fuelled by a double-digit YtD growth in the Offshore Energy segment which more than offset softer topline results in other segments compared to strong prior year revenues. Given this 9...
Trading update Q3 2025: another record year taking shape
Trading update Q3 2025: another record year taking shape Highlights third quarter 2025 Group nine-month turnover surpassed 3 billion euros, a 3% increase year-over-yearOrder book is 7.5 billion euros, compared to 7.1 billion euros last yearManagement reiterates its expectations that full-year turnover will be at least in line with 2024 and forecasts a strong year-over-year EBITDA improvement, with the EBITDA margin in the range of 20% to 22%DEME took delivery of its new offshore installation vessel Norse Wind in October, completed on schedule, and set to commence operations in the first ha...
Trading update Q3 2025: een nieuw recordjaar krijgt vorm
Trading update Q3 2025: een nieuw recordjaar krijgt vorm Hoogtepunten derde kwartaal 2025 De groepsomzet over negen maanden overschreed 3 miljard euro, een stijging met 3% jaar over jaarHet orderboek bedroeg 7,5 miljard euro, tegenover 7,1 miljard euro vorig jaarHet management bevestigt opnieuw zijn verwachting dat de omzet voor het volledige jaar minstens in lijn zal liggen met 2024 en verwacht een sterke verbetering van de EBITDA, met de EBITDA-marge in de range van 20% tot 22%DEME’s nieuwe offshore installatieschip Norse Wind werd volgens planning in oktober opgeleverd, en zal in de eer...
- ING Helpdesk
Benelux Morning Notes
ABN Amro: 3Q mixed, NIBC M&A good value for money. Adyen: CMD highlights – confident on long-term growth Belgian Telecoms: Digi Belgium raises €104.5m in capital, after €80m capital increase in July. CM.com: Raises €5m through private placement. Recticel: Peer Rockwool's 3Q25 trading update. Zabka: Potential bidder for Carrefour Romania. Events Calendar
- Bruno Cavalier
- Thijs Berkelder
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
ALCLS CELLECTIS SA
KER KERING SA
01913 PRADA S.P.A.
KRN KRONES AG
MLP MLP SE
CCC CCC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ZGN ERMENEGILDO ZEGNA NV
DEME DEME GROUP NV
STM STABILUS SE
- Bruno Cavalier
- Thijs Berkelder
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
ALCLS CELLECTIS SA
KER KERING SA
01913 PRADA S.P.A.
KRN KRONES AG
MLP MLP SE
CCC CCC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ZGN ERMENEGILDO ZEGNA NV
DEME DEME GROUP NV
STM STABILUS SE
- Thijs Berkelder
DEME Group : Playing chess on multiple tables, it’s all about the next...
Benefitting from an almost perfect project delivery in offshore wind, especially in the US, DEME in our view should be able to improve its 2025 EBITDA to a new record level of € 881m (= 21% margin). Although its orderbook for 2026 in H1 still was screening weaker than a year ago, the early delivery and contracting of the high margin Havfram vessels (€ 900m acquisition) makes us confident that DEME also in 2026 should be able to exceed the € 800m EBITDA level. As such, we today upgrading to Outp...
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