reports
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
BLC BASTIDE LE CONFORT MEDICAL SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
MRN MERSEN SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
CCC CCC SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
BRAV BRAVIDA HOLDING AB
LFDE LA FRANCAISE DE L'ENERGIE SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TMV TEAMVIEWER AG
ZGN ERMENEGILDO ZEGNA NV
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
R3NK RENK GROUP AG
PLNW PLANISWARE
4X0 STEYR MOTORS AG
LOCAL SOLOCAL GROUP
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
SK SEB SA
SW SODEXO SA
ALV ALLIANZ SE
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
SAF SAFRAN S.A.
01913 PRADA S.P.A.
BKT BANKINTER SA
ASSA B ASSA ABLOY AB CLASS B
TEC TECHNIPFMC PLC
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
HAG HENSOLDT AG
DSY DASSAULT SYSTEMES SA
ATCO A ATLAS COPCO AB
SGSN SGS SA
- Anthony Dick
- Emira Sagaama
- Michael Foundoukidis
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
BLC BASTIDE LE CONFORT MEDICAL SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
MRN MERSEN SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
VIS VISCOFAN S.A.
CCC CCC SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
LFDE LA FRANCAISE DE L'ENERGIE SA
HOME NEINOR HOMES SA
MDM MAISONS DU MONDE SA
SMCP SMCP SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TMV TEAMVIEWER AG
ZGN ERMENEGILDO ZEGNA NV
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
R3NK RENK GROUP AG
PLNW PLANISWARE
4X0 STEYR MOTORS AG
LOCAL SOLOCAL GROUP
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
SK SEB SA
SW SODEXO SA
ALV ALLIANZ SE
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
SAF SAFRAN S.A.
01913 PRADA S.P.A.
BKT BANKINTER SA
ASSA B ASSA ABLOY AB CLASS B
TEC TECHNIPFMC PLC
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
HAG HENSOLDT AG
DSY DASSAULT SYSTEMES SA
ATCO A ATLAS COPCO AB
SGSN SGS SA
- Pierre FerraguÊ
- Rolf Bulk
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Martijn Den Drijver
- Tijs Hollestelle
Aalberts/Semicon now at the trough/BUY
Aalberts handed in an in line with our and consensus expectations set of 3Q25 results. Management though adjusted the 2025 EBITA margin guidance towards the lower end of the prior range of between 13% and 14%. We lower our adjusted EBITA margin estimate from 13.5% to 13.0% and our 2025F EPS is cut by 1.1%. Ongoing difficult macro-economic conditions, especially in Europe, hamper a volume-driven recovery in the Building and Industrial division. The Semicon division is facing an easier YoY compari...
UCB SA: 1 director
A director at UCB SA bought 70 shares at 250.000EUR 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 showing C...
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Emmanuel Matot
IPS IPSOS
FP TOTAL SE
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
ITP INTERPARFUMS
BLC BASTIDE LE CONFORT MEDICAL SA
PKO PKO BANK POLSKI S.A.
LPE LAURENT-PERRIER SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
ENI ENI S.P.A.
NEX NEXANS SA
ICAD ICADE SA
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
VRNL VERNEUIL PARTICIPATIONS
ERG ERG S.P.A.
CTAC CTAC N.V.
TPS ORANGE POLSKA S.A.
AOF ATOSS SOFTWARE AG
RIEN RIETER HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
CON CONZZETA AG
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ALR ALIOR BANK SA
VLTSA VOLTALIA
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
GALE GALENICA AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
4X0 STEYR MOTORS AG
- Martijn Den Drijver
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q in line, FY margin now low end of guidance. Acomo: Going from strength to strength. Ahold Delhaize: New $860m distribution centre for Food Lion. Azelis: Weak 3Q25 as broadly expected, CFO to step down. Barco: Press release ahead of CMD. BE Semiconductor Industries: 3Q25 Results – Delivered on order intake. Econocom: 3Q25 organic growth down to c.3.4%, full year growth guidance confirmed. Heineken: EverGreen 2030. Kinepolis: Weak 3Q25 as expected, with Netherlands at ...
- Kristof Samoy
Aalberts 3Q25 in line but mixed divisional performance, FY margin outl...
Over 3Q25 Aalberts' topline came in above expectations organically declining by -1.9%. Topline stood at €773m compared to our €747mE and consensus of €754mE. Adjusted EBITA of €96m was in line with our €97mE and CSS of €97mE. Overall EBITA margin was a bit softer at 12.5% (vs. 12.8% CSS, 13% KBC) and down from 13.7% in 3Q24. The company is now guiding for a fully year EBITA margin of around 13% down from a range of 13-14% issued at the 2H25 release. KBC and CSS are currently banking on 13.5% mar...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Thomas Couvreur
Hybrid Software Group Strong 3Q update; record sales in Enterprise Sof...
Hybrid Software Group published their limited 3Q trading update. After a tough 1H25, the company has turned the page with a significant uptick in sales and, more importantly, very strong margins. At these levels HYSG is well on track to beat our FY operating & net result estimates. We keep our TP on €5.0 for now and comfortably reiterate our Buy recommendation.
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