reports
- Marc Zwartsenburg
- CEFA
bpost/A turnaround is not a next day delivery/HOLD
HOLD maintained; target price increased from €1.75 to €1.95 to reflect progress made in the last two quarters and the increase in outlook. However, we also believe tough trading conditions, optimisation of Staci and transformation of Radial US will mean that a recovery of fundamentals cannot be expected in the next quarter(s) as visibility is low and transformation takes time. We do see the longer-term potential but first want to see tangible evidence of margin recovery which validates plugging ...
- Roy Külter
- Steven Boumans
BVI BUREAU VERITAS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EVT EVOTEC SE
TNG TRANSGENE SA
ISS ISS A/S
ITRK INTERTEK GROUP PLC
BOSS HUGO BOSS AG
ACX ACERINOX SA
TRI TRIGANO SA
FAE FAES FARMA S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
DGM DIAGNOSTIC MEDICAL SYSTEMS
RUI RUBIS SCA
DIGI DIGI COMMUNICATIONS NV
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
HFG HELLOFRESH SE
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AG1 AUTO1 GROUP
SGSN SGS SA
SHA SCHAEFFLER AG
- Roy Külter
- Steven Boumans
BVI BUREAU VERITAS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EVT EVOTEC SE
TNG TRANSGENE SA
ISS ISS A/S
ITRK INTERTEK GROUP PLC
BOSS HUGO BOSS AG
ACX ACERINOX SA
TRI TRIGANO SA
FAE FAES FARMA S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
DGM DIAGNOSTIC MEDICAL SYSTEMS
RUI RUBIS SCA
DIGI DIGI COMMUNICATIONS NV
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
HFG HELLOFRESH SE
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AG1 AUTO1 GROUP
SGSN SGS SA
SHA SCHAEFFLER AG
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...
KPN ROYAL KPN NV
WKL WOLTERS KLUWER NV
VNA VONOVIA SE
UCB UCB S.A.
DIE D'IETEREN SA
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
EXO EXOR N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ALFEN ALFEN NV
DSC1 DUTCH STAR C SHAR
UMG UNIVERSAL MUSIC GROUP NV
VAR VAR ENERGI ASA
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Stefano Toffano
- Wim Gille
- ING Helpdesk
Benelux Morning Notes
Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back
- Wim Hoste
Tessenderlo Feedback Analyst & Asset Manager Day
Tessenderlo reiterated FY25 guidance at the occasion of its Investor event yesterday. We note that Luc Tack expressed his desire to become more strict in allocating capex, whilst in terms of activity portfolio there are no sacred cows and management asks themselves whether they are still the best owner of their businesses. The deal with Darling Ingredients on gelatin & collagen is progressing with deal closing probable in 2H26. We continue to appreciate Tessenderlo for its healthy FCF generation...
- Kristof Samoy
- Wim Hoste
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo Feedback 1H results conference call
Below are the highlights from the conference call. Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation t...
- ING Helpdesk
Benelux Morning Notes
AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Tessenderlo FIRST LOOK: 1H adj EBITDA +8%, FY guidance maintained
Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation to be attractive enough from maintaining our Accumul...
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Michiel Declercq
bpost Conference call feedback and model update post 2Q25
Despite the ongoing headwinds, bpost reported better than expected 2Q25 results, with the adj. EBIT of € 58.3m exceeding expectations (kbcse: € 46m, css: € 48m). While results in Belgium were somewhat lower, this was offset by better than expected results in the other divisions while Staci's performance was in line. Although sales pressure at Radial US continued following the termination of contracts in 2024 and early 2025, we are pleased to see that its new fast track offering is gaining tracti...
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- ING Helpdesk
Benelux Morning Notes
bpost: 2Q25 results beat 22%, outlook raised further, room for another upgrade at 3Q25. Lotus Bakeries: APAC factory ahead of schedule. NN Group: 1H on track with May CMD, longevity deal a positive surprise (Sol 2 PF 205%). Talabat: 2Q25 Preview. Vopak: AVTL's FID on Mumbai expansion
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
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