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...

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

Morning Notes : AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA

: AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA

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...

Morning Notes : ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

: ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

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...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

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

Morning Notes : BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA

: BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA

Bpost : Hitting its own targets (which is already a good sign)

Tessenderlo/Model update ahead of 1H25/BUY

We update our model to reflect recent macro and FX trends as well as Tessenderlo's 2025F guidance. We lower our target price to €30 per share from €32 previously, mainly as a result of our lower estimates. We stick to our BUY on valuation grounds.

Tessenderlo Group: 1 director

A director at Tessenderlo Group bought 626,596 shares at 25.140EUR and the significance rating of the trade was 67/100. 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 cl...

Morning Notes : AGFB BB, BPOST BB, GLPG NA, PROX BB, UCB BB, MAAT FP

: AGFB BB, BPOST BB, GLPG NA, PROX BB, UCB BB, MAAT FP

Morning Notes : BPOSTb BB, TESB BB

: BPOSTb BB, TESB BB

bpost Ambitious targets, but uncertainty remains

During the CMD on June 3rd, bpost announced its strategic ambitions for the 2024–2027 period. While the 2027 outlook came in well above our estimates, we note that most of the projected Adj. EBIT growth is expected to be back-end loaded, as the group continues to face challenges in 2025 and 2026. Nonetheless, we believe management made a good impression. We were particularly encouraged by the launch of Radial's new fast-track offering in the U.S., with initial customer onboardings trending ahead...

Benelux Morning Notes

ABN AMRO: Launch of BUUT neobank. Aedifica: €47m investment in Finland. bpost: 2025 CMD event feedback - Rethink the Possible. Reshape the Future. Sofina: Scalable investment

Benelux Morning Notes

Aedifica and Cofinimmo: Agreement reached to create Europe's leading Healthcare REIT. bpost: CMD press release; #Reshape 2029. D'Ieteren: Belgian new car registrations down 11.7% in May, VW down 13.5% Fugro: Meeting with CEO & IR; 2Q25 also has its challenges. UCB: Peer Moonlake held takeover talks with US Merck, FT reports

bpost Launches new 2024-2027 ambitions

Today, bpost launched its “Reshape 2029” strategy. This will be followed by a CMD in Brussels later today. Over the next years, bpost's intends to reposition itself as a logistics leader that also provides postal services. The transformation should result in group revenues exceeding € 5.0bn by 2027 (kbcse: € 4.8bn), with the adj. EBIT expected to progressively recover above € 275m (kbcse: € 208m). Growth is mainly expected to come from its 3PL business. While the outlook comes in comfortably abo...

Morning Notes : AED BB, BPOSTb BB, FLOB BB, MAAT FP, PHVS US

: AED BB, BPOSTb BB, FLOB BB, MAAT FP, PHVS US