reports
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Wim Lewi
- Mathijs Geerts Danau
Sequana Medical New DSR patent improves value of program
Sequana announces granting of a key additional methods and formulation patent for DSR. This patent increases durability and expands protection of Sequana's DSR IP, thereby improving its value. We note that the patent provides additional time for Sequana to secure dedicated financing to advance DSR toward the randomized controlled portion of the MOJAVE clinical study. We reiterate our BUY rating.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Mathijs Geerts Danau
Sequana Medical Announces first US sale of the alfapump
Sequana reported the first US commercial alfapump implant at Mount Sinai Hospital in New York. This important milestone shows the demand for the alfapump in the US. We adjust our TP from € 2.8 to € 2.7 to reflect the new share count and reiterate our BUY rating.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Mathijs Geerts Danau
- Thibault Leneeuw
- Wim Lewi
- ING Helpdesk
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- 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
AkzoNobel: 3Q25 in-line, FY guidance trimmed, €300m provision for Ichthys court case. Gimv: ImCheck Therapeutics checked out. Heineken: 3Q25 trading update; outlook FY25 slightly lowered. KPN: Ziggo 2Gbits internet roll out for c.7m homes by end 2025, full Netherlands by 2026. Randstad: 3Q25 result beats 5%; outlook 4Q25 also beats; strong OPEX performance
- Guy Sips
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- 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...
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