Benelux Morning Notes

Colruyt: Guidance reiterated despite weaker-than-expected 1H25/26. Dutch Pension Buyouts: Regulator DNB's view, c.€7bn so far, insurers at 15% market share now. OCI: Dutch investor association VEB and other shareholders take legal action to block Orascom merger. Proximus: CFO Mark Reid to leave Proximus by end of January 2026. Staffing Sector: US temp volume YoY declined vs October; NFP jobs beat expectations. Var Energy: Boosting production bodes well for years to come. Events Calendar

Lotus Bakeries: 1 director

A director at Lotus Bakeries bought 64 shares at 7,706.640EUR and the significance rating of the trade was 100/100. 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 clearl...

Dynamic Top Pick List How to start 2026?

How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...

Local Champions Mid Cap Conference Book 11.12.2025

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB

Morning Notes : JEN BB, MONT BB, BTLS BB, AUTL US

: JEN BB, MONT BB, BTLS BB, AUTL US

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 ...

ING Benelux Favourites/Weekly performance and valuation update

The ING Benelux Favourites list comprises ASM, Basic-Fit, DSM-Firmenich, Lotus Bakeries, SBM Offshore, Vopak, Wolters Kluwer and Xior.

Morning Notes : AED BB, COFB BB, GLPG NA, JEN BB, SOLB BB, VGP BB, SHU...

: AED BB, COFB BB, GLPG NA, JEN BB, SOLB BB, VGP BB, SHUR BB, CTPNV NA, IMCD NA, SYENS BB

Dynamic Top Pick List Update November: Removing Xior; Adding Aedifica

The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...

Jensen-Group Recent slowdown in order intake but on track to deliver a...

We updated our model (new € 67.5 Target Price (from €62) after Jensen-Group's 3Q25 revenues came in at a very nice € 134.9m compared to € 107.5m in 3Q24, resulting in a 19% y/y higher 9M25 sales of € 398.0m. We maintain our Accumulate rating. We incorporated in our updated model that Jensen-Group highlighted that after very solid results in the first nine months, they remain on track to deliver a record year with an expected FY25 EBIT range € 66m and € 71m (KBCSe from 64.9m to € 69m). On the ...

Vopak Key Take-Aways Analyst Call

This morning Vopak released its 3Q25 earnings. These confirmed with an in line operating performance (see earlier FRN this morning). Amidst all tariff related uncertainty and unfavourable FX dynamics, the report and maintained FY guidance underlines the defensiveness of the business model. Occupancy is holding up well and in the mean time large investments in Gas/Industrial terminals are being taken and properly executed. This bodes well for 2027 EBITDA growth. The analyst call had limited news ...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/11/2025

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...

Morning Notes : AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, V...

: AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, VPK NA, WDP BB, WKL NA, ALFEN NA

Vopak : Q3 results below consensus, but CFFO very, very strong again

Vopak 3Q25 results and outlook underpin resilience of the business mod...

Vopak once more confirmed with an in line operating performance. Proportional EBITDA (excl. exceptionals) of €287m in line with €291m company compiled CSS and a tad below €294m KBC est. The full year EBITDA outlook bandwidth was maintained. Occupancy rates are holding up well at 90%. This is a slight drop vs. last quarter but reflects timing of contract renewals. 3Q25 OCR of 14.7% is flattish vs. 2Q25 reflecting seasonal timing of capex phasing. Amidst all tariff related uncertainty and unfavour...

Bpost : Confidence in peak season delivery supports FY25 targets

Benelux Morning Notes

Adyen: 3Q25 results – solid net revenue, FY25 guidance reiterated. Aedifica: Guidance raised, positive tenant trends and good portfolio valuation. Ageas: China Taiping Life 3Q25 Solvency much lower, remains solid. Allfunds Group PLC: Strong flows. ASM International: 3Q25 results - disappointing orders, much better margins. Corbion: Iron wills and nerves of steel. Lotus Bakeries: peer Mondelez 3Q25 results. Melexis: 3Q25 results, ongoing gross margin pressure. Staffing: Dutch figs...