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- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar
PROX PROXIMUS SA DE DROIT PUBLIC
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
PHIA KONINKLIJKE PHILIPS N.V.
WKL WOLTERS KLUWER NV
ASM ASM INTERNATIONAL N.V.
ASRNL ASR NEDERLAND NV
LIGHT SIGNIFY NV
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ASML ASML HOLDING NV
TKWY JUST EAT TAKEAWAY.COM N.V.
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
TOM2 TOMTOM NV
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
FAST FASTNED
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: NFLI reaching c.30% level in its ABN stake reduction. ABN AMRO: Relaunch of Belgium private banking using MeesPierson brand. Elia: FY25 profit outlook unchanged, minor reduction in capex. Greenyard: Disappointing 2H24/25, guidance lowered. NN Group, ASR: Parliament votes against amendment to Dutch Pension Reform
- ING Helpdesk
Benelux Morning Notes
Alfen: Dead cat bounce? Ayvens: Overhang cure. Belgian telcos: Hey! discontinues €5 offer, OBEL price increases from June 2025. B&S Group: Pulls FY EBITDA guidance in light of tariffs. D'Ieteren: CMD, 1Q25 Preview. Kendrion: Wrestling through difficult macro conditions. NN Group, ASR: Vote on Dutch pension reforms postponed. TKH Group: Not that bad, good progress at Eemshaven. UCB: US Most Favoured Nation initiative back on the agenda. Vastned: Good results, integration ongoing...
- Jason Kalamboussis
ASR/Steady build-up of capital/BUY
With its strong capital position restored post the AEGON NL acquisition, now ASR can contemplate a year where it can use its strength to take market share as the Dutch Pension reform unfolds. With PIM we expect its Solvency 2 ratio to reach c.210% by YE25, while also assuming in there some further large buyouts (Life M&A essentially) in the market. In the long run the reward is that the current low margin DC AUMs now lead to richer margin Annuities in the future. Consistency continues to pay off...
- Oliver Metzger
- Oliver Metzger
- Cor Kluis
- Oliver Metzger
- Wim Gille
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MTX MTU AERO ENGINES AG
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
PHIA KONINKLIJKE PHILIPS N.V.
VOE VOESTALPINE AG
ACX ACERINOX SA
NEX NEXANS SA
ERA ERAMET SA
CAP CAPGEMINI SE
BA. BAE SYSTEMS PLC
NDA AURUBIS AG
ELI ELIA GROUP SA/NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASRNL ASR NEDERLAND NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
STMN STRAUMANN HOLDING AG
- Oliver Metzger
- Wim Gille
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
PHIA KONINKLIJKE PHILIPS N.V.
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
CAP CAPGEMINI SE
NDA AURUBIS AG
ELI ELIA GROUP SA/NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASRNL ASR NEDERLAND NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
STMN STRAUMANN HOLDING AG
- Cor Kluis
- ING Helpdesk
Benelux Morning Notes
Aedifica: Good results, positive message about tenants growth. AGEAS: BNP Paribas increase stake >15% ASR: 2H results and SBB in line, capital strength building up. Belgian Telecoms: Peer Telenet 4Q24 results, guiding for low to mid single digit EBITDAal decline EVS: Exceptional FCF, 2025 EBIT consensus to go up >7% on +10-15% like for like sales growth YoY Gimv: In close cooperation with WorxInvest KPN: VodafoneZiggo 4Q24 still weak, declining EBITDA guidance on “strategic customer initiatives”...
- Guy Sips
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Thomas Couvreur
Benelux Insurance: Resilient to macro uncertainty
In this Benelux Insurance sector note we provide a refresher of the potential impact of various macro-economic impacts on the insurance sector. Despite the high volatility period of Covid followed by an inflation spike behind us, visibility on macro environment remains limited due to geopolitical uncertainty. In this note we demonstrate that these potential impacts are well under control and focus very much still remains on the capital distribution story. We also take a look ahead to the FY24 r...
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- ING Helpdesk
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