reports
- Guy Sips
- Michiel Declercq
- Wim Lewi
- Michiel Declercq
Proximus Dividend reset, value intact
At the end of February, Proximus presented its new 2026–2028 ambitions during a CMD. While the FCF outlook surprised positively, driven by lower capex spending, this was overshadowed by a dividend cut from €0.60 per share to €0.30 per share, with a gradual recovery to €0.50 per share by 2028. Although the dividend cut was unexpected, we had previously flagged that the dividend was not covered by free cash flow. As we view the dividend cut as a logical step that does not impact our valuation, we ...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Francesca Ferragina
- Michiel Vereycken
WHA WERELDHAVE N.V.
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
ASC ASCENCIO SCA
VGP VGP NV
NSI NSI N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
19XX NEPI ROCKCASTLE N.V.
- Delphine Brault
- Emira Sagaama
- Juan Ros-Padilla
- Luis de Toledo Heras
- Marc Lavaud
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
BKW BKW AG
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
KNIN KUEHNE & NAGEL INTERNATIONAL AG
RXL REXEL SA
SZG SALZGITTER AG
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASRNL ASR NEDERLAND NV
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
YPSN YPSOMED HOLDING AG
SPIE SPIE SA
VACN VAT GROUP AG
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Delphine Brault
- Emira Sagaama
- Juan Ros-Padilla
- Luis de Toledo Heras
- Marc Lavaud
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
BKW BKW AG
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
KNIN KUEHNE & NAGEL INTERNATIONAL AG
RXL REXEL SA
SZG SALZGITTER AG
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASRNL ASR NEDERLAND NV
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
YPSN YPSOMED HOLDING AG
SPIE SPIE SA
VACN VAT GROUP AG
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Cor Kluis
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MUV2 MUNICH REINSURANCE COMPANY
MERY MERCIALYS SA
AGS AGEAS SA/NV
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AMS AMADEUS IT GROUP SA CLASS A
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
YPSN YPSOMED HOLDING AG
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
ARGX ARGEN-X SE
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
RMV RIGHTMOVE PLC
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALC ALCON INC.
WDP WAREHOUSES DE PAUW SCA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
CVC CVC CAPITAL PARTNERS PLC
- Ahmed Ben Salem
- Bruno Cavalier
- Thomas Zlowodzki
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
CGM CEGEDIM SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
BON BONDUELLE SCA
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
SUN SULZER AG
CAI CA IMMOBILIEN ANLAGEN AG
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
CASH PROSEGUR CASH SA
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
VK VALLOUREC SA
ZEL PHARMA MAR SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
TTS TRANSPORT TRADE SVCS
SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
ARYN ARYZTA AG
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
- Florent Laroche-Joubert
- Roy Külter
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Results capping already strong subsidiary reporting. DPS beat. Fagron: Acquisition of Pharmavit Europe, active in nutraceutical raw materials. Fugro: Patience please. Kendrion: Sees signs of improvement in EU economy. Proximus: 2026 dividend halved, 2028-30 targets a bit better on lower capex. Proximus: 4Q25 in line EBITDA on weaker sales, FCF up; 2026 guidance below on EBITDA. Recticel: Strong FY25 results, CEO transition seen as a negative
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Russell Waller
Proximus (Neutral, TP: €8.3, +0%) Q4 25 and CMD Quick Take: Dividend ...
Proximus is holding a CMD in Brussels today that we are attending. Ahead of that, it has put out a release with FY26, FY28 guidance, and some long-term (FY30) capex and FCF estimates too. We don’t have all the detail yet, but we outline our initial thoughts in this report, and some commentary on the Q4 results too.
- Michiel Declercq
Proximus Targeting € 400m FCF by 2030, dividend cut in FY26
Proximus reported solid 4Q25 results, with the underlying EBITDA of € 437m broadly in line with expectations (kbcse: € 433m, css: € 434m) while the FY25 organic FCF of € 130m came in slightly ahead (kbcse: € 107m, css: € 102m). Although the outlook 2026 was broadly in line, we welcome the lower capex spending of between € 1.20- € 1.25bn (kbcse: € 1.30bn, css: € 1.29bn), resulting in a better than expected FCF guidance for 2026 of up to € 100m (kbcse: € 39m, css: € 24m). By 2030, the group expect...
- David Vagman
- CFA
- ING Helpdesk
Benelux Morning Notes
AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
BAMNB KONINKLIJKE BAM GROEP NV
AF AIR FRANCE-KLM SA
GIMB GIMV NV
ARCAD ARCADIS NV
ASC ASCENCIO SCA
VGP VGP NV
KIN KINEPOLIS GROUP NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AZE AZELIS GROUP NV
AGN AEGON N.V.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Louis Boujard
- CFA
- Philippe Ourpatian
REL RELX PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ZURN ZURICH INSURANCE GROUP LTD
MF WENDEL SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
BA. BAE SYSTEMS PLC
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
ASRNL ASR NEDERLAND NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
STMN STRAUMANN HOLDING AG
PUIG PUIG BRANDS
AMRZ AMRIZE AG
AENA AENA S.M.E. SA
- Louis Boujard
- CFA
- Philippe Ourpatian
REL RELX PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ZURN ZURICH INSURANCE GROUP LTD
MF WENDEL SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
BA. BAE SYSTEMS PLC
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
ASRNL ASR NEDERLAND NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
STMN STRAUMANN HOLDING AG
PUIG PUIG BRANDS
AMRZ AMRIZE AG
AENA AENA S.M.E. SA
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.