reports
- Thijs Berkelder
HAL Trust : Taking profit after a year of strong outperformance
The share price of HAL Trust in the past 12 months improved by more than 50%, helped by strong performances of its main investments (Boskalis, Vopak, SBM Offshore, Technip Energies), but also by a rapid reduction in its holding discount to now just 11-12%, down from 30-35%. Being cautious on the potential impact of recent events in the Middle East, we today lower our recommendation to Neutral, and advise to take profit.
Fagron increases share capital through exercise subscription rights
Fagron increases share capital through exercise subscription rights Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 31 March 2026 – 7PM CET Fagron increases share capital through exercise subscription rights Fagron announces that as a result of the exercise of subscription rights, 104,200 new shares have been issued on 31 March 2026. In accordance with the Belgian transparency legislation, Fagron notes that its total share capital currently amounts to € 507,462,601.84. The total number of shares with voting rights after the issue amounts to 73,773,104 which is also ...
Fagron verhoogt kapitaal door uitoefening van inschrijvingsrechten
Fagron verhoogt kapitaal door uitoefening van inschrijvingsrechten Gereglementeerde informatieNazareth (België)/Rotterdam (Nederland), 31 maart 2026 – 19:00u. CET Fagron verhoogt kapitaal door uitoefening van inschrijvingsrechten Fagron maakt bekend dat er op 31 maart 2026 104.200 nieuwe aandelen zijn uitgegeven als gevolg van de uitoefening van inschrijvingsrechten. Overeenkomstig de Belgische transparantiewetgeving deelt Fagron mee dat haar maatschappelijk kapitaal na de uitgifte € 507.462.601,84 bedraagt. Het totaal aantal stemrechtverlenende effecten na de uitgifte bedraagt 73.773.1...
- Bruno Cavalier
- Luis de Toledo Heras
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
01913 PRADA S.P.A.
AIXA AIXTRON SE
MLP MLP SE
PAT PATRIZIA AG
MONC MONCLER SPA
ENG ENAGAS SA
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TCH TECHNICOLOR SA
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
- Bruno Cavalier
- Luis de Toledo Heras
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
VETO VETOQUINOL SA
KER KERING SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
01913 PRADA S.P.A.
AIXA AIXTRON SE
MLP MLP SE
PAT PATRIZIA AG
MONC MONCLER SPA
ENG ENAGAS SA
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TCH TECHNICOLOR SA
ZGN ERMENEGILDO ZEGNA NV
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
- Bruno Cavalier
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
HAL HAL TRUST
ZAL ZALANDO SE
NXT NEXT PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
- Bruno Cavalier
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
HAL HAL TRUST
ZAL ZALANDO SE
NXT NEXT PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
- Thijs Berkelder
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Robert Jan Vos
- Usama Tariq
- Wim Hoste
Tessenderlo Feedback FY25 results conference call
Below are the highlights of the FY25 results conference call. Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is generating sizeable FCF which was until recently used to regularly buy back own shares. We consider valuation to be attractive enou...
- ING Helpdesk
Benelux Morning Notes
Ageas: FY25 results of CTIH. ASR: Management & Supervisory Board changes. MICC: Preview 1Q26. Ontex: 1Q26 preview - markets remain challenging. Randstad: Preliminary preview 1Q26F results due 22 April. Tessenderlo: 2H25 miss, soft 2026F guidance. Unicredit: Injecting capital into its Belgian Bank
- Wim Hoste
Tessenderlo FIRST LOOK: FY25 EBITDA and FY26 guidance slight miss
Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is using its solid balance sheet and FCF to regularly buy back own shares. We consider valuation to be attractive enough from maintaining our Accumulate rating with target price maintained at € 28...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- ING Helpdesk
Disclosure of a transparency notification from Aberdeen Group plc
Disclosure of a transparency notification from Aberdeen Group plc Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 20 March 2026 – 6 PM CET Disclosure of a transparency notification from Aberdeen Group plc Pursuant to the Belgian act of 2 May 2007 on the disclosure of major shareholdings in listed companies, Fagron received a transparency notification from Aberdeen Group plc, dated 16 March 2026. Notification from Aberdeen Group plc On 19 March 2026, Fagron received a transparency notification from Aberdeen Group plc, informing the Company that its shareholding has...
Openbaarmaking van transparantiekennisgeving van Aberdeen Group plc
Openbaarmaking van transparantiekennisgeving van Aberdeen Group plc Gereglementeerde informatie Nazareth (België)/Rotterdam (Nederland), 20 maart 2026 – 18:00 CET Openbaarmaking van transparantiekennisgeving van Aberdeen Group plc Overeenkomstig de Belgische Wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen in beursgenoteerde vennootschappen, ontving Fagron een transparantiekennisgeving van Aberdeen Group plc, gedateerd op 16 maart 2026. Kennisgeving van Aberdeen Group plc Op 19 maart 2026 ontving Fagron een transparantiekennisgeving van Aberdeen Group plc, waarin aan...
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Thibault Leneeuw
- Thomas Couvreur
- Thibault Leneeuw
Fagron A Clear Path for sustained Double Digit REBITDA Growth
Our analysis of U.S. compounding capacity and utilization shows that North America can sustain double-digit organic growth, driving our 7.4% organic revenue CAGR (25–30) for the group. We expect strong REBITDA growth in 2026, and margin decrease due to acquisitions. Long-term margin upside is well supported by the new U.S. facilities and improved efficiency through centralized manufacturing and vertical integration in LatAm. The market continues to undervalue Fagron by focusing too heavily on ma...
Disclosure of a transparency notification from Mawer Investment Manage...
Disclosure of a transparency notification from Mawer Investment Management Ltd Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 13 March 2026 – 6 PM CET Disclosure of a transparency notification from Mawer Investment Management Ltd Pursuant to the Belgian act of 2 May 2007 on the disclosure of major shareholdings in listed companies, Fagron received a transparency notification from Mawer Investment Management Ltd, dated 11 March 2026. Notification from Mawer Investment Management Ltd On 11 March 2026, Fagron received a transparency notification from Mawer Investmen...
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