reports
- Julian Dobrovolschi
- Anis Zgaya
- Bruno Cavalier
- Louis Boujard
- CFA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
RBT ROBERTET SA
KER KERING SA
ELIS ELIS SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
BCHN BURCKHARDT COMPRESSION HOLDING AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
GRP GREENCOAT RENEWABLES
SFQ SAF-HOLLAND SE
FLOW FLOW TRADERS LTD
- Anis Zgaya
- Bruno Cavalier
- Louis Boujard
- CFA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
RBT ROBERTET SA
KER KERING SA
ELIS ELIS SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
BCHN BURCKHARDT COMPRESSION HOLDING AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
GRP GREENCOAT RENEWABLES
SFQ SAF-HOLLAND SE
FLOW FLOW TRADERS LTD
- ING Helpdesk
Benelux Morning Notes
AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
- Jerôme Bodin
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
- Julian Dobrovolschi
- ING Helpdesk
Benelux Morning Notes
AB InBev: 2Q25 results. Air France-KLM: Nice beat, let's see how FY25 finishes. AMG: Uptrend continues in 2Q25 with 23% EBITDA beat and guidance up to +US$200m. Aperam: Slight 2Q25 EBITDA beat, 3Q25 seen down QoQ. Arcadis: EBITA margin held up well in 2Q25, order intake mixed. Ayvens: 2Q25 results. Azelis: Soft but largely in-line 2Q25 with EMEA offsetting weaker APAC. Bekaert: 1H25 miss and lowered outlook to result in c.5% consensus downside. Corbion: Taking it to the wire. dsm...
APAML APERAM SA
FAGR FAGRON SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ALD ALD SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Albertsons 1Q25/26 results ASML: 2Q25 results; good update, focus on FY26 Barco: 1H25 results; margin uplift despite headwinds Belgian Telecoms: DIGI fixed internet launch in Wallonia Flow Traders: June global volume rises but volatility declines MoM NSI: Good operational results, cautious outlook Ontex: Sizeable profit warning calls for material consensus downgrade
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
- Charlotte Vaisse
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
- ING Helpdesk
Benelux Morning Notes
Aalberts: Acquisition of Asian semiconductor player. ASML: Preview 2Q25; building backlog for 2026. BAM: 1H25 preview - YoY improvement from UK. Barco: Preview 1H25F; significant headwinds. Econocom: Acquires four specialist AV companies under ‘One Econocom' strategic plan. Flow Traders: Preview 2Q25. Staffing: Page Group 2Q25 trading update; soft 2Q25 especially in perm; outlook in line. WDP: €41m sale-and-lease back in France
- Julian Dobrovolschi
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Couvreur
Flow Traders Trump uplift in market volatility short-lived
In April we published the note “Trump volatility resulting in a massive tailwind”, where we were banking on a strong 2Q25 for Flow Traders on the back on economic turmoil caused by Trump's trade war. Despite continued erratic actions from the White House, combined with a significant escalation in the Middle East, market volatility virtually fully normalized. The strong quarter for Flow Traders we were expecting clearly did not materialize.
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Colruyt: FY24/25F set to be in line with recently revised guidance. Exor: In search of a €2bn deal. Flow Traders: Sell In May And Go Away. Kinepolis: Peer Cineplex May 2025 box office revenue up 63% YoY, at 81% of 2019 level. Staffing: Dutch Period 5 - May vols up, strong pricing, working days/comps might distort. Staffing: French staffing - strong April data, May outlook also better
- ING Helpdesk
Benelux Morning Notes
CM.com: CMD – AI-first strategy, new medium-term targets. CVC Capital Partners: Good realisations. D'Ieteren: CMD feedback. Euronext: An even stronger April is Next. Flow Traders: Promising April. KBC: M&A in Slovakia, capital changes, beat in 1Q. Prosus: iFood partners with Uber. SBM Offshore: FY25 starts reasonably well, decarbonization gains momentum. Syensqo: Modest 1Q25 beat, +€1.4bn FY EBITDA guidance excludes FX, tariff impact
- Jason Kalamboussis
- Reg Watson
- CFA
Flow Traders/Point proved/HOLD
The Flow Traders' share price fell by 21% on the 1Q25 results in which management revealed that the April bout of market volatility is of significantly smaller scale (intensity and duration) than the pandemic induced VIX index spike. We review our earnings forecast and valuation, and come to the conclusion that Flow Traders is likely to deliver a through cycle RoE of c.15%. As a result, we expect the company to trade around 1.5x book value (of €18.00 per share) now that the New Operating Model i...
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