reports
- 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
- Marc Hesselink
- CFA
- Thymen Rundberg
Benelux Tech update/Our favourites: ASM, Barco, BESI, RELX
We refresh our Benelux Tech coverage following the 1Q25 reporting season. In this note we downgrade Just Eat Takeaway from Buy to HOLD as we believe the takeover offer is fair. Most companies reported largely in line results and, across the board we make relatively modest changes to our estimates. Our highest conviction longs in the Benelux Tech universe are ASM International, Barco, BE Semiconductor Industries and RELX. Our biggest increase in target price is for Prosus which saw strong perfor...
PHIA KONINKLIJKE PHILIPS N.V.
WKL WOLTERS KLUWER NV
ASM ASM INTERNATIONAL N.V.
LIGHT SIGNIFY NV
MELE MELEXIS NV
ASML ASML HOLDING NV
TKWY JUST EAT TAKEAWAY.COM N.V.
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
Benelux Morning Notes
EVS: Weak start to the year, sales guidance maintained excluding FX, EBIT guidance low Just Eat Takeaway.com: Prosus offer launched KBC: CFO meeting – navigating above targets, strong loan growth & NII path NEPI Rockcastle: Robust Q1 results, strong top line Xior Student Housing: Dutch rent freeze not applicable to Xior
- 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
- ING Helpdesk
Benelux Morning Notes
AB InBev: Strong brew. Adecco: 1Q25 beats on timing of JV income; 2Q25 outlook momentum positive. Alfen: Preview - 1Q25 should arrive in line. AMG: Strong 1Q25 EBITDA beat, guidance raised. BAM Group: Non-residential backs EBITDA increase. CTP: Strong results combined with strong message on demand dynamics. JDE Peet's: Jumping Beans. Kinepolis: Peer AMC 1Q25 results - revenues per visitor more subdued. Prosus: CEO letter highlights strong profit growth in 2026. Proximus: CpaaS ...
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
RHM RHEINMETALL AG
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
WPP WPP PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BNR BRENNTAG SE
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
TKWY JUST EAT TAKEAWAY.COM N.V.
AMAG AMAG AUSTRIA METALL AG
PRX PROSUS N.V. CLASS N
SYENS SYENSQO
HAVAS HAVAS N.V
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
RHM RHEINMETALL AG
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
WPP WPP PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BNR BRENNTAG SE
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
TKWY JUST EAT TAKEAWAY.COM N.V.
AMAG AMAG AUSTRIA METALL AG
PRX PROSUS N.V. CLASS N
SYENS SYENSQO
HAVAS HAVAS N.V
- Andreas Riemann
- Wim Gille
- Jerôme Bodin
- Stephane Houri
ODDO : Feedback from 9th ODDO BHF TMT Forum
Our two-day 9th virtual TMT Forum was attended by 32 listed companies and 292 investors. The trends in media seem to point to a correct start to the year. Telecom players are optimistic on the regulatory front (intra-market consolidation). Software & IT services and semis continue to see mixed trends, apart from in AI and some hopes that a few companies will benefit from the rise of defence spending. In terms of companies, the main positive messages came from Auto1, CMCOM, Indra, Infineon, Telec...
IPS IPSOS
TFI TELEVISION FRANCAISE 1 SA
GAMA GAMMA COMMUNICATIONS
ELG ELMOS SEMICONDUCTOR SE
WPP WPP PLC
SOI SOITEC SA
AIXA AIXTRON SE
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
IDR INDRA SISTEMAS S.A. CLASS A
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
TEF TELEFONICA SA
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ARM ARM HOLDINGS PLC
PLNW PLANISWARE
EXENS EXOSENS
AMS AMS-OSRAM AG
- Bruno Cavalier
- Jerôme Bodin
- Stephane Houri
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TFI TELEVISION FRANCAISE 1 SA
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
HEI HEIDELBERGCEMENT AG
WPP WPP PLC
01913 PRADA S.P.A.
SOI SOITEC SA
AIXA AIXTRON SE
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LPP LPP S.A.
SESL SES-IMAGOTAG SA
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SPIE SPIE SA
IDR INDRA SISTEMAS S.A. CLASS A
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
TEF TELEFONICA SA
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ARM ARM HOLDINGS PLC
PLNW PLANISWARE
AMS AMS-OSRAM AG
- Ahmed Ben Salem
- Baptiste Lebacq
- Jerôme Bodin
- Thomas Zlowodzki
ETL EUTELSAT COMMUNICATIONS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TFI TELEVISION FRANCAISE 1 SA
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
WPP WPP PLC
01913 PRADA S.P.A.
SOI SOITEC SA
AIXA AIXTRON SE
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LPP LPP S.A.
SESL SES-IMAGOTAG SA
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
MAU ETABLISSEMENTS MAUREL & PROM SA
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
TEF TELEFONICA SA
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ARM ARM HOLDINGS PLC
PLNW PLANISWARE
AMS AMS-OSRAM AG
- Ahmed Ben Salem
- Baptiste Lebacq
- Jerôme Bodin
- Thomas Zlowodzki
ETL EUTELSAT COMMUNICATIONS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TFI TELEVISION FRANCAISE 1 SA
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
NOEJ NORMA GROUP SE
WPP WPP PLC
01913 PRADA S.P.A.
SOI SOITEC SA
AIXA AIXTRON SE
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LPP LPP S.A.
SESL SES-IMAGOTAG SA
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
MAU ETABLISSEMENTS MAUREL & PROM SA
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
TEF TELEFONICA SA
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ARM ARM HOLDINGS PLC
PLNW PLANISWARE
AMS AMS-OSRAM AG
- Bruno Cavalier
- Jerôme Bodin
- Stephane Houri
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TFI TELEVISION FRANCAISE 1 SA
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
HEI HEIDELBERGCEMENT AG
WPP WPP PLC
01913 PRADA S.P.A.
SOI SOITEC SA
AIXA AIXTRON SE
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LPP LPP S.A.
SESL SES-IMAGOTAG SA
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SPIE SPIE SA
IDR INDRA SISTEMAS S.A. CLASS A
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
TEF TELEFONICA SA
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ARM ARM HOLDINGS PLC
PLNW PLANISWARE
AMS AMS-OSRAM AG
- Emira Sagaama
- Margaux van Oerle
- Stephane Houri
- Thomas Zlowodzki
CON CONTINENTAL AKTIENGESELLSCHAFT
IPS IPSOS
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
GET GETLINK SE
RNO RENAULT SA
KPN ROYAL KPN NV
ORA ORANGE SA
EO FAURECIA SA
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
GAMA GAMMA COMMUNICATIONS
LSS LECTRA SA
HAL HAL TRUST
G ASSICURAZIONI GENERALI S.P.A.
FR VALEO SE
GEBN GEBERIT AG
VOW3 VOLKSWAGEN AG PREF
WPP WPP PLC
AMP AMPLIFON S.P.A.
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
KGX KION GROUP AG
OTP OTP BANK NYRT
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
POST OSTERREICHISCHE POST AG
RACE FERRARI NV
IDR INDRA SISTEMAS S.A. CLASS A
BIM BIOMERIEUX SA
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
GEST GESTAMP AUTOMOCION S.A.
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
FDJ LA FRANCAISE DES JEUX SA
DSC1 DUTCH STAR C SHAR
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AG1 AUTO1 GROUP
NA9 NAGARRO
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM ARM HOLDINGS PLC
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
EXENS EXOSENS
AMS AMS-OSRAM AG
- Jerôme Bodin
- Stephane Houri
ODDO : 9th ODDO BHF TMT Forum – Feedback Day 1
We are hosting our 9th ODDO BHF TMT Forum virtually on 6 and 7 March 2025. In total, 34 companies will be presenting during the forum. In the following note, we provide some initial feedback from companies on day 1. Out of the 21 feedbacks collected during the first day, 4 were clearly positive, and only 2 were negative. Among the positive names, we would particularly highlight Auto1, CMCOM, INDRA, KPN and Telecom Italia. Among the negative names, we would highlight Gamma and AT&S.
KPN ROYAL KPN NV
GAMA GAMMA COMMUNICATIONS
LSS LECTRA SA
WPP WPP PLC
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
IDR INDRA SISTEMAS S.A. CLASS A
REY REPLY S.P.A.
VOD VODAFONE GROUP PLC
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ARM ARM HOLDINGS PLC
EXENS EXOSENS
AMS AMS-OSRAM AG
- Baptiste Lebacq
- Bruno Cavalier
- Thomas Zlowodzki
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
AENA AENA SME SA
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
PRX PROSUS N.V. CLASS N
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
DSY DASSAULT SYSTEMES SA
SPM SAIPEM S.P.A.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
- Baptiste Lebacq
- Bruno Cavalier
- Thomas Zlowodzki
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
TUB TUBACEX S.A.
ASM ASM INTERNATIONAL N.V.
SOC SUBSEA 7 S.A.
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
AENA AENA SME SA
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
PRX PROSUS N.V. CLASS N
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
DSY DASSAULT SYSTEMES SA
SPM SAIPEM S.P.A.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
- Jerôme Bodin
- Martin Marandon-Carlhian
- ING Helpdesk
Benelux Morning Notes
Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises
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