reports
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Cor Kluis
- Ahmed Ben Salem
EQNR EQUINOR ASA
ENGI ENGIE SA.
GALP GALP ENERGIA SGPS SA CLASS B
GFC GECINA SA
ALV ALLIANZ SE
ITRK INTERTEK GROUP PLC
ENI ENI S.P.A.
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
SPSN SWISS PRIME SITE AG
SIE SIEMENS AG
BP. BP P.L.C.
DNP DINO POLSKA S.A.
LAND LAND SECURITIES GROUP PLC
SHEL SHELL PLC
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
- Ahmed Ben Salem
EQNR EQUINOR ASA
ENGI ENGIE SA.
GALP GALP ENERGIA SGPS SA CLASS B
GFC GECINA SA
ALV ALLIANZ SE
ITRK INTERTEK GROUP PLC
ENI ENI S.P.A.
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
SPSN SWISS PRIME SITE AG
SIE SIEMENS AG
BP. BP P.L.C.
DNP DINO POLSKA S.A.
LAND LAND SECURITIES GROUP PLC
SHEL SHELL PLC
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
- Cor Kluis
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Jason Kalamboussis
AEGON/Time/BUY
After a disappointing set of FY24 results, the 1Q25 trading update is likely to be less eventful. Do expect though a larger Share Buyback (€250m INGF). The headwinds in both the US and Asset Management and the creeping restructuring costs in the US indicate that progress will slow. The ASR stake uncertainty and AEGON's inaction when shares reached highs in March suggest to us that a clearer response is needed here. AEGON should perhaps continue to shed businesses, as holding on to THB in Asia ev...
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
ENGI ENGIE SA.
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
VACN VAT GROUP AG
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
AMAG AMAG AUSTRIA METALL AG
ENR SIEMENS ENERGY AG
AGN AEGON N.V.
ALIV SDB AUTOLIV INC.
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
ENGI ENGIE SA.
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
VACN VAT GROUP AG
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
AMAG AMAG AUSTRIA METALL AG
ENR SIEMENS ENERGY AG
AGN AEGON N.V.
ALIV SDB AUTOLIV INC.
- Julian Dobrovolschi
- Thomas Zlowodzki
- Julian Dobrovolschi
- Thomas Zlowodzki
- Cor Kluis
- Emira Sagaama
- Oliver Metzger
- Wim Gille
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
COV COVIVIO SA
DAI DAIMLER AG
RXL REXEL SA
PHIA KONINKLIJKE PHILIPS N.V.
HOT HOCHTIEF AG
EOAN E.ON SE
RWE RWE AG
AIR AIRBUS SE
REP REPSOL SA
BA. BAE SYSTEMS PLC
RTLL RTL GROUP S.A.
STR STRABAG SE
NN NN GROUP N.V.
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
EVD CTS EVENTIM AG & CO. KGAA
KBX KNORR-BREMSE AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AGN AEGON N.V.
TEN TENARIS S.A.
UN0 UNIPER SE
- Cor Kluis
- ING Helpdesk
Benelux Morning Notes
AEGON: 2H better, small miss on solvency, strong cash position. Azelis: Uneven organic recovery in 4Q24, strong on profitability. BE Semiconductor Industries: 4Q24 results – 2025 reset. Fagron: Strong organic growth momentum underlined by FY24 results and outlook. Kinepolis: Slight EBITDA, net debt miss 2H24. NN Group: Capital saved by the bell, rest in line. SBM Offshore: Strong outlook. TKH Group: Preview; the elephant in the room. VGP: Strong bottom line performance. Wolters Kluwer: ...
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
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