reports
- ING Helpdesk
- Maxime Kogge
- Thomas Zlowodzki
- Maxime Kogge
- Thomas Zlowodzki
- Cor Kluis
- ING Helpdesk
- Cor Kluis
- Thomas Zlowodzki
- Cor Kluis
- Thomas Zlowodzki
- Cor Kluis
- Konrad Zomer
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MMK MAYR-MELNHOF KARTON AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SPSN SWISS PRIME SITE AG
KGX KION GROUP AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
EVD CTS EVENTIM AG & CO. KGAA
AGN AEGON N.V.
- Konrad Zomer
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MMK MAYR-MELNHOF KARTON AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SPSN SWISS PRIME SITE AG
KGX KION GROUP AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
EVD CTS EVENTIM AG & CO. KGAA
AGN AEGON N.V.
- Cor Kluis
- 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
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Jason Kalamboussis
REVISED VERSION - AEGON/Unsettling uncertainty/BUY - Corrected report ...
AEGON has been through a couple of disappointing set of results. The 2Q is likely to be better (OCG we are at the top of the guided range), benefiting from better claims experience in the US, while reflecting some headwinds from FX and US Equity markets (from the end of March). US RBC ratio while lower, remains very adequate at 429% (INGF), and Cash while at c.€2bn, doesn't include the final dividend payment that eventually came in 3Q. Ahead of the CMD in December, AEGON is unlikely to announce ...
- Farid Bitari
- Nicolas David
- Farid Bitari
- Nicolas David
- Cor Kluis
- ING Helpdesk
- Jason Kalamboussis
AEGON/Section 899 could spell trouble for Transamerica/BUY
Section 899 of the US “One Big Beautiful Bill Act” calls for strong additional taxes for countries that have “unfair foreign taxes”, and the Netherlands looks like one. This still needs to go through the Senate, and then implementation could be complex or used in the overall Tariff negotiations. As it stands, however, it could affect AEGON's US earnings (sub 5% INGF) but could very seriously dent the ability of AEGON to remit US Cash to the Group, with the worst-case scenario being a 50% tax on ...
- 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
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