In light of Vopak’s direct and indirect exposure to product flows coming out of the Gulf region (oil, chemicals, gases), we today are lowering our net earnings estimates by 7-11%, our target price by 9% to € 50, and our recommendation to Neutral from Outperform
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continues unabated. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. KBC macro-econimists have hiked the inflation expectation for 2026 from 1.9% to 3.3%. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We continue our defensive stance in our Benelux Dyna...
Integrating the FY25 numbers EPS CHANGE CHANGE IN EPS 2026 : € 0.22 vs 0.21 +0.87% 2027 : € 0.36 vs 0.36 +0.55% We have integrated the FY25 results. As we have repeatedly commented, the numbers as such are of little relevance, since the story of Crossject is based on the future launch of Zeneo combined with the NTEs the group is targeting. So far, the group’s operating income only consists of the payments of BARDA, covering part of the expenses of the group. That said, the larger than expect...
CROSSJECT appoints Lionel Seltz as Chief Financial Officer DIJON, France – 25 mars 2026 (06.00 PM CET) – CROSSJECT (ISIN : FR0011716265 ; Euronext : ALCJ), the specialty pharmaceuticals company developing emergency medicines based on its proprietary ZENEO® needle-free auto-injector platform, notably ZEPIZURE® for the emergency treatment of epileptic seizures, today announces the appointment of Lionel Seltz as Chief Financial Officer. Before joining CROSSJECT, Lionel Seltz served as CFO North Europe at Antech Diagnostics, where he led finance across several countries within a large interna...
CROSSJECT nomme Lionel SELTZ au poste de Directeur Administratif et Financier DIJON, France – 25 mars 2026 (18H00 CET) – CROSSJECT (ISIN : FR0011716265 ; Euronext : ALCJ), société pharmaceutique de spécialités qui développe des produits dédiés aux situations d’urgence fondés sur sa technologie propriétaire d’auto-injecteurs sans aiguille ZENEO®, en phase avancée de développement et d'enregistrement de ZEPIZURE®, un injectable pour la prise en charge des crises d'épilepsie, annonce aujourd’hui la nomination de Lionel SELTZ en qualité de Directeur Administratif et Financier. Avant de rejoind...
FY25 results: no big change. EARNINGS/SALES RELEASES The FY25 results were unsurprising, as the focus for Crossject remains on the future launch of Zeneo. The additional contribution from BARDA slightly reduces losses. However, cash consumption suggests the possibility of further dilution before achieving key operational milestones, such as the initial deliveries to BARDA. We do not anticipate significant changes to our valuation. FACT The group published its FY25 results. Operating income i...
A global footprint and diversified terminal portfolio, supported by controlled leverage, lengthening contract durations and CPI indexed terms are the backbone of Vopak's defensive business model. Current energy market turmoil may temporarily affect performance but is also increasing storage demand amid energy security concerns and the shift toward a multi fuel energy system. FID announcements should act as catalysts, while cash returns offer downside protection. Buy reiterated and TP to €56 (fro...
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