reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update May 2025: Removing Fugro – Adding Merus
The ongoing tariff war continues to create uncertainty for investors, with a trade embargo between the US and China. Although Europe has received a temporary reprieve, the prolonged situation could result in significant economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List, as the Federal Reserve holds steady and the European Central Bank may continue lowering rates. Pessimism regarding the European industry has increased, though some US-based European compa...
- Kristof Samoy
Vopak Key take-aways 1Q25 analyst call
Vopak reported 1Q25 which were in line with proportional EBITDA of €300m vs consensus of €292m. So far company foresees only limited impact in the short term linked to trade tariff uncertainty. EBITDA outlook maintained even when discounting less favourable FX rates. Indian AVTL on track for IPO in 1H25 following conditional approval by regulator. Occupancy rates holding up well at 92% vs. 93% last quarter. The Q&A in the analyst call further comforted our scenario. We reiterate Buy rating and €...
Resolutions passed by Vopak’s Annual General Meeting
Resolutions passed by Vopak’s Annual General Meeting Resolutions passed by Vopak’s Annual General MeetingRotterdam, the Netherlands, 23 April 2025 The Annual General Meeting of Koninklijke Vopak N.V. (Royal Vopak) held on 23 April 2025 passed the following resolutions: Positive advisory vote implementation remuneration policy for the 2024 financial year. Adoption of the financial statements for the 2024 financial year. Approval of the proposed dividend. A dividend of EUR 1.60 per ordinary share with a nominal value of EUR 0.50 will be distributed wholly in cash on 2 May 2025. As fro...
- Delphine Brault
TEMN TEMENOS AG
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
RXL REXEL SA
POM PLASTIC OMNIUM SE
ARYN ARYZTA AG
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
FAE FAES FARMA S.A.
SUN SULZER AG
ROYAL VOPAK NV
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
CSM CORBION NV
SIE SIEMENS AG
TKWY JUST EAT TAKEAWAY.COM N.V.
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
- Delphine Brault
TEMN TEMENOS AG
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
RXL REXEL SA
POM PLASTIC OMNIUM SE
ARYN ARYZTA AG
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
FAE FAES FARMA S.A.
SUN SULZER AG
ROYAL VOPAK NV
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
CSM CORBION NV
SIE SIEMENS AG
TKWY JUST EAT TAKEAWAY.COM N.V.
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
- Thijs Berkelder
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: 3% beat on 1Q25 Adj. EBITDA, FY25 guidance maintained at +€1.55bn. BE Semiconductor Industries: 1Q25 results - extending the downcycle. Corbion: Apogee. Just Eat Takeaway.com: 1Q25 Trading Update - no impact on the bid. Kinepolis: 1Q25 preview. KPN: 1Q25 preview. Randstad: Strong 9% high quality beat on 1Q25, 2Q25 outlook looks a touch below. Vår Energi: Fine start of the year, more to come. Vopak: Reasonable start, cashflow developing nicely.
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
Vopak reports strong Q1 2025 results, commissioning capacity in existi...
Vopak reports strong Q1 2025 results, commissioning capacity in existing locations The Netherlands, 23 April 2025Vopak reports strong Q1 2025 results, commissioning capacity in existing locations Key highlights Q1 2025 Improve Net profit -including exceptional items- Q1 2025 of EUR 100 million and EPS of EUR 0.85 Proportional EBITDA -excluding exceptional items1- increased in Q1 2025 by EUR 23 million to EUR 300 million Agreements were signed for a new debt issuance of around EUR 560 million equivalent, improving Vopak's debt maturity profile and financial flexibility Grow Expandi...
- Bruno Cavalier
- Emmanuel Matot
- Ghada Ben Sedrine
- Nicolas David
- Sinan Doganli
- Thomas Zlowodzki
ATO ATOS SE
EO FAURECIA SA
ACN ACCENTURE PLC CLASS A
GTT GAZTRANSPORT & TECHNIGAZ SA
INF INFOTEL SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
XIOR XIOR STUDENT HOUSING N.V.
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
MBWS MARIE BRIZARD WINE & SPIRITS SA
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
ORP ORPEA
- Bruno Cavalier
- Emmanuel Matot
- Ghada Ben Sedrine
- Nicolas David
- Sinan Doganli
- Thomas Zlowodzki
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
RI PERNOD RICARD SA
ACN ACCENTURE PLC CLASS A
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
OR L'OREAL SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
YPSN YPSOMED HOLDING AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
BHP BHP GROUP LTD
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
- Bruno Cavalier
- Emmanuel Matot
- Ghada Ben Sedrine
- Nicolas David
- Sinan Doganli
- Thomas Zlowodzki
BNP BNP PARIBAS SA CLASS A
ATO ATOS SE
RI PERNOD RICARD SA
ACN ACCENTURE PLC CLASS A
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
OR L'OREAL SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
YPSN YPSOMED HOLDING AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
BHP BHP GROUP LTD
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
- Bruno Cavalier
- Emmanuel Matot
- Ghada Ben Sedrine
- Nicolas David
- Sinan Doganli
- Thomas Zlowodzki
ATO ATOS SE
EO FAURECIA SA
ACN ACCENTURE PLC CLASS A
GTT GAZTRANSPORT & TECHNIGAZ SA
INF INFOTEL SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
XIOR XIOR STUDENT HOUSING N.V.
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
MBWS MARIE BRIZARD WINE & SPIRITS SA
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
ORP ORPEA
- Nicolas David
- Nicolas Thorez
- Sinan Doganli
ATO ATOS SE
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SQI SQLI SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
IOS IONOS GROUP SE
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Another Delen Private Bank acquisition in the Netherlands. Ahold Delhaize: Peer Albertsons FY24/25 results. ASML: 1Q25 results; already weaker ahead of the tariffs. Barco: Calm before the storm. Heineken: In the hold. Melexis: Partial move to China. Staffing sector: Hays' 3Q24/25 trading update; in line. Vopak: New industrial terminal or energy transition facility? WDP: €60m investment with KDL
Vopak signs agreements for a new debt issuance of around EUR 560 milli...
Vopak signs agreements for a new debt issuance of around EUR 560 million equivalent Vopak signs agreements for a new debt issuance of around EUR 560 million equivalentRotterdam, the Netherlands, 11th April 2025Royal Vopak announces the signing of Note Purchase Agreements for a debt issuance in the US Private Placement (USPP) market for a total amount of USD 325 million and EUR 260 million. Funding will take place in June 2025 and is subject to customary closing conditions.This Notes Program consists of various EUR and USD tranches with maturities ranging from 5 to 11 years. For the USD den...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen
In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen. Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and...
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Rekeep, Bite, Arrow Global, Guala Closures, evoke (formerly 888 Holdings), Itelyum Group, Grunenthal, Ontex, Ithaca Energy, Travelodge, TAP, Forvia (formerly Faurecia), Odigeo, CABB, Voyage Care
- Maissa Keskes
- Stephane Houri
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
INF INFOTEL SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
VLS VALNEVA SE
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
TPE PVA TEPLA AG
ERA ERAMET SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
SEM SEMPERIT HOLDING AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
AMAG AMAG AUSTRIA METALL AG
BSGR B&S GROUP S.A.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BAR BARCO NV
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