Benelux Morning Notes

Kinepolis: June 2025 Box office revenue/ attendance in US/Canada and France down. Utilities – Offshore Wind: Big Not So Beautiful Bill

Utilities and offshore wind supply chain sector/Mind the gaps

In this report we present our view on the long-term growth prospects for offshore wind in Europe, implications of the energy transition and the role of TSOs, such as Elia Group. We also focus on supply chain beneficiaries in our Benelux coverage. An increasing number of long-term framework contracts should provide improved risk-rewards to the supply chain, in our view. Furthermore, we take a deep dive into growth drivers and long-term financing for Elia Group, beyond the company's current financ...

Sif Group/Quality is never an accident, but it takes time/BUY

The first XXL monopiles manufactured in Sif's new factory concerned foundations for Empire Wind. As such it was a relief that the US Department of the Interior's Bureau of Ocean Energy Management notified Equinor that the stop-work order for Empire Wind 1 offshore wind project, issued on 16 April, had been lifted. Sif is finalising production of this much debated US project now and is starting up production for the Dutch Ecowende project. We visited the factory on 14 May and compared to our prio...

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

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...

Suspension of Coverage

From 2nd of June we are suspending coverage of companies below due to a reallocation of resources. Our prior estimates should no longer be used as an indicator for the company moving forward.ADIDASBEIERSDORFCARREFOURDELIVERY HEROESSILORLUXOTTICAHELLOFRESHHermès InternationalHUGO BOSSINTERPARFUMSJUS

Just Eat Takeaway: tender to the offer

Following the publication of the offer memorandum yesterday by Prosus and the launch of the tender offer today until 29th July, we have withdrawn our Neutral rating and advise shareholders to tender their shares to the offer.1/ We consider the offer as generous with implied c.11.5x EV/EBITDA 2025e

Just Eat Takeaway Prosus launches offer

Following the agreement on February 24th between Prosus and JET to acquire 100% of JET shares at € 20.30ps, Prosus officially launched the all cash offer today, with the offer period starting on May 20th 2025. The offer will be declared unconditional if the acceptance reaches 95%. The 95% threshold will be reduced to 80% if the Post-offer restructuring resolutions are adopted by the AGM on July 8th 2025. These restructuring resolutions imply and asset sale and liquidation event which would resul...

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

Morning Notes : EVS BB, NEXTA BB, MELE BB, TKWY NA

: EVS BB, NEXTA BB, MELE BB, TKWY NA

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/09/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/05/2025

Benelux Morning Notes

Aedifica, Cofinimmo: Aedifica CMD feedback bpost: 1Q25 results beat strongly, outlook surprises Brunel: 1Q25 results disappoint on perm, weak revenue Cofinimmo, Aedifica: Negative reaction on Aedifica offer Eurocommercial Properties: Good with no surprise Montea: Good results, guidance reconfirmed Proximus: Small 1Q beat, guidance reiterated, soft commercial performance Sif Group: The jury is still out Talabat: Preview 1Q25 Universal Music Group: Peer Warner Music slowdown in streaming and prof...

SIF : New large orders needed to improve visibility post 2026

Benelux Morning Notes

Ahold Delhaize: Strong 1Q25 in the US, additional details on FY25 guidance. Arcadis: Mixed start to FY25, US not to blame. PostNL: Highlights of 1Q25 analyst meeting. Sif Group: Preview - EBITDA capacity of new factory is key. Vonovia: Good results, positive message about valuations, new CEO. Wolters Kluwer: 1Q25 trading update – good start to the year

On the shelves now: Consumer Weekly #67

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the largest beauty groups in the world. Happy reading!

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/28/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 28/04/2025

JUST EAT TAKEWAY.COM : Most of the optionality is gone now.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/25/2025