Benelux Morning Notes

Ahold Delhaize: To divest 87 stores in Romania. DEME Group: Preview – a busy first half year. Kendrion: Preview - 2Q similar to 1Q. Sif Group: Preview - quarterly jump in EBITDA close?

Benelux Morning Notes

Avantium: Breathing space. Events Calendar.

Just Eat Takeaway.com/Takeover on track/HOLD

We believe the Prosus bid on Just Eat Takeaway.com will succeed. The offer appears fair when balancing out the attractive long-term opportunity with short-term headwinds and investment needs. We reiterate our HOLD. Our target price is unchanged and equal to the offer price of €20.30.

Morning Notes : TWEKA NA, TKWY NA

: TWEKA NA, TKWY NA

Just Eat Takeaway Soft 1H25, outlook now expected at the lower end of ...

1H25 results were softer than expected with group GTV remaining flat at € 9.4bn (css: € 9.5bn) driven by a 7% decline in orders to € 308m (css: € 314m). Excluding the RoW, GTV growth at CCY of 2% was broadly in line. Revenues decreased 1% at ccy to € 1747m (kbcse: € 1771m), with lower order volumes partially offset by improved monetization and higher advertising revenues. Adj. EBITDA growth of 4% to € 147m came in below expectations (css: € 167m), driven by logistics investments and marketing in...

Benelux Morning Notes

Aedifica: Strong results, guidance reiterated; dsm-firmenich: Symrise 1H25 results; IMCD: Stagnating gross profit leads to disappointing 2Q25 EBITA; JDE Peet's: Full of beans; Just Eat Takeaway: 1H25 results, weak update no impact on takeover; Lotus Bakeries: Peer Mondelez 1Q25 results; Melexis: 2Q25 results, gross margin under pressure; Solvay: 2Q25 in line, subdued outlook no surprise after pre-release; TKH Group: Preview: Under a magnifying glass; Universal Music Group: Spotify 2Q25 ...

Morning Notes : BFITa NA, ELI BB, ALFEN NA, TKWYa NA

: BFITa NA, ELI BB, ALFEN NA, TKWYa NA

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/23/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 23/07/2025

La Française de l'Energie : 2025 revenue impacted by sharp decline in ...

La Française de l'Energie : CA 2025 impacté par la forte baisse de la ...

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 27 January 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...

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...