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Carole Braudeau
  • Carole Braudeau

Credit Morning 10/22/2025

Playtech falls after being identified as the author of a report against Evolution|Verisure: a new recapitalisation dividend for Hellman|Worldline: revenue decline slows in Q3. FY25 guidance is slightly revised downwards.|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 22/10/2025

Playtech chute après avoir été identifié comme l’auteur d’un rapport contre Evolution|Verisure : un nouveau dividende récap pour Hellman|Worldline : la baisse du CA ralentit au T3. La guidance 2025 est légèrement affinée à la baisse|

Anthony Dick ... (+2)
  • Anthony Dick
  • Michael Foundoukidis
Anthony Dick ... (+2)
  • Anthony Dick
  • Michael Foundoukidis
Hans D’Haese ... (+2)
  • Hans D’Haese
  • Maxime Stranart

Sligro/3Q25 postview; another weak trading update/HOLD

We keep our HOLD but reduce our target price from €11.5 to €10.5 following Sligro's weak 3Q25 trading update. We continue to view the equity story as a margin recovery play but note that improvements in FY25F are expected to remain modest with the group reiterating its 5.5-6.0% EBITDA margin guidance, while delays in client onboarding in Belgium is another negative, in our view. We therefore reduce our EBIT forecasts by 10% for both FY25F and FY26F. Sligro's balance sheet offers limited room for...

Carole Braudeau
  • Carole Braudeau

Credit Morning 10/16/2025

Altice France rejects the joint bid of Bouygues/Iliad/Orange that maintain their offer|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 16/10/2025

Altice France rejette l’offre du consortium Bouygues/Iliad/Orange, qui la maintient en l’état|

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

DEME Group: First Havfram vessel ready. Fastned: 3Q25 trading update – new stations boost growth, organic lags BEV penetration. NN Group & ASR: Pension reform on track for 1st tranche move from DB to DC in Jan 26. Sligro: Another weak trading update, but FY25 guidance reiterated. Talabat: Surprise CEO departure

Carole Braudeau
  • Carole Braudeau

Credit Morning 10/08/2025

SoftBank Group signs an agreement to buy ABB Robotics for $ 5.4bn|AXA announces repayment of the Legacy Perp TEC|

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