reports
- ING Helpdesk
- Marc Hesselink
- CFA
- Thymen Rundberg
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.
- Michiel Declercq
- Thibault Leneeuw
- Clément Genelot
Deliveroo: strengthening growth/margin profile ahead of DoorDash deal
Post-another strong print and FY guidance upgrade, fuelled by a recovery in order growth and market share gains, we see more credibility in Deliveroo's MT targets and have increased our EBITDA and FCF estimates by 8% and 11%. PT unchanged at 180p to stick to the DoorDash offer, which we view as fai
- Clément Genelot
Casino: H2 2026 covenant breach still looming despite strong Q2 result...
Following a good set of Q2 results fuelled by new market tailwinds in France and better execution in productivity, we have lifted our FY25-27 sales, EBITDA and unlevered FCF figures by 2%, 6% and 23% respectively with our PT moving upwards to €0.42. Nevertheless, the risk of a covenant breach remai
- Juan Ros-Padilla
MT ARCELORMITTAL SA
BEKB BEKAERT SA
NK IMERYS SA
AUTN AUTONEUM HOLDING AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
SZG SALZGITTER AG
ABVX ABIVAX SA
OERL OC OERLIKON CORPORATION AG
CDA COMPAGNIE DES ALPES SA
ALTA ALTAREA SCA
VOE VOESTALPINE AG
ACX ACERINOX SA
EBRO EBRO FOODS SA
SOLB SOLVAY SA
NEX NEXANS SA
ERA ERAMET SA
COR CORTICEIRA AMORIM SGPS SA
NDA AURUBIS AG
KRN KRONES AG
PAL PALFINGER AG
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
MELE MELEXIS NV
ZAG ZUMTOBEL GROUP AG
TWEKA TKH GROUP N.V. CERT
WLN WORLDLINE SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
SMCP SMCP SA
BFSA BEFESA SA
AMAG AMAG AUSTRIA METALL AG
THEP THERMADOR HOLDING SA
VRLA VERALLIA SAS
GRP GREENCOAT RENEWABLES
SFQ SAF-HOLLAND SE
VUL VULCAN ENERGY RESOURCES
AG1 AUTO1 GROUP
EAPI EUROAPI
BRE BREMBO S.P.A.
EXENS EXOSENS
CO CASINO GUICHARD-PERRACHON
HAVAS HAVAS N.V
CAN CANAL+
HBX HBX GROUP INTERNATIONAL PLC
AAL ANGLO AMERICAN PLC
- Juan Ros-Padilla
MT ARCELORMITTAL SA
BEKB BEKAERT SA
NK IMERYS SA
AUTN AUTONEUM HOLDING AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
SZG SALZGITTER AG
ABVX ABIVAX SA
OERL OC OERLIKON CORPORATION AG
CDA COMPAGNIE DES ALPES SA
ALTA ALTAREA SCA
VOE VOESTALPINE AG
ACX ACERINOX SA
EBRO EBRO FOODS SA
SOLB SOLVAY SA
NEX NEXANS SA
ERA ERAMET SA
COR CORTICEIRA AMORIM SGPS SA
NDA AURUBIS AG
KRN KRONES AG
PAL PALFINGER AG
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
MELE MELEXIS NV
ZAG ZUMTOBEL GROUP AG
TWEKA TKH GROUP N.V. CERT
WLN WORLDLINE SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
SMCP SMCP SA
BFSA BEFESA SA
AMAG AMAG AUSTRIA METALL AG
THEP THERMADOR HOLDING SA
VRLA VERALLIA SAS
GRP GREENCOAT RENEWABLES
SFQ SAF-HOLLAND SE
VUL VULCAN ENERGY RESOURCES
AG1 AUTO1 GROUP
EAPI EUROAPI
BRE BREMBO S.P.A.
EXENS EXOSENS
CO CASINO GUICHARD-PERRACHON
HAVAS HAVAS N.V
CAN CANAL+
HBX HBX GROUP INTERNATIONAL PLC
AAL ANGLO AMERICAN PLC
- Geoffroy Michalet
- Geoffroy Michalet
- Michiel Declercq
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...
- ING Helpdesk
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 ...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Carole Braudeau
Credit Morning 07/25/2025
ELO: overview of H1 results and further details on the new financing structure|Takeover rumours around JD.com and Ceconomy become (more) concrete|Nexity reassures in H1 2025 with numerous positive signs, even though business remains weak|Entry into exclusive negotiations for the joint acquisition of the Milleis Group|
IPS IPSOS
CEC CECONOMY AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
NXI NEXITY SA CLASS A
MERY MERCIALYS SA
CGM CEGEDIM SA
FR VALEO SE
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WBD WEBUILD S.P.A.
8TRA TRATON SE
SPM SAIPEM S.P.A.
- Emira Sagaama
- Maissa Keskes
- Margaux van Oerle
- Stephane Houri
BT.A BT GROUP PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
MTX MTU AERO ENGINES AG
NOKIA NOKIA OYJ
RF EURAZEO SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
BKT BANKINTER SA
NEM NEMETSCHEK SE
ELI ELIA GROUP SA/NV
MAP MAPFRE SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Carole Braudeau
Morning Crédit 25/07/2025
ELO : commentaires résultats S1 et précisions sur la nouvelle structure de financement|Takeover rumours around JD.com and Ceconomy become (more) concrete|Nexity rassure au S1 2025 avec de nombreux signaux positifs, même si l’activité reste faible|Entrée en négociations exclusives en vue de l’acquisition conjointe du Groupe Milleis|
IPS IPSOS
CEC CECONOMY AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
NXI NEXITY SA CLASS A
MERY MERCIALYS SA
CGM CEGEDIM SA
FR VALEO SE
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WBD WEBUILD S.P.A.
8TRA TRATON SE
SPM SAIPEM S.P.A.
- Emira Sagaama
- Maissa Keskes
- Margaux van Oerle
- Stephane Houri
BT.A BT GROUP PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
MTX MTU AERO ENGINES AG
NOKIA NOKIA OYJ
RF EURAZEO SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
BKT BANKINTER SA
NEM NEMETSCHEK SE
ELI ELIA GROUP SA/NV
MAP MAPFRE SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Geoffroy Michalet
- Geoffroy Michalet
- Cédric Rossi
Groupe SEB: caught in the tariff storm, which should calm down in H2 2...
Yesterday evening, Groupe SEB reported weaker-than-expected H1 2025 results, as the tariff headwind was underestimated by the market in light of the company's limited US exposure (9% of sales). This tough first half has consequently forced Groupe SEB to cut its FY25 outlook. We are lowering our FY2
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