Whereas Groupe SEB is set to post improving sales and ORfA trends in Q2, the pace of acceleration may be somewhat slower than initially expected after Q1 numbers, due to tariffs having direct impacts (weak US sell-in trends, tariff headwind) and indirect implications (FX swings on ORfA). We nudge d
We have updated our model, lifting our FY25-27 EBITDA by c.9% and our PT to €0.38, to take into account an improving French grocery market, increasingly driven by an uptick in food inflation. Despite this improvement, we continue to forecast a covenant breach from Q3 26 and believe Mr Kretinsky wil
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
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...
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