reports
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - priced like it is 2009 all over again. ABN AMRO: Pre-close 1Q – focus on capital & new CEO. Ahold Delhaize: Preview 1Q25. Arcadis: Gatwick work. Basic-Fit: 1Q25 trading update; strong membership ingrowth; CB repayment refinancing. CM.com: 1Q25 trading update. Fastned: 1Q25 trading update; disappointing charging volumes. NSI: A steady quarter, increasing vacancy on the horizon. Sligro: Soft 1Q25 sales, no outlook provided. Wereldhave: Guidance at the higher e...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
US Tariffs Navigating the impact on Benelux equities
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
COFB COFINIMMO SA
DIE D'IETEREN SA
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
AALB AALBERTS N.V.
ONTEX ONTEX GROUP N.V.
MELE MELEXIS NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
AUTL AUTOLUS THERAPEUTICS ADS
BAR BARCO NV
DEME DEME GROUP NV
FLOW FLOW TRADERS LTD
SYENS SYENSQO
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Add...
We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
ACKB ACKERMANS & VAN HAAREN NV
ROYAL VOPAK NV
MELE MELEXIS NV
WDP WAREHOUSES DE PAUW SCA
FUR FUGRO NV
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Thomas Couvreur
ABN Amro Dynamic Top Pick List update: Removing ABN Amro after strong ...
We are removing ABN Amro from our Dynamic Top Pick List, after a strong 24.4% return since the announcement of our 2025 DTPL on December 13th, far outpacing our financial sector coverage. Although we remain positive in the longer term, we believe most of the short-term revaluation is behind us.
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Jason Kalamboussis
ABN AMRO/Self-help, building consistency/HOLD
With a change of guards coming up and a new CEO in April (Marguerite Bérard), we find ABN to be making significant progress on two fronts: (1) Capital: while there are some further RWA add-ons coming in 1Q25, ABN is taking action to get capital reliefs like the recent infrastructure loans deal. (2) Earnings are starting to consistently come above estimates, and meeting targets. These are encouraging signs. What remains to address is a wider strategic direction which we think should focus on Weal...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Strong results ex one-off, capital, cautious outlook. Ahold Delhaize: FY25F outlook calls for consensus downgrade. DEME Group: Preview - FCF machine. Heineken: Nothing missing. Kinepolis: Canadian peer Cineplex 4Q24 results and Jan 2025 box office revenue. Montea: Good results, guidance reiterated, focus on 2025 investments. Randstad: 4Q24 results beat 3% but key drivers miss, 1Q25 outlook disappoints. Var Energi: Raising outlook and dividend
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024
ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024 ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024 12 February 2025 Q4 Key messages Good finish to the year: Q4 net profit of EUR 397 million, supported by continued high net interest income and fee incomeStrong result in 2024: Net profit of EUR 2.4 billion and a return on equity of 10.1%Continued mortgage portfolio growth: Increase of EUR 1.1 billion in Q4 and full-year growth of over EUR 5 billion, supported by an increase in clients Net interest income (NII) further improved: Q4 benefited from higher Treasury resu...
ABN AMRO Bank rapporteert netto winst van EUR 397 miljoen in Q4 2024
ABN AMRO Bank rapporteert netto winst van EUR 397 miljoen in Q4 2024 ABN AMRO Bank rapporteert netto winst van EUR 397 miljoen in Q4 2024 12 februari 2025 Q4 Key messages Goed einde van het jaar: Nettowinst van EUR 397 miljoen in vierde kwartaal, gedreven door aanhoudend hoge netto rentebaten en inkomsten uit provisiesSterk resultaat in 2024: Nettowinst van EUR 2,4 miljard en rendement op eigen vermogen van 10,1% Aanhoudende groei hypotheekportefeuille: Ondersteund door een toenemend aantal klanten groeide onze hypotheekportefeuille met EUR 1,1 miljard in Q4 en met ruim EUR 5 miljard ...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List We stick to our selection : No changes in this F...
We stick to our selection : No changes in this February update of our Dynamic Top Pick List. The 13 names are : ABN Amro, Ackermans & van Haaren, Bekaert, D'Ieteren, EVS Broadcast Equipment, Fagron, Fugro, Gimv, Melexis, Shurgard, Sofina, Warehouses De Pauw and Xior. So we continue with 7 cyclical and 6 defensive stocks in our Dynamic Top Pick List with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight, as well as Real-estate that should benefit ...
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: ARES Infrastructure deal helps CET1 ratio ahead of possible add-ons in 1Q25. Ackermans & van Haaren: +50% in five years the growth target for Bank Van Breda. Lotus Bakeries: FY24 preview - another year of strong execution. Staffing: Belgium December Temp volume trend stable at -3.4% YoY on tougher comps. Staffing: Manpower: 1Q25 outlook missed
- ING Helpdesk
- ING Helpdesk
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