reports
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Thomas Couvreur
ABN Amro NIBC, Wealth & Staff reductions drive value; target price inc...
We have reviewed our model on ABN Amro, incorporating the NIBC acquisition, the ambitious growth targets in Wealth Management and the aggressive cost savings targets, mainly driven by FTE reductions. By FY28 we see our income estimates increase by 4.3% and cost estimates decrease by 3.1%. Our new SoTP valuation points to a target price of €29 (vs €25.5), reiterating our Hold recommendation given limited upside.
ABN AMRO announces significant risk transfer transaction with Blacksto...
ABN AMRO announces significant risk transfer transaction with Blackstone ABN AMRO announces significant risk transfer transaction with Blackstone 11 December 2025 Today, ABN AMRO announces a significant risk transfer (SRT) transaction with funds manged by Blackstone. This transaction provides first loss protection on a EUR 2 billion portfolio of large corporate loans. The transaction underscores our commitment to creating more room for further profitable growth by actively managing portfolios. We expect the transaction will reduce the bank's risk-weighted assets by EUR 1.6 billion, while...
ABN AMRO kondigt significante risico-overdrachtstransactie aan met Bla...
ABN AMRO kondigt significante risico-overdrachtstransactie aan met Blackstone ABN AMRO kondigt significante risico-overdrachtstransactie aan met Blackstone 11 december 2025 Vandaag kondigt ABN AMRO een significante risico-overdrachtstransactie (SRT) aan met fondsen beheerd door Blackstone. Deze transactie biedt bescherming tegen eerste verliezen op een portefeuille van EUR 2 miljard aan leningen aan grote bedrijven. De transactie onderstreept onze toewijding om actief onze portefeuilles te beheren en meer ruimte te creëren voor verdere winstgevende groei. We verwachten dat de transactie ...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List How to start 2026?
How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
Agfa announces additional measures to adjust the cost base of its trad...
Agfa announces additional measures to adjust the cost base of its traditional film activities to the reality in the market December 4, 2025 – 7:45 a.m. CET Regulated information Agfa announces additional measures to adjust the cost base of its traditional film activities to the reality in the market Mortsel, Belgium – December 4, 2025 – 7:45 a.m. CET Agfa today announced that it plans to implement additional measures to adjust the cost base of its traditional film activities to the accelerated global market decline. These measures are an extension to the plan that was announced in Novem...
Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn tra...
Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt 4 december 2025 – 7:45 uur CET Gereglementeerde informatie Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt Mortsel, België – 4 december 2025 – 7u45 Agfa kondigde vandaag aan dat het van plan is bijkomende maatregelen te nemen om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de versnelde achteruitgang van de wereldwijde markten. Deze...
ABN Amro Bank N.V.: 1 director
A director at ABN Amro Bank N.V. bought 5,350 shares at 29.160EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/ABN AMRO new targets
ABN AMRO (ABNANV) outlined new financial targets for 2028 this morning. One of the main angles is the cost base and the substantial expected headcount reductions, following the integration of HAL and eventually NIBC. Regarding capital the new targets would entail at least 235bp headroom to MDA trigger levels. We consider the cost targets as ambitious and that they should support efficiency metrics going forward. That being said, reaching the return on equity target could come eventually with a l...
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: CMD targets at higher end, bold FTE cut to clinch 55% C/I ratio, lower CoRisk. D'Ieteren: Key Belron US glass supplier Fuyao connected to US labour allegations. Elia: Preview 3Q25 update; fine-tuning guidance to upper end of range?. NSI: KPN to leave Glass House, c.7.5% additional vacancy. SBM Offshore: Another step towards SEAP 1+2 FPSO awards. Universal Music Group: Spotify to increase its US subscription prices in 1Q26
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
ABN AMRO to sell Alfam to Rabobank
ABN AMRO to sell Alfam to Rabobank ABN AMRO to sell Alfam to RabobankPersonal loans offered via a third-party arrangement25 November 2025Today, ABN AMRO announces that it has reached an agreement on the sale of its fully-owned subsidiary Alfam, ABN AMRO’s personal loan business, to Rabobank. ABN AMRO will continue to offer personal loans to its clients, now via a third-party arrangement with Rabobank.The personal loans market is highly competitive, making scale increasingly important. By joining forces with Rabobank, a well-regarded and reliable partner, clients will continue to receive hig...
ABN AMRO verkoopt Alfam aan Rabobank
ABN AMRO verkoopt Alfam aan Rabobank ABN AMRO verkoopt Alfam aan RabobankPersoonlijke leningen aangeboden via een ‘third-party arrangement’25 november 2025 ABN AMRO maakt vandaag bekend dat zij overeenstemming heeft bereikt over de verkoop van haar volledige dochteronderneming Alfam aan Rabobank. Alfam is het onderdeel van ABN AMRO dat persoonlijke leningen verstrekt. ABN AMRO blijft persoonlijke leningen aanbieden aan haar klanten, nu via een zogenoemde ‘third-party arrangement’ met Rabobank. De concurrentie op de markt voor persoonlijke leningen is zeer groot en schaalgrootte wordt daard...
ABN AMRO presents roadmap for profitable growth and new financial targ...
ABN AMRO presents roadmap for profitable growth and new financial targets for 2028 ABN AMRO presents roadmap for profitable growth and new financial targets for 2028 25 November 2025 Today, ABN AMRO presents the bank’s new strategy and financial outlook for 2026-2028 at its Capital Markets Day. The new plan is designed to deliver profitable growth and enhanced value for all stakeholders. There are three strategic priorities for the coming years: accelerating profitable growth, right-sizing the bank’s cost base, including a net reduction of the workforce by 5,200 FTEs by 2028 compared...
ABN AMRO presenteert strategie voor winstgroei en nieuwe financiële do...
ABN AMRO presenteert strategie voor winstgroei en nieuwe financiële doelen voor 2028 ABN AMRO presenteert strategie voor winstgroei en nieuwe financiële doelen voor 2028 25 november 2025 Vandaag presenteert ABN AMRO tijdens de Capital Markets Day haar nieuwe strategie en financiële vooruitzichten voor 2026 - 2028. Het nieuwe plan richt zich op winstgroei en het vergroten van de waarde voor alle stakeholders. Voor de komende jaren heeft de bank drie strategische prioriteiten geformuleerd: het versnellen van winstgevende groei, het optimaliseren van de kostenbasis van de bank, onder ander...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Guy Sips
Agfa “Shrinking Business” & “Not-So-Growth Engines”
After three quarters, Agfa's 9M25 “Mature Business” (Radiology and Film DPC) sales dropped -6.4% y/y, driven by the accelerating medical film decline. While its “Growth Engines” (HealthCare IT, Digital Printing Solutions, Green Hydrogen Solutions) are intended to offset this, they also fell -0.9% y/y in the first nine months. We remain cautious (Hold; €1.0 Target Price) until strategic measures deliver and growth engines regain momentum.
- Guy Sips
Agfa Decline in medical film was even stronger than expected
Agfa's 3Q25 continued decline in medical film was even stronger than expected (€ 257m 3Q25 sales vs € 275m KBCS & CSS). Although the growth in cloud/SaaS in HealthCare IT all the divisions were below our and CSS forecasts as well on top-line as on REBIT-margins. The increase in Digital Printing & Chemicals was not sufficiently offsetting the impact from the decline in medical film and from cloud transition in HealthCare IT. Despite good cost control, REBIT decreased to -4m, mainly due to the d...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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