1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
Although share price gains in the European banking sector have been significant in recent quarters, comfortably outperforming the general market; valuation multiples have lagged behind. The European banking sector has become cheaper relative to the market, and in absolute terms are still a low levels historically. Despite declining interest rates, the fundamental environment remains benign, providing a solid entry point for investors. In this note we specifically look at ABN Amro & ING. Revised ...
In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
The recent news that CEO Robert Swaak is stepping down so soon after accepting a second term in April 2024 overshadows results. This is another management change, but the CEO reassures there will be continuity to departure in 1H25. Still. The acquisition of HAL in Wealth management recently was a good step in the right direction, and results were better than expected with increases in 2024 guidance. Costs absorbed the rather generous recent CLA increases, so for 2H/1Q25 the main focus will be on...
ABN AMRO's earnings were supported by strong core revenues and the bank slightly hiked its NII guidance for the year. Cost developments look a tad more problematic and the bank's profitability metrics weakened. Loan quality has remained strong and the bank guides for the situation to remain so in 2H. ABN AMRO has relatively tight headroom to MDA in our view but its MREL buffers look strong, supporting the non-preferred senior debt trading levels. On the rather flat T2 curve we would see better v...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...
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