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Carole Braudeau
  • Carole Braudeau

Credit Morning 01/19/2026

Trade tariffs targeting certain European countries. Little impact on retail HY in our coverage.|

Bruno Cavalier ... (+4)
  • Bruno Cavalier
  • Hela Zarrouk
  • Oliver Metzger
  • Roy Külter
CON CONTINENTAL AKTIENGESELLSCHAFT
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
DGE DIAGEO PLC
DB1 DEUTSCHE BOERSE AG
RNO RENAULT SA
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
G24 SCOUT24 AG
BAS BASF SE
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
COFB COFINIMMO SA
FIE FIELMANN AG
DEZ DEUTZ AG
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
AED AEDIFICA SA
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
JUN3 JUNGHEINRICH AG PREF
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
DUE DURR AG
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
BEAN BELIMO HOLDING AG
DTG DAIMLER TRUCK
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
PFSE PFISTERER HOLDING SE
SHA SCHAEFFLER AG
TKMS TKMS AG & CO. KGAA
Carole Braudeau
  • Carole Braudeau

Morning Crédit 19/01/2026

Surtaxes douanières visant certains pays européens : impact limité sur le retail HY de notre couverture|

Bruno Cavalier ... (+4)
  • Bruno Cavalier
  • Hela Zarrouk
  • Oliver Metzger
  • Roy Külter
CON CONTINENTAL AKTIENGESELLSCHAFT
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
DB1 DEUTSCHE BOERSE AG
RNO RENAULT SA
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ALLAN LANSON-BCC
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
G24 SCOUT24 AG
BAS BASF SE
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
COFB COFINIMMO SA
FIE FIELMANN AG
DEZ DEUTZ AG
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
JUN3 JUNGHEINRICH AG PREF
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
DUE DURR AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
ENR SIEMENS ENERGY AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
PFSE PFISTERER HOLDING SE
SHA SCHAEFFLER AG
TKMS TKMS AG & CO. KGAA
Bruno Cavalier ... (+4)
  • Bruno Cavalier
  • Hela Zarrouk
  • Oliver Metzger
  • Roy Külter
CON CONTINENTAL AKTIENGESELLSCHAFT
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
DGE DIAGEO PLC
DB1 DEUTSCHE BOERSE AG
RNO RENAULT SA
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
G24 SCOUT24 AG
BAS BASF SE
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
COFB COFINIMMO SA
FIE FIELMANN AG
DEZ DEUTZ AG
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
AED AEDIFICA SA
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
JUN3 JUNGHEINRICH AG PREF
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
DUE DURR AG
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
BEAN BELIMO HOLDING AG
DTG DAIMLER TRUCK
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
PFSE PFISTERER HOLDING SE
SHA SCHAEFFLER AG
TKMS TKMS AG & CO. KGAA
Bruno Cavalier ... (+4)
  • Bruno Cavalier
  • Hela Zarrouk
  • Oliver Metzger
  • Roy Külter
CON CONTINENTAL AKTIENGESELLSCHAFT
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
DB1 DEUTSCHE BOERSE AG
RNO RENAULT SA
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ALLAN LANSON-BCC
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
G24 SCOUT24 AG
BAS BASF SE
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
COFB COFINIMMO SA
FIE FIELMANN AG
DEZ DEUTZ AG
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
JUN3 JUNGHEINRICH AG PREF
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
DUE DURR AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
ENR SIEMENS ENERGY AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
PFSE PFISTERER HOLDING SE
SHA SCHAEFFLER AG
TKMS TKMS AG & CO. KGAA
Guy Sips ... (+5)
  • Guy Sips
  • Hilde Van Boxstael
  • Michiel Declercq
  • Thomas Couvreur
  • Wim Lewi
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

AGEAS: strong upgrade to FY25 earnings guidance (€1.3 to €1.6bn) due to one-off from China; ASM: The beat comes early; D'Ieteren: Possible Belron IPO by end 2026, Belron debt repricing; IBA: IBA to install three P1 systems at University of Texas MD Anderson Cancer Center

Guy Sips
  • Guy Sips

Agfa Final resolution of price adjustment related to sale of Offset to...

In a press release -in which adherence to legal exactitude substantially compromised the clarity of the communication- Agfa announced the final resolution of the purchase price adjustment related to the 2022 sale of its Offset Solutions division to Aurelius. After contacting Agfa's management, it became clear that -following the independent expert's ruling- Agfa should receive €19.9m in cash within 15 business days, bringing the miss in total cash receipts from the original receivable of € 31...

 PRESS RELEASE

Ageas announces Net Operating Result guidance update

Ageas announces Net Operating Result guidance update    Ageas announces Net Operating Result guidance update Today China Taiping Insurance Holding (CTIH) published a pre-announcement on its full year 2025 results related to the announcement made by The Chinese Ministry of Finance and the State Administration of Taxation concerning the corporate income tax treatment in relation to the transition to IFRS17/9. This new regulation requires an update to the deferred taxes reported for the financial years 2023 and 2024. This update will result in a positive one-off impact on the deferred taxe...

 PRESS RELEASE

IBA selected by MD Anderson Cancer Center to supply three Proteus®ONE ...

IBA selected by MD Anderson Cancer Center to supply three Proteus®ONE systems Louvain-La-Neuve, Belgium, January 19, 2026 – IBA (Ion Beam Applications S.A., EURONEXT), the world leader in particle accelerator technology and leading provider of proton therapy solutions for the treatment of cancer, today announced that it has signed a contract with the University of Texas MD Anderson Cancer Center, ranked #1 in cancer care by U.S. News & World Report, to re-equip and modernize its existing Proton Therapy Center in Houston with three state-of-the-art Proteus®ONE1 systems. IBA was awarded th...

 PRESS RELEASE

IBA choisie par le MD Anderson Cancer Center pour fournir trois systèm...

IBA choisie par le MD Anderson Cancer Center pour fournir trois systèmes Proteus®ONE Louvain-la-Neuve, Belgique, le 19 janvier 2026 - IBA (Ion Beam Applications S.A., EURONEXT), leader mondial des technologies d’accélération de particules et principal fournisseur de solutions de protonthérapie pour le traitement du cancer, annonce aujourd'hui avoir signé un contrat avec le MD Anderson Cancer Center de l'université du Texas, classé n°1 dans le domaine des soins oncologiques par le U.S. News & World Report, afin de rééquiper et moderniser son centre de protonthérapie d’Houston avec trois sy...

 PRESS RELEASE

Ageas annonce une mise à jour de la guidance du Résultat Opérationnel ...

Ageas annonce une mise à jour de la guidance du Résultat Opérationnel Net Ageas annonce une mise à jour de la guidance du Résultat Opérationnel Net Aujourd’hui, China Taiping Insurance Holding (CTIH) a publié une préannonce concernant ses résultats pour l’exercice 2025, liée à l’annonce faite par le Ministère chinois des Finances et l’Administration d’État de la Fiscalité concernant le traitement de l’impôt sur les sociétés dans le cadre de la transition vers les normes IFRS17/9. Cette nouvelle réglementation nécessite une mise à jour des impôts différés déclarés pour les exercices 2023 et...

 PRESS RELEASE

Ageas kondigt bijstelling aan van het verwachte Netto Operationeel Res...

Ageas kondigt bijstelling aan van het verwachte Netto Operationeel Resultaat Ageas kondigt bijstelling aan van het verwachte Netto Operationeel Resultaat Vandaag publiceerde China Taiping Insurance Holding (CTIH) een kennisgeving voorafgaand aan haar resultaten over het volledige jaar 2025 gelinkt aan de aankondiging van het Chinese Ministerie van Financiën en de Staatsadministratie van Belastingen over de behandeling van de vennootschapsbelasting in verband met de overgang naar IFRS17/9. Deze nieuwe regelgeving vereist een bijstelling van de uitgestelde belastingen die werd gerapporteerd...

 PRESS RELEASE

Agfa receives final expert ruling on receivable related to sale of Off...

Agfa receives final expert ruling on receivable related to sale of Offset Solutions division to Aurelius                                         January 16, 2026 – 6.30 PM CET Regulated information Agfa receives final expert ruling on receivable related to sale of Offset Solutions division to Aurelius Mortsel, Belgium – January 16, 2026 – 6.30 p.m. CET Agfa has received the final report of the independent expert regarding the outstanding receivable under the share purchase agreement that was signed with Aurelius Group for the sale of Agfa’s Offset Solutions division. In August 2022, Ag...

 PRESS RELEASE

Agfa ontvangt eindrapport van expert over vordering in verband met ver...

Agfa ontvangt eindrapport van expert over vordering in verband met verkoop van de Offset Solutions-divisie aan Aurelius 16 januari 2026 – 18u30 CET Gereglementeerde informatie Agfa ontvangt eindrapport van expert over vordering in verband met verkoop van de Offset Solutions-divisie aan Aurelius Mortsel, België – 16 januari 2026 – 18u30 CET Agfa heeft het eindrapport ontvangen van de onafhankelijke expert met betrekking tot de uitstaande vordering in het kader van de aandelenkoopovereenkomst die werd gesloten met Aurelius Group voor de verkoop van Agfa's Offset Solutions-divisie. In au...

Florent Laroche-Joubert ... (+2)
  • Florent Laroche-Joubert
  • Roy Külter

ODDO : Nos top picks pour 2026, la 2e année d’un nouveau cycle

La stabilisation des taux d’intérêt et de l’inflation devrait créer un climat plus favorable à l’investissement et permettre aux sociétés immobilières de poursuivre la mise en œuvre de leur feuille de route tout en faisant preuve de prudence. Dans ce contexte, le commerce et la logistique nous semblent les mieux positionnés et nous privilégions CTP, Merlin Properties, Shurgard, URW, VGP comme les plus à même d’exécuter leur stratégie de croissance. Nous relevons notre opinion à Surperformance su...

Florent Laroche-Joubert ... (+2)
  • Florent Laroche-Joubert
  • Roy Külter

ODDO : Our Top Picks for 2026, the second year of a new cycle

With stabilising interest rates and inflation creating a more favourable climate for investment, the stocks in our coverage universe should be able to continue to implement their roadmaps, while remaining cautious. On this basis, we think retail and logistics are the best positioned, and see CTP, Merlin Properties, Shurgard, URW and VGP as the best placed to execute their growth strategies. We are upgrading WDP, Safestore and Instone, to Outperform, downgrading Big Yellow, Colonial-SFL, INEA, L...

Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
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