reports
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Julian Dobrovolschi
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview: Another quarter in no man's land? / Ahold Delhaize: Confirms the acquisition of Delfood / AGEAS: China – state to inject capital into insurers / AkzoNobel: Tepid 4Q25 results and FY26 outlook / D'Ieteren: Belgian car registrations down 19%, 65% of 2019 level, VW down only 5% / Xior Student Housing: Sound organic trends continue, two-year guidance revealed
- David Vagman
- CFA
- Dirk Verbiesen
- Francesca Ferragina
- Jason Kalamboussis
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Michiel Vereycken
- Quirijn Mulder
- Reg Watson
- CFA
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...
We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...
- Jason Kalamboussis
Ageas/Shaking shackles, coming together/BUY
Moving away from dependence on Asian earnings (now c.30%), while carefully managing its M&A path, we believe AGEAS is well positioned to see an earnings acceleration in the coming years. China upstreams are coming through, while the share price of its Chinese partner CTIH has doubled in 12 months. BNP PARIBAS has increased its stake in the Group (from c.15% to c.23%) at the same time moving out of the Belgian entity AG, and the Belgian government is looking at options to increase its 6.3% stake....
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
- Cor Kluis
- Maxime Stranart
Colruyt/FY guidance reiterated despite weaker 1H25-26/BUY
We reiterate our BUY rating on Colruyt but lower our target price from €44 to €38 following Colruyt's 1H25/26F results, which came in below expectations at the operating profit level. While we note management's confident tone during its conference call, we reduce our EBIT forecast by 3.6% for FY25/26F, implying that we now sit roughly 2% below company-guidance. We expect Sunday openings as of January 2026, as well as a strong price position in Belgium to benefit top-line growth over the next eig...
- Carole Braudeau
- Carole Braudeau
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
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...
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...
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...
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