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- ING Helpdesk
Benelux Morning Notes
Alfen: Preview - kitchen sinking again? CM.com: New CFO appointed. Cofinimmo: Good results a touch better than forecasts, guidance reconfirmed, DEME Group: Wins strategic position in Brazil. D'Ieteren: State Farm TPA contract details emerge. Signify: 3Q25 results – guidance cut. Xior Student Housing: 5.4% LFL growth and full occupancy – operational trends solid.
- Wim Hoste
Belysse Weak 3Q revenue performance
3Q25 revenue dropped by 10.9%, which was below our forecast of about -1%. Both Europe and US saw revenue decline by double digits, although the drop in the US was only mid single digits when excluding FX effects. 3Q25 adjusted EBITDA was not disclosed but was said to be down y/y, which is not surprising given the weak top line momentum. We have lowered our FY25 and FY26 adjusted EBITDA forecasts by respectively 10% and 8%. Despite the disappointing top line momentum, valuation continues to look ...
IBA opens the world of science and technology to secondary school girl...
IBA opens the world of science and technology to secondary school girls Its Innovat’her event brought together female students to explore careers in STEM Louvain-la-Neuve, Belgium, October 17, 2025 - IBA (Ion Beam Applications S.A., EURONEXT), the world leader in particle accelerator technology, hosted the Innovat’her event yesterday, aimed at girls in their fifth and sixth years of secondary school. The goal was to introduce them to scientific and technical careers, which remain underrepresented in the academic choices of female students. The event welcomed 25 students, invited by IBA co...
IBA ouvre la voie des sciences et des technologies aux jeunes filles d...
IBA ouvre la voie des sciences et des technologies aux jeunes filles du secondaire L’événement Innovat’her a réuni des étudiantes pour leur faire découvrir les carrières dans les STIM Louvain-la-Neuve, Belgique, le 17 octobre 2025 - IBA (Ion Beam Applications S.A., EURONEXT), le leader mondial de la technologie des accélérateurs de particules, a organisé hier l’événement Innovat’her, destiné aux jeunes filles de 5ème et 6ème secondaire. L’objectif était de leur faire découvrir les métiers scientifiques et techniques, sous-représentés parmi les choix d’orientation des étudiantes. L’événeme...
EVS Broadcast Equipment SA: 1 director
A director at EVS Broadcast Equipment SA sold 2,750 shares at 35.920EUR and the significance rating of the trade was 58/100. 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 yea...
- ING Helpdesk
Benelux Morning Notes
Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back
- Wim Hoste
Tessenderlo Feedback Analyst & Asset Manager Day
Tessenderlo reiterated FY25 guidance at the occasion of its Investor event yesterday. We note that Luc Tack expressed his desire to become more strict in allocating capex, whilst in terms of activity portfolio there are no sacred cows and management asks themselves whether they are still the best owner of their businesses. The deal with Darling Ingredients on gelatin & collagen is progressing with deal closing probable in 2H26. We continue to appreciate Tessenderlo for its healthy FCF generation...
- Kristof Samoy
- Wim Hoste
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Belgian telcos: Digi launches new mobile offer at €7 per month with 30GB D'Ieteren: Belgium Sept car registration, Febiac cuts 2025 outlook to 405-410k new cars Dutch insurance: Achmea Sixth Steet JV done, new entrant for buyouts for ASR and NN Heijmans: I'm a steamroller baby Prosus: Just Eat Takeaway offer unconditional WDP: €22m investment in Romania
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...
In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Wim Lewi
IBA – Transparency Notification
IBA – Transparency Notification (Article 14, paragraph 1 of the law of 2 May 2007 on the disclosure of major holdings) Louvain-la-Neuve (Belgium), 22 September 2025, 06:00 PM Summary of the notification IBA (Ion Beam Applications S.A - EURONEXT - Reuters IBAB.BR - Bloomberg IBAB.BB), the world leader in particle accelerator technology, announces that it has to issue a transparency notification, in accordance with Article 14, al. 1 of the Transparency Law of May 2, 2007 on disclosure of major holdings, further to a notification dated Tuesday 16 September 2025 and received on Thursday ...
IBA SA – NOTIFICATION TRANSPARENCE
IBA SA – NOTIFICATION TRANSPARENCE (Article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes) Louvain-la-Neuve (Belgique), le 22 septembre 2025, 18h00 Résumé de la notification IBA (Ion Beam Applications S.A. - EURONEXT - Reuters IBAB.BR - Bloomberg IBAB.BB), le leader mondial de la technologie d’accélération de particules, annonce devoir effectuer une notification en matière de transparence conformément à l'article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes (« loi transparence »), à la sui...
- Michiel Declercq
D'Ieteren All eyes on Belron in 2H25
Following the publication of D'Ieteren's 1H25 results, we have slightly adjusted our estimates to the downside and currently bank on an FY25 adj. PBT (gs) of € 935m (prev. € 946m). Adjusting for constant exchange rates, our estimates imply a 2.8% growth on a comparable basis, or in line with the group's guidance (slight increase). While our new estimates reflect lower margin assumptions for Belron and TVH Parts, this effect is partially offset by lower financing costs at Belron on the back of fa...
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Belgian telcos: Football rights negotiations between DAZN and Proximus resume. Eurocommercial Properties: CMD Feedback. EVS: Adds another small acquisition to its new ‘media robotics' segment. Kinepolis: Paramount Skydance reportedly to bid for Warner Bros. Discovery. Wolters Kluwer: Two CEOs, one strong AI story
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
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