Benelux Morning Notes

Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...

Morning Notes : DSFIR NA, RET BB

: DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/13/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/02/2026

HAL Trust : CoolBlue expansion in Germany accelerating again

Benelux Morning Notes

ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...

Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB

After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...

Morning Notes : CPINV BB, ELI BB, EVS BB, FUR NA, GIMB BB, IBAB BB, DE...

: CPINV BB, ELI BB, EVS BB, FUR NA, GIMB BB, IBAB BB, DEME BB

Morning Notes : GIMB BB, HAL NA, HEIA NA, DEME BB, ENRGY BB

: GIMB BB, HAL NA, HEIA NA, DEME BB, ENRGY BB

Hal Trust Target hit again, upgrading to €168 on revised private valua...

HAL has hit our price target for the second time since our Buy rating in Apr'25, marking a +30% rally. Following the Sept'25 company note, we have revised our model to reflect: the improved sentiment in the offshore energy sector supporting a higher valuation for core holding Boskalis, and (ii) selective adjustments to peer multiples for other private assets. This drives our target NAV per share to €225 (from €218 in Sept'25). We maintain a relatively wide 25% target discount (down from 30% in...

Real Estate Update/A new normality

European real estate rebounded in 2025, signalling positive momentum after two difficult years. In 2026, we expect investors to adapt to a new, normalised environment with recalibrated profitability that should drive transaction activity. This comes alongside a normalisation of rents (on the back of lower inflation) – a slowdown that will be notable but largely expected. We see a company's ability (and willingness) to pursue EPS-accretive investments and being active in capital recycling opportu...

Morning Notes : RET BB

: RET BB

Morning Notes : EVS BB, SEQUA BB, ECMPA NA

: EVS BB, SEQUA BB, ECMPA NA

EVS Broadcast Equipment SA: 1 director

A director at EVS Broadcast Equipment SA sold 9,750 shares at 35.120EUR and the significance rating of the trade was 77/100. 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...

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...

Local Champions Mid Cap Conference Book 11.12.2025

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/27/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 27/11/2025

Morning Notes : CRBN NA, GIMB BB, HAL NA

: CRBN NA, GIMB BB, HAL NA