reports
Atenor SA: 1 director
A director at Atenor SA bought 251,231 shares at 2.800EUR and the significance rating of the trade was 100/100. 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 years clearly sh...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
- Guy Sips
- Michiel Declercq
- Wim Hoste
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
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Hoste
- Wim Lewi
Deceuninck NV: 2 directors
Two Directors at Deceuninck NV bought 8,550 shares at between 2.030EUR and 2.050EUR. The significance rating of the trade was 51/100. 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 las...
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Livio Luyten
Bois Sauvage A Bitter Past With A Sweet Future
Bois Sauvage's Chocolate Group has delivered consistent results over the last years. In FY24, sales were up 6.7% to €283.6m and EBITDA rose 11.6% to €68.2m. This despite cocoa and butter price pressures. We forecast an uptick in fair value for the division, driven by the continued sales growth. In addition, topping out cocoa prices offer a catalyst for improved margins in FY27. The stake in Berenberg's commission driven business is expected to grow as well, supported by expanding sector multiple...
- Maxime Stranart
- Stijn Demeester
Deceuninck/1H25: weak performance in Turkey/HOLD
We reiterate our HOLD on Deceuninck, but lower our target price to €2.3, from €2.5, following the group's 1H25 results. We note that the profitability in Turkey has disappointed, following a double-digit drop in sales, materially below the Street's expectations. Turkey accounted for >50% of group Adj. EBITDA last year. We expect high interest rates and inflation to continue to negatively affect the group's operating profit, but also its financial expenses due to its hedging policy in the country...
- Wim Hoste
Deceuninck Feedback analyst meeting
Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly at...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Expect buoyed contribution from Private Banking. ASR: 1H: strong solvency, buyouts at 12% IRR. Deceuninck: Weak set of results, as expected following the change in CEO. EVS: Very weak 1H25, but guidance unchanged; convincing bolt-on deal in the US. IBA: IBA to install one P1 system at university campus in Heidelberg, Germany. NEPI Rockcastle: Robust performance, small upward revision to guidance
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Deceuninck FIRST LOOK: 1H25 adj EBITDA -16%, no precise guidance
Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly at...
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Livio Luyten
Holdings Report - July 2025 KBCS Holdings Universe Returns -0.5% Durin...
1M Performance - Absolute Total Return: During Jul'25 (1M period), the KBCS Holdings Universe posted a total return of -0.5% which was mainly driven by the performance of the multi-asset holdings (-0.9%), while the single-asset holdings posted a return of +0.4%. The 3 top performers during the period were Financière de Tubize (+11.7%), KBC Ancora (+9.4%) and Quest For Growth (+5.5%) while the 3 worst performers were Brederode (-6.4%), Heineken Holding (-5.0%) and D'Ieteren Group (-4.7%). YTD Pe...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
Compagnie du Bois Sauvage S.A.: 1 director
A director at Compagnie du Bois Sauvage S.A. sold 112 shares at 256.180EUR and the significance rating of the trade was 52/100. 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 ...
- Livio Luyten
Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During Ma...
1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as o...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
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