Morning Notes : DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

: DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

Vermilion Compass: Weekly Equity Strategy

Monitoring for a Pullback We maintain our near-term bullish outlook on the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we went to neutral. We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold. We continue to see deterioration in market dynamics, and while we expect a period of consolidation/pullback, the afo...

ING GROEP: RDOS. 4T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 4T’25 vs 4T’24: M. Intereses: 3.818 M euros (+3,7% vs +6% BS(e) y +5,9% consenso); M. Bruto: 5.797 M euros (+7,2% vs +4,7% BS(e) y +4,8% consenso); M. Neto: 2.460 M euros (+18,8% vs +13% BS(e) y +11,5% consenso); BDI: 1.411 M euros (+22,2% vs +21% BS(e) y +16,9% consenso). Rdos. 4T’25 vs 3T’25: M. Intereses: 3.818 M euros (+3,1% vs +5,2% BS(e) y +5,2% consenso); M. Bruto: 5.797 M euros (-1,7% vs -4,1% BS(e) y -3,9% consenso); M. Neto: 2.460 M euros (-14,8% vs -19% BS(e) y -20% consenso); ...

INFORME DIARIO 29 ENERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁLI...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, NATURGY, NEINOR HOMES. EUROPA: ING, NOKIA, SANOFI, SAP. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El lujo arrastra a Europa Caídas en las bolsas europeas tras la mala acogida de Rdos de LVMH y antes de la comparecencia de J...

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...

Credit Morning 01/26/2026

INEOS Quattro: € 200m equity injection|Daniel Kretinsky launches takeover bid for Fnac Darty|

Morning Crédit 26/01/2026

INEOS Quattro: € 200m equity injection|Daniel Kretinsly lance une OPA sur le capital de Fnac Darty|

Basic-Fit N.V. : Introducing a trading update ahead of the full year r...

Benelux Morning Notes

Ahold Delhaize: 4Q25 consensus release. Basic-Fit: Trading update FY25 and outlook FY26; both beat ING estimates. CVC Capital Partners plc: It's a Marathon

Morning Notes : BFIT NA, INGA NA

: BFIT NA, INGA NA

Benelux Morning Notes

Basic-Fit: Consensus FY25 and FY26 released / Belgian Telecoms: DIGI Belgium introduces 5G FWA at €7 per month and increased data on mobile-only offers / NSI: €50m seven-year unsecured notes issuance with a 4.59% coupon / Sofina: Newsletter #17: NAV per share underperforms

Benelux Morning Notes

Arcadis: Consensus estimates for 4Q25 and FY25-27. Flow Traders: Market value traded grew YoY in December on low volatility. Universal Music Group: Spotify to increase prices by 8% in the United States. Events Calendar

Basic-Fit/Converting to a Basic-Fit Feel-Good Club?/BUY

We reiterate our BUY rating but raise our target price from €35.0 to €43.0 driven by our increased estimates on the back of the strong membership momentum and the consolidation of Clever Fit, which in our view provides attractive upside potential. Note that we have not yet modelled in the potential savings from a change in business model for the 24/7 gyms in France, but we did include the VAT increase in Belgium. We also underline that BFIT remains on the ING Benelux Favourites list.

Benelux Morning Notes

Basic-Fit: The Gym Group pre-close trading update / Fastned: 4Q25 preview / KPN: Vodafone new unlimited subscriptions with 1Gbps speed / Lotus Bakeries: Peer Lindt & Sprüngli FY25 sales / Ontex: Change in CEO brought forward and launch of a strategic review / Staffing sector: Page Group 4Q25 trading update / Zabka: Another miss on like-for-like growth.

Morning Notes : ASRNL NA, BAR BB, CMBT BB

: ASRNL NA, BAR BB, CMBT BB

CMB.Tech Intelligent asset disposal showcasing skill to time the cycle

CMBT struck the iron while it was hot and in line with its fleet rejuvenation strategy has been offloading 6 older VLCCs and two Capesizes. We estimate the aggregate disposal value at $500m. We expect the block sale to have occurred at firm prices absent discount -perhaps even exceeding our and Clarksons fair market values- considering the booming VLCC rates witnessed in 4Q25. Market rates in this segment were well above $100.000/day at numerous times past months. Half of the capital gain of $26...

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 19 September 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune.