reports
- ING Helpdesk
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Lewi
- Sharad Kumar S.P
Gimv 1H24/25 Results: Preparations For A Potential Rights Issue
In its 1H24/25 press release, Gimv announced it is preparing for a potential capital increase (rights issue) over the coming months. A CMD on 22/01/25 will provide more details about its new strategy linked to this transaction. Over 1H24/25, the NAV rose by 9.4% to €55.6 while the overall portfolio's value hit a record high of >€1.7b. Portfolio result came in at €186.8m, a portfolio return of 12.0%. Net result clocked in at €144.9m (€5.1ps), a net return of 9.7%. Portfolio companies posted an ov...
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
Aegon trading update for third quarter 2024
Aegon trading update for third quarter 2024 The Hague, November 15, 2024 - Please click to access all 3Q 2024 trading update related documents. EUR 336 million operating capital generation, before holding funding and operating expenses. Full-year 2024 guidance raised to around EUR 1.2 billion, from around EUR 1.1 billion previouslyCapital ratios of the main units remain above their respective operating levelsPlanned new EUR 150 million share buyback program announced; completion expected in the first half of 2025. The program includes neutralization of shares issued for share-bas...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November 2024 – Adding Azelis – Removing ...
With 2 changes in our Dynamic Top Pick list (we add Azelis and we remove Solvay) we maintain a defensive stance on the market for 2H24. The long anticipated interest rate cuts by central banks have finally started. The Trump election victory in the US does not bode well for European stocks as he favours a protectionist course. Although industrial companies with a US base could actually benefit. Cleantech names with exposure to the US could also suffer (unless owned by E.Musk). We expect the US ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
TINC TINC COMM. VA
FUR FUGRO NV
AZE AZELIS GROUP NV
SYENS SYENSQO
- Jacob Mekhael
ASH abstracts Autolus, Galapagos, MaaT
The abstracts for presentations at ASH (7-10 December) became available yesterday during the day (here). While we may have to wait until the actual conference for the latest datasets, here in this note are some key takeaways for our coverage including updates from Autolus (digging deeper into the obe-cel dataset), Galapagos (more CAR-T data and pre-clinical data on TCR-T) and MaaT (early access program in aGvHD):
Galapagos to Present Results of Pioneering Innovation in Cancer Cell T...
Galapagos to Present Results of Pioneering Innovation in Cancer Cell Therapy at ASH 2024 New Phase 1/2 data support the potential of our CAR T-cell therapy candidates, GLPG5101 and GLPG5201, in addressing unmet needs for patients with poor prognoses. Our innovative decentralized cell therapy manufacturing platform delivers fresh, fit cells within a median vein-to-vein time of seven days, with potentially encouraging patient outcomes. Three abstracts, including one oral presentation for GLPG5101 in relapsed/refractory non-Hodgkin lymphoma, and a company showcase, will spotlight our cutting-e...
Galapagos presenteert resultaten van baanbrekende innovatie in kankerc...
Galapagos presenteert resultaten van baanbrekende innovatie in kankerceltherapie op ASH 2024 Nieuwe fase 1/2 resultaten ondersteunen het potentieel van onze CAR T-celtherapiekandidaten, GLPG5101 en GLPG5201, om tegemoet te komen aan de onvervulde behoeften bij patiënten met een slechte prognose. Ons innovatieve gedecentraliseerde celtherapieproductieplatform levert verse, fitte cellen binnen een mediane vein-to-vein tijd van zeven dagen, met een bemoedigende impact op de resultaten voor patiënten. Drie abstracts, waaronder een mondelinge presentatie voor GLPG5101 bij recidief/refractair non...
- Sharad Kumar S.P
Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...
1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...
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
- Julian Dobrovolschi
Flow Traders : Growing visibility on short- to medium-term triggers le...
We raise our TP to € 23.4 and switch our rating back to Outperform on FLOW. The reason for our upgrade is two-fold. In the short-term, we expect the US elections (5 November) to lead to higher market volatility and volume growth, these being the main ingredients for revenue generation. Over the medium term however, we see a path for FLOW to structurally grow its trading capital organically at a 15% CAGR, reaching € 1bn by FY 2027. - - >Upgrading to Outperform on US electio...
- Jacob Mekhael
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Damien Choplain
- Martial Descoutures
Galapagos : Sharp ramp-up in R&D costs
>A sharp ramp-up in R&D costs - Galapagos reported yesterday its Q3 earnings after the closure of the US market. Revenues stood at € 60m vs € 70m forecast. These revenues come mainly from the booking of its agreement over 10 years with Gilead. In terms of costs, opex ramp up very sharply in the first 9M of the year.The R&D business is developing as expected following the progress in clinical programs, but costs are proving far higher than forecasts with a s...
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q24 preview - no signs of recovery expected. AB InBev: All to play for in the final quarter. Arcadis: A mixed bag. Ayvens: Struggling to get out of neutral. dsm-firmenich: Taking your vitamins is healthy. D'Ieteren: Belron equity at €23.5bn, EV €32.2bn in minority shareholder transaction. Euronext: 3Q24 and CMD Preview. Flow Traders: Bumper harvest. Heijmans: 3Q24 as expected, keeps FY outlook in place. Proximus: Key politician pushing for major governance shake up. ...
PROX PROXIMUS SA DE DROIT PUBLIC
UCB UCB S.A.
DIE D'IETEREN SA
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
ABI AALBERTS N.V.
ALD ANHEUSER-BUSCH INBEV SA/NV
SHEL ALD SA
FLOW SHELL PLC
DSFIR FLOW TRADERS LTD
KONINKLIJKE DSM N.V.
- Julian Dobrovolschi
Flow Traders : Q3 results a big relief, shares likely to outperform to...
>Results above expectations, driven by dislocations in equities in EU and APAC - FLOW came out with a strong set of Q3 figures this morning, which were materially above consensus expectations. Group NTI came in at € 107.3m, 27% above expectations, and implying a strong QoQ acceleration of 35%. Strong performance was recorded across all regions. EBITDA margin was 44.1%, a beat of 11p.p to consensus, given the rather fix cost nature of the business resulting in strong o...
- Jacob Mekhael
Galapagos Uneventful 9M24 results, new cell therapy data at ASH
Galapagos reported uneventful 9M24 results with a cash position of € 3.3b, and reiterated its FY24 cash burn guidance of € 370-410m (including BD). In the pipeline, we most look forward to new data from the phase 1/2 ATALANTA-1 and EUPLAGIA-1 CAR-T studies at ASH in December 2024, and are keen to see the solid outcomes observed to date confirmed in a larger set of patients and with longer follow up. In addition, the company plans to present pre-clinical data for uza-cel (TCR-T), and we hope to g...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
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