reports
- Marc Zwartsenburg
- CEFA
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 28 January 2026, 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. The ING Benelux Fav...
Weekly share repurchase program transaction details
Weekly share repurchase program transaction details Amsterdam, February 11, 2026 SBM Offshore reports the transaction details related to its EUR141 million (c. US$150 million1) share repurchase program for the period February 5, 2026 through February 11, 2026. The repurchases were made under the EUR141 million share repurchase program announced on February 20, 2025 and effective from April 24, 2025. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Information regarding the progress of the share ...
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
AAL ANGLO AMERICAN PLC
- Juan Ros-Padilla
WCH WACKER CHEMIE AG
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
FGA FIGEAC AERO SA
SCR SCOR SE
LXS LANXESS AG
SDF K+S AG
TPE PVA TEPLA AG
GN GN STORE NORD A/S
BAS BASF SE
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
CFT COMPAGNIE FINANCIERE TRADITION
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Juan Ros-Padilla
WCH WACKER CHEMIE AG
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
FGA FIGEAC AERO SA
SCR SCOR SE
LXS LANXESS AG
SDF K+S AG
TPE PVA TEPLA AG
GN GN STORE NORD A/S
BAS BASF SE
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
CFT COMPAGNIE FINANCIERE TRADITION
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: Modest 4Q25 EBITDA beat and upbeat 2026F outlook / KBC Group: BNP Paribas good results in Belgium, increasing outlook, notably reducing C/I ratio / Recticel: Peer Rockwool's 4Q25 results SBM Offshore: Early purchase of ONE Guyana FPSO by Exxon Mobil / Shell: Keeping SBB at $3.5bn / Sligro: FY25 net profit in line with expectations, SBB announced / Universal Music Group: YouTube ads revenue +9% YoY in 4Q25 and Sony Music up by 13% YoY / Wereldhave: Wereldhave Belgium FY25 results a...
- Thijs Berkelder
Inventiva to Present at the Guggenheim Emerging Outlook: Biotech Summi...
Inventiva to Present at the Guggenheim Emerging Outlook: Biotech Summit 2026 Daix (France), New York (United States), February 4, 2025 – (Euronext Paris and NASDAQ: ) (“Inventiva” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”), today announced that CEO Andrew Obenshain has been invited to participate in a fireside chat at the upcoming Guggenheim Emerging Outlook: Biotech Summit 2026. The conference is being held February 11-12, 2026 at the Lotte New Yor...
Inventiva présentera au Guggenheim Emerging Outlook : Biotech Summit 2...
Inventiva présentera au Guggenheim Emerging Outlook : Biotech Summit 2026 Daix (France), New York (États-Unis), le 4 février 2026 – Inventiva (Euronext Paris et Nasdaq : IVA) (« Inventiva » ou la « Société »), société biopharmaceutique spécialisée dans le développement de thérapies orales pour le traitement de la stéatohépatite associée à un dysfonctionnement métabolique (« MASH »), a annoncé aujourd’hui que son Directeur général, Andrew Obenshain, a été invité à participer à un « fireside chat » lors du prochain Guggenheim Emerging Outlook: Biotech Summit 2026. La conférence se tiendra le...
Weekly share repurchase program transaction details
Weekly share repurchase program transaction details Amsterdam, February 4, 2026 SBM Offshore reports the transaction details related to its EUR141 million (c. US$150 million1) share repurchase program for the period January 29, 2026 through February 4, 2026. The repurchases were made under the EUR141 million share repurchase program announced on February 20, 2025 and effective from April 24, 2025. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Information regarding the progress of the share re...
FPSO ONE GUYANA Purchase by ExxonMobil Guyana Completed
FPSO ONE GUYANA Purchase by ExxonMobil Guyana Completed Amsterdam, February 4, 2026 SBM Offshore and ExxonMobil Guyana Ltd, an affiliate of Exxon Mobil Corporation, have completed the transaction related to the purchase of FPSO ONE GUYANA, ahead of the maximum lease term which would have expired in August 2027. The purchase allows ExxonMobil Guyana to assume ownership of the unit while SBM Offshore will continue to operate and maintain the FPSO up to 2035. The transaction comprises a total cash consideration of c. US$2.32 billion. The net cash proceeds have been primarily used for the ful...
- Baptiste Lebacq
- Jean-François Granjon
ODDO : 10 graphiques d’analyse : un pipeline de projets toujours solid...
Nous avons sélectionné 10 graphiques afin d’identifier les principaux drivers du secteur. Les Capex sont attendus en repli de 1.5% en 2026 après un rebond de 70% depuis le point bas de 2020. Cette baisse proviendra essentiellement du marché US (plus forte discipline compte tenu de points morts plus élevés). Nous privilégions SBM Offshore (Surperformance, OC 45 €), Vallourec (Surperformance, OC 22 € vs 20.8 €) et Technip Energies (Surperformance, OC 49 €) et adoptons une opinion plus prudente sur...
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Baptiste Lebacq
- Jean-François Granjon
ODDO : 10 analysis charts: a pipeline of projects that remains solid
For the start of 2026, we have selected ten charts to identify the sector's main drivers. Capex is expected to fall by 1.5% in 2026 after a 70% rebound from the low point of 2020. This reduction will mainly come from the US market (greater discipline due to higher breakeven points). At this point in the year, we prefer SBM Offshore (Outperform, target price € 45), Vallourec (Outperform, target price € 22 vs € 20.8) and Technip Energies (Outperform, target price € 49) and have adopted a more caut...
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Weekly share repurchase program transaction details
Weekly share repurchase program transaction details Amsterdam, January 28, 2026 SBM Offshore reports the transaction details related to its EUR141 million (c. US$150 million1) share repurchase program for the period January 22, 2026 through January 28, 2026. The repurchases were made under the EUR141 million share repurchase program announced on February 20, 2025 and effective from April 24, 2025. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Information regarding the progress of the share re...
- David Vagman
- CFA
- Dirk Verbiesen
- Francesca Ferragina
- Jason Kalamboussis
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Michiel Vereycken
- Quirijn Mulder
- Reg Watson
- CFA
- Thymen Rundberg
- Tijs Hollestelle
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...
- Dirk Verbiesen
- Quirijn Mulder
SBM Offshore/Momentum continues in FY26/BUY
We see no reason to change our positive view on SBM Offshore and keep it on our ING Benelux Favourites list. We raise our target price to €37.50 from €27.70 previously. The company is positioned in the prime segment of the FPSO market, where major oil firms are selecting the best deepwater sites to develop oil at break-even levels, generally in a range of US$20-35 per barrel. Where adequate infrastructure misses, FPSOs are the optimal solution for these large oil fields. SBMO's well-developed ne...
Half-Year Review of Inventiva’s Liquidity Contract with Kepler Cheuvre...
Half-Year Review of Inventiva’s Liquidity Contract with Kepler Cheuvreux Daix (France), New York City (New York, United States), January 26, 2026 – Inventiva (Euronext Paris and Nasdaq: IVA) (“Inventiva” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of patients with metabolic dysfunction-associated steatohepatitis (“MASH”), today announced the half-year report of its liquidity contract with Kepler Cheuvreux. Under the liquidity contract granted to Kepler Cheuvreux by Inventiva, the following resou...
Bilan semestriel du contrat de liquidité de la société Inventiva concl...
Bilan semestriel du contrat de liquidité de la société Inventiva conclu avec Kepler Cheuvreux Daix (France), New York City (New York, Etats-Unis), le 26 janvier 2026 – Inventiva (Euronext Paris and Nasdaq: IVA) (la "Société"), société biopharmaceutique spécialisée dans le développement de thérapies orales pour le traitement de la stéatohépatite associée à un dysfonctionnement métabolique ("MASH"), annonce aujourd’hui le bilan semestriel de son contrat de liquidité conclu avec Kepler Cheuvreux. Au titre du contrat de liquidité portant sur les actions de la Société confié à Kepler Cheuvreux,...
Weekly share repurchase program transaction details
Weekly share repurchase program transaction details Amsterdam, January 21, 2026 SBM Offshore reports the transaction details related to its EUR141 million (c. US$150 million1) share repurchase program for the period January 15, 2026 through January 21, 2026. The repurchases were made under the EUR141 million share repurchase program announced on February 20, 2025 and effective from April 24, 2025. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Information regarding the progress of the share re...
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