reports
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Thibault Leneeuw
Azelis A deep dive in to organic and acquisitional growth
Azelis proved its resilience over the past years with organic revenue CAGR of 6.6% (2020-2024) combined with robust margin expansions. Therefore, Azelis could be a safe haven in volatile times, supported by their strong geographical and end-market diversification. Nevertheless, we believe that CSS's organic revenue growth expectations are too optimistic. On the other hand, the upside from acquisitions is undervalued. We provide a detailed overview on the acquisitional revenue growth, which we lo...
- ING Helpdesk
- Martijn Den Drijver
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
Onward Medical FIRST LOOK: MJ Fox and US DoD back further development ...
Onward received grants from the Michael J. Fox Foundation ($1m) and the US Department of Defense ($1.5m) to study its ARC-IM system in Parkinson's disease. With these grants, the company aims to set up clinical feasibility studies to assess both mobility (n=56) and blood pressure instability (n=5) in Parkinson's patients. The move into Parkinson's follows an earlier case study, and could become a second pillar for Onward if positive results can be confirmed. € 10.4 TP and Buy rating reiterated.
- Lynn Hautekeete
Atenor Unexpected capital raise hurts the shareholder confidence
We update our model after the annual results and the EUR 45.3m capital increase announced on Sunday. The capital increase and its timing was a surprise as the guidance on debt reduction of EUR 150.0m is realised and the adjusted operational performance in line with our estimates. The reason for the capital increase is linked to the EUR 65.0 bond repayments coming up in FY25 and to get more flexibility at the deal table. Atenor did not announce any new project sales since October (Lakeside, Warsa...
- Guy Sips
Barco Signs of recovery or is one swallow not making a summer?
Barco is showing signs of recovery after two challenging years. Although Barco's revenue in 2024 declined by 10%, the second half of 2024 was significantly better than the first half. We have updated our model as Barco expects growth in FY25, assuming no major geopolitical or macroeconomic disruptions. Is Barco's strategy beginning to bear fruit, or is one swallow not making a summer? We give them the benefit of the doubt, considering the structural improvements made over the past few years, and...
- Wim Hoste
Recticel FIRST LOOK: FY24 adj EBITDA +27%, no precise FY25 guidance
Recticel posted a FY24 adjusted EBITDA growth of c 27% to € 49.6m, in line with the c € 50m guidance whilst being 3% below our forecast and c. 5% below consensus. The company does not yet provide a quantitative guidance on FY25, but mentioned that order books are solid and some signs of cyclical improvement are visible. The company is launching a sizeable, € 50m greenfield project in North America. While we still believe in the strategic attractiveness of Recticel's (mainly) polyurethane focusse...
ONWARD Medical to Advance Parkinson’s Disease Pipeline with Support fr...
ONWARD Medical to Advance Parkinson’s Disease Pipeline with Support from The Michael J. Fox Foundation and US Department of Defense The Michael J. Fox Foundation for Parkinson’s Research is supporting a study addressing mobility challenges in Parkinson’s disease; the first participant was enrolled in late 2024 A US Department of Defense grant will support a study addressing blood pressure instability; first enrollment is expected in 1H 2025 These studies both explore whether the ONWARD ARC-IM System has the potential to offer benefit beyond spinal cord injury EINDHOVEN, the Netherlands, ...
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Record result from core segment, in line with estimate. Bekaert: In-line 2024, 2025F guidance suggests weak 1H25 momentum. Belgian telecoms: Management/liquidity crisis at DIGI Belgium. bpost: 4Q24 beats but no dividend over FY24, FY25 outlook well below. Elia: Preview FY24, capex and financing in focus. Fugro: After a nice beat, moving into FY25 dynamics. Kendrion: No recovery signals. Proximus: Neutral 4Q24, 2025 guidance. Recticel: UK Deputy PM calls fo...
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
Onward Medical New ARC-EX study published
Spinal Research UK published the results of a new study with Onward's non-invasive ARC-EX device. Ten patients received 120 sessions of ARC-EX + rehab, showing statistically significant improvements on various endpoints for functional recovery. Improvements did not plateau after 1 year, underlining ARC-EX' game changing potential, we reiterate Buy/€10.4 TP.
ONWARD Medical Announces Publication of One-Year Study Showing Benefit...
ONWARD Medical Announces Publication of One-Year Study Showing Benefit of Sustained Access to ARC-EX Therapy Study shows significant functional improvements after one year of ARC-EX Therapy Improvements were observed throughout one-year treatment period with no plateau Results demonstrate the importance of sustained access to ARC-EX Therapy EINDHOVEN, the Netherlands, Feb. 25, 2025 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD), the medical technology company creating innovative spinal cord stimulation therapies to restore movement, function, and independence in people with s...
- Usama Tariq
GTT GAZTRANSPORT & TECHNIGAZ SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
ATE ALTEN SA
COR CORTICEIRA AMORIM SGPS SA
ROS ROSENBAUER INTERNATIONAL AG
HEIJM HEIJMANS N.V. CERT
MBWS
KRN MARIE BRIZARD WINE & SPIRITS SA
KENDR KRONES AG
BRNL KENDRION NV
TWEKA BRUNEL INTERNATIONAL N.V.
POSR TKH GROUP N.V. CERT
COFA POZAVAROVALNICA SAVA
TKO COFACE SA
NKT TIKEHAU CAPITAL SCA
HFG NKT A/S
TMV HELLOFRESH SE
CABKA TEAMVIEWER AG
FLOW CABKA N.V.
FLOW TRADERS LTD
- Rok Stibric
GTT GAZTRANSPORT & TECHNIGAZ SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
ATE ALTEN SA
COR CORTICEIRA AMORIM SGPS SA
HEIJM HEIJMANS N.V. CERT
MBWS
KRN MARIE BRIZARD WINE & SPIRITS SA
KENDR KRONES AG
BRNL KENDRION NV
TWEKA BRUNEL INTERNATIONAL N.V.
POSR TKH GROUP N.V. CERT
COFA POZAVAROVALNICA SAVA
TKO COFACE SA
HFG TIKEHAU CAPITAL SCA
TMV HELLOFRESH SE
FLOW TEAMVIEWER AG
FLOW TRADERS LTD
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results
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