reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
Atenor SA: 1 director
A director at Atenor SA bought 9,422 shares at 2.990EUR and the significance rating of the trade was 53/100. 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 showi...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Thibault Leneeuw
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Acomo: Acquires Manuzzi, expanding footprint in Southern Europe ASR: Ingrid de Swart to succeed Jos Baeten as CEO of ASR in May 2026 Fagron: Antitrust clearance for Brazilian Purifarma and Injeplast deals PostNL: Relaxation USO D+3 brought forward, pre-earnings analyst call 3Q25 Sofina: Over €0.5bn of additional firepower
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...
In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Livio Luyten
Sofina Sofina launches €545 rights offering
This morning Sofina announced a rights offering of up to €545.6m, issuing a maximum of 2,446,428 new shares at €223.00 per share. This represents a 12.1% discount to the TERP of €253.61 (based on the 23 September 2025 closing price of €255.80). The subscription ratio is 1 new share for 14 preferential rights. The proceeds aim to enhance Sofina's investment platform, enabling increased capital deployment, larger investment tickets, and flexibility in exit timing. Sofina's reference shareholder (c...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Livio Luyten
Sofina TikTok deal nears, clearing political overhang on Sofina's larg...
The WSJ reported that ByteDance, parent of TikTok, is nearing a deal to resolve U.S. regulatory concerns. A consortium led by Oracle, Silver Lake, and Andreessen Horowitz are set to control 80% of its U.S. business under a U.S.-China framework. The arrangement also includes an American-dominated board and Oracle handling U.S. user data in Texas, while licensing ByteDance's algorithms. Sofina acquired a minority stake in ByteDance in 2016 through a special purpose vehicle alongside other investor...
- Guy Sips
- Livio Luyten
- Thibault Leneeuw
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September: Adding AB InBev and Exor
In this September update we added 2 stocks to the KBC Securities Dynamic Top Pick List : We added AB InBev after the share price weakened post-2Q results. ABI's 2Q volumes fell 1.9% organically, below expectations, mainly due to a 9% drop in Brazil where a price hike led to temporary market share loss. However, strong revenue per hl growth (+4.9%) drove a 6.5% organic EBITDA increase, with 1H growth at +7.2%, near the top of FY guidance (+4–8%). AB InBev, the world's largest brewer, generates ...
- 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...
- Guy Sips
- Kristof Samoy
- Wim Lewi
- Livio Luyten
Sofina Cognita €6bn deal collapse impacts Sofina's 13.4% stake
A €6bn private equity deal for Cognita, a UK-based private school operator and one of Sofina's key holdings, is on the brink of collapse. Jacobs Capital, the majority shareholder, aimed to sell a significant stake in Cognita in Apr'25. The stake sale to the primary bidders, Blackstone and CVC, is now unlikely to proceed, according to the Financial Times. The deal's failure stems from a valuation mismatch and the UK's new 20% VAT on private school fees, which has introduced market uncertainty. In...
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