reports
- ING Helpdesk
REVISED VERSION - Benelux Morning Notes - updated to include IBA news
CFE: 1H results a bit light, FY outlook maintained. CMB.TECH: VLCC reasonable, pressure on Dry Bulk rates. dsm-firmenich: Givaudan CMD; Strategy 2030. Gimv: Investing in specialised healthcare services in the Netherlands. IBA: More sales but at lower margin
- 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...
Participation notification by Morgan Stanley
Participation notification by Morgan Stanley Press release Regulated information Brussels, August 26, 2025, 17h45 CEST In line with Belgian transparency legislation (Law of May 2, 2007), Morgan Stanley recently sent to Solvay the following transparency notification, indicating that Morgan Stanley & Co. International plc, a wholly owned subsidiary of Morgan Stanley, has crossed the threshold of 3%. Morgan Stanley’s total holding in Solvay remains above the 3% threshold previously disclosed. Here is a summary of the noti...
Notification de participation par Morgan Stanley
Notification de participation par Morgan Stanley Communiqué de presse Information réglementée Bruxelles, le 26 août 2025 - 17h45 CEST Conformément à la législation et réglementation en matière de transparence financière (loi du 2 mai 2007), Morgan Stanley a récemment envoyé à Solvay la notification de transparence suivante indiquant que Morgan Stanley & Co. International plc, une filiale à 100 % de Morgan Stanley, a franchi le seuil de 3 %. La participation totale de Morgan Stanley dans Solvay reste supérieure au seuil de ...
Participatiemelding van Morgan Stanley
Participatiemelding van Morgan Stanley Persbericht Gereglementeerde informatie Brussel, 26 augustus 2025 - 17u45 CEST In overeenstemming met de Belgische transparantiewetgeving (Wet van 2 mei 2007) heeft Morgan Stanley onlangs de volgende transparantiekennisgeving naar Solvay gestuurd, waaruit blijkt dat Morgan Stanley & Co. International plc, een volledige dochteronderneming van Morgan Stanley, de drempel van 3% heeft overschreden. Het totale belang van Morgan Stanley in Solvay blijft boven de eerder bekendgemaakte drempe...
- Thijs Berkelder
- ING Helpdesk
- Guy Sips
- Kristof Samoy
- Wim Lewi
- Guy Sips
DEME Good set of 1H25 results but impacted by some non-recurring eleme...
We maintain our positive stance (Buy € 175 TP) as after a good set of 1H25 results, DEME indicated that its operations remain robust and they still expect full-year turnover to be at least in line with FY24 and now anticipate FY25 EBITDA margin to slightly exceed 20% (was before at least in line with FY24). FY25 CapEx remains forecasted at +/- €300m, excluding the expenditures for the Havfram acquisition and the completion and delivery of its two vessels, which will significantly boost DEME's su...
Half-year results 2025: strong first half delivers record profitabilit...
Half-year results 2025: strong first half delivers record profitability; full-year EBITDA guidance raised Highlights Group turnover grew 10% year-over-year to 2.1 billion euros, driven by continued strong growth in Offshore EnergyEBITDA increased 35% to a record level of 464 million euros, or 21.9% of turnover, up from 345 million euros, or 18.0% of turnover, for the first half of 2024Net profit increased 27%, reaching 179 million euros, compared to 141 million euros a year agoDEME acquired Havfram, a Norwegian offshore wind contractor, reinforcing its ambition to expand in the offshore w...
Halfjaarresultaten 2025: sterke eerste jaarhelft zorgt voor recordwins...
Halfjaarresultaten 2025: sterke eerste jaarhelft zorgt voor recordwinst; EBITDA-outlook voor het jaar verhoogd Hoogtepunten De omzet van de groep steeg met 10% jaar over jaar tot 2,1 miljard euro, dankzij aanhoudende sterke groei in Offshore EnergyDe EBITDA steeg met 35% naar een recordniveau van 464 miljoen euro, of 21,9% van de omzet, tegenover 345 miljoen euro of 18,0% van de omzet in de eerste helft van 2024De nettowinst nam met 27% toe tot 179 miljoen euro, tegenover 141 miljoen euro een jaar geledenDEME nam Havfram over, een Noorse offshore windaannemer. Deze overname onderstreept DE...
EVS Broadcast Equipment SA: 1 director
A director at EVS Broadcast Equipment SA bought 12,500 shares at 35.390EUR and the significance rating of the trade was 95/100. 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 ...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Expect buoyed contribution from Private Banking. ASR: 1H: strong solvency, buyouts at 12% IRR. Deceuninck: Weak set of results, as expected following the change in CEO. EVS: Very weak 1H25, but guidance unchanged; convincing bolt-on deal in the US. IBA: IBA to install one P1 system at university campus in Heidelberg, Germany. NEPI Rockcastle: Robust performance, small upward revision to guidance
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment 1H25 below expectations, guidance maintained a...
Although 1H25 revenues (€91.8m) and EBIT (€14.8m) came in below our (€96.6m, €18.7m) and CSS (€100.2m, €20.0m) expectations, EVS remains cautiously optimistic for FY25 and reaffirms its previously announced guidance as the foundations laid in 1H25 will support a strong 2H25. We also welcome EVS' significant strategic acquisition of US based Telemetrics, specialised in robotic camera systems for live news and live content production. This acquisition not only broadens EVS product portfolio but al...
- ING Helpdesk
- Michiel Declercq
Sipef 1H25 strong results make the group on track for a new record yea...
Sipef reported strong results, with the recurring net profit (gs) of $ 57.7m comfortably exceeding expectations (kbcse: $45.9m). While revenue growth of +23.3% to $ 250.4m (kbcse: $ 250.4m) was in line driven by a slightly higher than expected production growth of 19.1% to 208.0kt (kbcse: 204.1kt), we were particularly surprised by the strong gross profit growth of 65.6% to $ 113.3m (kbcse: $ 94.1m). As a result, the group now expects the recurring net result (gs) to be significantly higher than...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
Atenor SA: 1 director
A director at Atenor SA bought 8,121 shares at 3.060EUR and the significance rating of the trade was 52/100. 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...
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