reports
Atenor SA: 1 director
A director at Atenor SA bought 14,500 shares at 2.606EUR and the significance rating of the trade was 54/100. 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 show...
- Wim Hoste
Umicore EU looks set to abandon combustion engine ban in 2035
Based on various press articles, it seems increasingly likely that the European Union is to abandon the earlier agreed ban on new combustion engine-based passenger cars by 2035, whilst new legislation would still require a significant reduction of tailpipe emissions. Any loosening of legislation would probably be good news for Umicore's Catalysts business, with European ICE Light duty Automotive Catalysts' revenue representing c. 28% of total ICE light duty Automotive Catalysts' revenue. We awai...
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
Floris Lagerwerf nominated future CFO of IMCD as of January 2027
Floris Lagerwerf nominated future CFO of IMCD as of January 2027 Rotterdam, The Netherlands (12 December 2025) – IMCD N.V. ("IMCD" or "Company"), a global leading partner for the distribution and formulation of speciality chemicals and ingredients, is pleased to announce that its Supervisory Board nominates Floris Lagerwerf to become Chief Financial Officer (CFO) of IMCD as of January 2027. Floris will succeed Hans Kooijmans, who has decided to retire as per the end of December 2026. Floris started his career as external auditor in 2006, and he joined IMCD in its Rotterdam headquarters in ...
IMCD: Supervisory Board members nominated for reappointment
IMCD: Supervisory Board members nominated for reappointment Rotterdam, The Netherlands (12 December 2025) – “IMCD N.V. ("IMCD" or "Company"), a global leading partner for the distribution and formulation of speciality chemicals and ingredients, announces that the Supervisory Board of IMCD nominates Mr. Janus Smalbraak for reappointment as member and Chair of the Supervisory Board at the next Annual General Meeting (AGM) in 2026. In addition to the nomination of Janus Smalbraak, the Supervisory Board nominates Mr. Stephan Nanninga for a third term of two years and Mr. Willem Eelman for a sec...
- Maissa Keskes
- Stephane Houri
- Robert Jan Vos
- Jacob Mekhael
- Thibault Leneeuw
- Jacob Mekhael
MaaT Pharma Final Xervyteg phase 3 data confirm strong survival outcom...
MaaT reported the final results from the phase 3 (ARES) trial of Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD at the American Society of Hematology (ASH) conference, being held 6-9 December 2025. The final OS results from the phase 3 (ARES) trial of MaaT013 coming in at 54% at 1 year confirm the previously reported 54% probability of survival that was shared with the topline readout in January 2025. We believe this brings a significant benefit vs. the 15% 1-year OS reported...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List How to start 2026?
How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...
EVS EVS BROADCAST EQUIPMENT SA
DIE D'IETEREN SA
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Lewi
Shurgard Bolt-on acquisition in Sweden for 20.9m
Shurgard acquired two Sesam Self Storage facilities in Lund and Helsingborg, Sweden, from Granitor. The deal closed on 2/12/25, adding 11,200 sqm of space across 1,800 units. The occupancy currently stands at approx. 20%. Both freehold properties will be remotely managed from existing Shurgard sites as part of its cluster strategy. This was illustrated in our recent property tour and reduces the headcount per store. It also brings more FTE together in 1 location which increases the job satisfact...
- ING Helpdesk
- Robert Jan Vos
- Bruno Cavalier
- Jerôme Bodin
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
VIV VIVENDI SE
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
FACC FACC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Olfa Taamallah
- Steven Boumans
- Thomas Zlowodzki
- Yan Derocles
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ALO ALSTOM SA
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
AM DASSAULT AVIATION
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Basic-Fit VAT from 6% to 12% on sports in Belgium
Yesterday, the Belgian federal government announced an agreement on the federal budget, which includes raising VAT on sports subscriptions from 6.0% to 12.0%. The BeNeLux region remains Basic-Fit's key profit driver, delivering a 46.5% EBITDA less rent margin in 1H25 compared to 12.0% across its other markets. For Belgium, we forecast FY25 revenue of approximately €250 million and underlying EBITDA less rent of €115 million. If the additional 6.0% VAT is absorbed without price adjustments, this ...
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Acquisition Clever Fit – Clever? Fit?/BUY
BUY reiterated and TP increased from €33.0 to €35.00. We have not yet included the Clever Fit acquisition into our estimates or fair value as we lack the financial details. In this report we have made an extensive analysis of the earnings accretion and value creation of Clever Fit, based on early assumptions. Although we also have some concerns regarding the uncertainty around rebranding, capex needs, improving fundamentals and timing of rebranding, we also see the upside potential, strategic im...
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