reports
- 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...
- Dominic Rose
- Naresh Chouhan
Thematic - 2026 Outlook - "5 More Years" (55pgs)
For access to the full note, please contact Naresh Chouhan ( ) With EU Pharma (ex-Novo) now having reached decade high valuations vs EuroStoxx600, we believe the sector has broken out & the sustainability of the growth profile will now generate continued strong performance. Consensus 5yr sales & EPS CAGR’s stand at 4% & 7% for 15x 2026 PE. We show there is upside to this from underestimated pipelines where cons. rarely fully models “monster” drugs & from M&A which we expect to be strong at JPM ...
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Mathijs Geerts Danau
UCB Detailed results from Fintepla in CDD strengthen epilepsy franchis...
UCB presented detailed results of the positive phase 3 GEMZ study with Fintepla in CDKL5 deficiency disorder (CDD). The drug showed an estimated 52.7% median reduction in countable motor seizure frequency (CMSF) compared with placebo during a 14 week titration and maintenance period and a favourable safety profile. We view this as highly encouraging in this refractory epilepsy population. Given the infantile onset of CDD, we will be curious to see as of which age, patients could be included in t...
- Ahmed Ben Salem
- Baptiste Salaville
- Oddo Sustainability Team
- Martial Descoutures
- Martial Descoutures
- Ahmed Ben Salem
- Baptiste Salaville
- Oddo Sustainability Team
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
UCB Announces another FY25 guidance upgrade
UCB announced an additional upgrade to its FY25 financial guidance, where it now expects revenue to exceed € 7.6b, representing +24% y/y (previously at least € 7b), and adj. EBITDA margin to be higher than 31% (previously at least 30%). This is the company's second guidance upgrade this year and shows that UCB's commercial momentum continues its upward trajectory supported by its 5 key growth drivers, including lead product Bimzelx which saw strong momentum in HS, as well as a favourable payer m...
- ING Helpdesk
- Lynn Hautekeete
Ascencio FY25 results: +3.5% dividend per share
Ascencio reports FY25 results slightly below our expectations at € 5.56 EPRA EPS vs € 5.66 KBCSe. The difference comes from slightly lower rental income at € 53.9m vs € 54.4m KBCSe. Even though, the occupancy rate recovered 120bps versus 3Q25, the like-for-like rental income at 1.5% was still negatively impacted by rent reversion on two large Belgian leases. The property charges came in higher than expected on higher lawyer and agency fees due to FY25 bankruptcies. Combined with the overall lowe...
Solid property and financial performance & dividend up for the 11th co...
Solid property and financial performance & dividend up for the 11th consecutive year Annual results 2024/2025 SOLID PROPERTY AND FINANCIAL PERFORMANCE & DIVIDEND UP FOR THE 11TH CONSECUTIVE YEAR EPRA OCCUPANCY RATE 97,2% GROSS YIELD ON THE PORTFOLIO 6,96% AVERAGE COST OF DEBT 2,15% INTEREST RATES HEDGE RATIO 96,6% GROSS DIVIDEND YIELD 8,7% Operational results Rental income: €53.9 million, up by 1.0% compared to €53.3 million at 30/09/2024 EPRA earnings: €36.7 million, up by 1.4% compared to €36.2 million at 30/09/2024 EPRA earnings (per share): €5.56 (vs €5.49 at 30/09/2024...
Solides performances immobilières et financières & dividende en hausse...
Solides performances immobilières et financières & dividende en hausse pour la 11ème année consécutive Résultats annuels 2024/2025 SOLIDES PERFORMANCES IMMOBILIÈRES ET FINANCIÈRES & DIVIDENDE EN HAUSSE POUR LA 11EME ANNÉE CONSÉCUTIVE TAUX D’OCCUPATION EPRA 97,2% RENDEMENT BRUT DU PORTEFEUILLE 6,96% COÛT MOYEN DE FINANCEMENT 2,15% RATIO DE COUVERTURE DE TAUX D’INTÉRÊT 96,6% RENDEMENT BRUT DU DIVIDENDE 8,7% Résultats opérationnels Revenus locatifs : 53,9 millions EUR, en progression de 1,0% par rapport à 53,3 millions EUR au 30/09/2024 Résultat EPRA : 36,7 m...
Sterke vastgoed- en financiële resultaten & dividendverhoging voor het...
Sterke vastgoed- en financiële resultaten & dividendverhoging voor het 11e jaar op rij Jaarresultaten 2024/2025 STERKE VASTGOED- EN FINANCIËLE RESULTATEN & DIVIDENDVERHOGING VOOR HET 11E JAAR OP RIJ EPRA BEZETTINGSGRAAD 97,2% BRUTORENDEMENT VAN DE PORTEFEUILLE 6,96% GEMIDDELDE KOST VAN DE SCHULDENLAST 2,15% RENTEVOET AFDEKKINGSRATIO 96,6% BRUTO DIVIDENDRENDEMENT 8,7% Operationeel resultaat Huurinkomsten : 53,9 miljoen EUR, een stijging van 1,0% ten opzichte van 53,3 miljoen EUR op 30/09/2024EPRA resultaat : 36,7 miljoen EUR, een stijging van 1,4% ten opzichte van 36,2 miljo...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- ING Helpdesk
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Lewi
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