reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen
In this April 2025 update of the KBC Securities' Dynamic Top Pick List, we are removing Gimv and adding Adyen. Since adding Gimv to the Dynamic Top Pick List in mid-December 2024, Gimv's performance has remained flat. However, month-to-date, it has increased by nearly 7%, while the indices have all declined. Given the backdrop of a tariff war brewing, we think it's time to remove Gimv from the Dynamic Top Pick List as medium-sized businesses are more likely to feel the pinch of lower demand and...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Add...
We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
ACKB ACKERMANS & VAN HAAREN NV
ROYAL VOPAK NV
MELE MELEXIS NV
WDP WAREHOUSES DE PAUW SCA
FUR FUGRO NV
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
Fagron publishes its annual report 2024
Fagron publishes its annual report 2024 Regulated information – inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 6 March 2025 – 7AM CET Fagron publishes its annual report 2024 Fagron, the leading global player in pharmaceutical compounding, today publishes its annual report 2024. Discussion of the annual report and the approval of the financial statements will be put on the agenda of the annual general meeting of shareholders scheduled for 12 May 2025. The annual report is available in the official Dutch version and in English translation on Fagron’s . Further informat...
Fagron publiceert jaarverslag 2024
Fagron publiceert jaarverslag 2024 Gereglementeerde informatie - voorwetenschapNazareth (België)/Rotterdam (Nederland), 6 maart 2025 – 7u CET Fagron publiceert jaarverslag 2024 Fagron, de toonaangevende mondiale speler in farmaceutische bereidingen, publiceert vandaag haar jaarverslag over 2024. De bespreking van het jaarverslag en de goedkeuring van de jaarrekening zal voor de aankomende jaarlijkse vergadering van aandeelhouders van 12 mei 2025 worden geagendeerd. Het jaarverslag is in de officiële Nederlandse versie en in Engelse vertaling beschikbaar op de van Fagron. Voor meer info...
- Stijn Demeester
Fagron/Strong organic growth streak continues/BUY
Post Fagron's FY24 results, we increase our 2025F-2026F REBITDA by c.3% to reflect higher organic growth and the recent acquisition of Guinama. Fagron's 2025F guidance of ‘mid- to high-single digit' organic revenue growth underlines the strong growth momentum in Fagron's main segments, set for an organic CAGR of 8% over 2022-25F at attractive margins of c.20%. We reiterate our BUY recommendation and lift our target price to €22.50 per share. Fagron remains an ING Benelux Favourite due to its str...
- ING Helpdesk
Benelux Morning Notes
Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thomas Vranken
Fagron FIRST LOOK: Semaglutide removed from FDA shortage list
After several months of speculation, the FDA has eventually removed semaglutide from its drug shortage list, stating that the situation is now resolved. Compounders like Fagron, who were able to distribute the drug in the meantime, are now given a 60-90 day grace period to wind down their sales (est. $6m/quarter contribution for Fagron's Anazao). The new situation is in line with Fagron's description of the lower-end scenario for its guidance issued last week, reflecting mid-single digit organic...
- Adrian Pehl
- Emira Sagaama
POM PLASTIC OMNIUM SE
ISS ISS A/S
FAGR FAGRON SA
GOE GROUPE GORGE SA
BB SOCIETE BIC SA
ERA ERAMET SA
INH INDUS HOLDING AG
KRN KRONES AG
MCPHY MCPHY ENERGY SA
EDR EDREAMS ODIGEO SA
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
AMAG AMAG AUSTRIA METALL AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
LOCAL SOLOCAL GROUP
- Adrian Pehl
- Emira Sagaama
POM PLASTIC OMNIUM SE
ISS ISS A/S
FAGR FAGRON SA
GOE GROUPE GORGE SA
BB SOCIETE BIC SA
ERA ERAMET SA
INH INDUS HOLDING AG
KRN KRONES AG
MCPHY MCPHY ENERGY SA
EDR EDREAMS ODIGEO SA
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
AMAG AMAG AUSTRIA METALL AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
LOCAL SOLOCAL GROUP
- ING Helpdesk
Benelux Morning Notes
AEGON: 2H better, small miss on solvency, strong cash position. Azelis: Uneven organic recovery in 4Q24, strong on profitability. BE Semiconductor Industries: 4Q24 results – 2025 reset. Fagron: Strong organic growth momentum underlined by FY24 results and outlook. Kinepolis: Slight EBITDA, net debt miss 2H24. NN Group: Capital saved by the bell, rest in line. SBM Offshore: Strong outlook. TKH Group: Preview; the elephant in the room. VGP: Strong bottom line performance. Wolters Kluwer: ...
- Robert Jan Vos
- Usama Tariq
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
Fagron FIRST LOOK: FY24 excellent growth, margin jumps
FY24 results once again outperformed expectations, featuring sustained high growth in N-Am's CS activities and a margin jump in LatAm. The company appears on track w.r.t. addressing the Wichita warning letter, and issues FY25 topline guidance of M-HSD growth in line with our expectations, hence we maintain our € 24 TP and Buy rating. A CMD is planned for Apr 10.
Fagron delivers exceptional performance with 14% topline growth and 17...
Fagron delivers exceptional performance with 14% topline growth and 17% increase in REBITDA for FY 2024 Regulated information – inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 20 February 2025 – 7AM CET Fagron delivers exceptional performance with 14% topline growth and 17% increase in REBITDA for FY 2024 Fagron, the leading global player in pharmaceutical compounding, today publishes its full year results for the period ending 31 December 2024. Key Highlights Exceptional topline performance with 14.3% reported growth (15.9% at CER) and 13.0% organic growth at CER, dr...
Fagron levert uitzonderlijke prestatie met 14% omzetgroei en 17% groei...
Fagron levert uitzonderlijke prestatie met 14% omzetgroei en 17% groei in REBITDA in 2024 Gereglementeerde informatie - voorwetenschapNazareth (België)/Rotterdam (Nederland), 20 februari 2025 – 7u CET Fagron levert uitzonderlijke prestatie met 14% omzetgroei en 17% groei in REBITDA in 2024 Fagron, de toonaangevende wereldspeler in farmaceutische bereidingen, publiceert vandaag haar jaarresultaten voor de periode eindigend op 31 december 2024. Kernpunten Uitzonderlijke omzetgroei met een gerapporteerde stijging van 14,3% (15,9% tegen Constant Exchange Rates (CER)) en een organische groei...
- Bruno Cavalier
- Hela Zarrouk
- Steven Boumans
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
HOT HOCHTIEF AG
KER KERING SA
VOE VOESTALPINE AG
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
TIETO TIETOEVRY OYJ
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SAFE SAFESTORE HOLDINGS PLC
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
RWI RENEWI PLC
SHUR SHURGARD SELF STORAGE LIMITED
BRE BREMBO S.P.A.
- Bruno Cavalier
- Hela Zarrouk
- Steven Boumans
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
HOT HOCHTIEF AG
KER KERING SA
VOE VOESTALPINE AG
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
TIETO TIETOEVRY OYJ
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SAFE SAFESTORE HOLDINGS PLC
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
RWI RENEWI PLC
SHUR SHURGARD SELF STORAGE LIMITED
BRE BREMBO S.P.A.
- Robert Jan Vos
- Usama Tariq
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List We stick to our selection : No changes in this F...
We stick to our selection : No changes in this February update of our Dynamic Top Pick List. The 13 names are : ABN Amro, Ackermans & van Haaren, Bekaert, D'Ieteren, EVS Broadcast Equipment, Fagron, Fugro, Gimv, Melexis, Shurgard, Sofina, Warehouses De Pauw and Xior. So we continue with 7 cyclical and 6 defensive stocks in our Dynamic Top Pick List with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight, as well as Real-estate that should benefit ...
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