reports
- ING Helpdesk
Benelux Morning Notes
Adyen: New Platforms partnership in APAC / Dutch Pension Reform (Wtp): 1/3 transitioned (c.25 funds), 2027 challenging / IBA: Sale of a P1 system to MacKay Memorial Hospital in New Taipei City, Taiwan / KPN: 4Q25 preview / Offshore Wind: North Sea offshore wind pact to develop 300GW by 2050 / Vår Energi: RRR 2P 185% offsets slight pressure on expected production volumes 4Q
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VAC PIERRE & VACANCES SA
BIO BB BIOTECH AG
STF STEF
ITP INTERPARFUMS
SWP SWORD GROUP SE
GLO GL EVENTS SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
ENI ENI S.P.A.
REP REPSOL SA
AALB AALBERTS N.V.
ARG ARGAN SA
FLU FLUGHAFEN WIEN AG
SIFG SIF HOLDING NV
SFSN SFS GROUP AG
BP. BP P.L.C.
FAST FASTNED
AZE AZELIS GROUP NV
SHEL SHELL PLC
7V0 DARWIN AG
ARYN ARYZTA AG
- Ahmed Ben Salem
- Emira Sagaama
- Oddo Sustainability Team
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VAC PIERRE & VACANCES SA
BIO BB BIOTECH AG
STF STEF
ITP INTERPARFUMS
SWP SWORD GROUP SE
GLO GL EVENTS SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
ENI ENI S.P.A.
REP REPSOL SA
AALB AALBERTS N.V.
ARG ARGAN SA
FLU FLUGHAFEN WIEN AG
SIFG SIF HOLDING NV
SFSN SFS GROUP AG
BP. BP P.L.C.
FAST FASTNED
AZE AZELIS GROUP NV
SHEL SHELL PLC
7V0 DARWIN AG
ARYN ARYZTA AG
- Thijs Berkelder
SIF : Key for 2026 is efficient order delivery, but key for 2027 is ne...
Today we resume our coverage on SIF with a Neutral recommendation, and a TP of € 7.1. If SIF in the coming 12 months is able to deliver on its 2026 guidance, and refill its 2027 & 2028 order backlog with new large contracts, the stock has large upside potential. If they do not deliver, the stock has further downside potential.
- Thijs Berkelder
- Tijs Hollestelle
Sif Group/Finally - something positive/BUY
Sif stated it reached its production target of four monopiles per week in December and reiterated its FY25 EBITDA guidance, expecting €45m. This indicates c.€18m 4Q EBITDA, up versus c.€14m in 3Q. Sif's focus is now on increasing efficiency into 1H26. Sif also repeated its FY26 EBITDA guidance, expecting €135m. Given the unreliable prior guidance, we cut our FY26 EBITDA estimate to €97.7m, aiming 28% below the guidance. Sif already arranged a waiver for its 4Q25 and 1Q26 bank covenants and we es...
- ING Helpdesk
- Charlotte Vaisse
- Emira Sagaama
- Jerôme Bodin
- Marc Lavaud
APAML APERAM SA
SBS STRATEC SE
LEI LEIFHEIT AG
DEC JCDECAUX SA
LXS LANXESS AG
OERL OC OERLIKON CORPORATION AG
VIRP VIRBAC SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
ALTA ALTAREA SCA
A1XA4J CARBIOS SA
BON BONDUELLE SCA
KRN KRONES AG
ANA ACCIONA SA
EDW EDP RENOVAVEIS SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
SIFG SIF HOLDING NV
WLN WORLDLINE SA
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
DSC1 DUTCH STAR C SHAR
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
BRE BREMBO S.P.A.
- Charlotte Vaisse
- Emira Sagaama
- Jerôme Bodin
- Marc Lavaud
APAML APERAM SA
SBS STRATEC SE
LEI LEIFHEIT AG
DEC JCDECAUX SA
LXS LANXESS AG
OERL OC OERLIKON CORPORATION AG
VIRP VIRBAC SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
ALTA ALTAREA SCA
A1XA4J CARBIOS SA
BON BONDUELLE SCA
KRN KRONES AG
ANA ACCIONA SA
EDW EDP RENOVAVEIS SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
SIFG SIF HOLDING NV
WLN WORLDLINE SA
DSC1 DUTCH STAR C SHAR
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
BRE BREMBO S.P.A.
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview Investor Day Aperam: In line 3Q25 EBITDA, soft 4Q25 guidance balanced by optimism on EU trade action and FCF beat Brunel: 3Q25 beats; outlook FY25 in line but trend NL and cash position weaker CM.com: Rejects Bird's offer Euronext: Records, beats, buybacks and upgrades GBL: 3Q25 a bit light Kinepolis: Canadian peer Cineplex 3Q25 Results and October 2025 Box office revenue NEPI Rockcastle: COO appointed as new CEO Proximus: Major cut to Global 2026 EBITDA, in line 3Q, 2025 FCF guid...
- Thijs Berkelder
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Update about the deal. BAM Group: Preview - you have this and you have that. Basic-Fit: Investor call highlights Clever Fit acquisition. dsm-firmenich: Symrise 3Q25 results. KPN: Odido reduces fibre prices for higher speeds, increases prices for lower speeds. KPN: In line EBITDAal on lower revenues, guidance reiterated. Philips: 3Q25 preview, strong 4Q25 needed. Sif Group: Preview - boosting factory output and profit. Vastned: Strong progress on synergies,...
Sif Holding N.V.: 1 director
A director at Sif Holding N.V. maiden bought 20,000 shares at 7.600EUR and the significance rating of the trade was 77/100. 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 year...
- Hela Zarrouk
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ALLAN LANSON-BCC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
SFG SPHERA FRANCHISE GROUP SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
SUNN SUNRISE
- Hela Zarrouk
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ALLAN LANSON-BCC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
SFG SPHERA FRANCHISE GROUP SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
SUNN SUNRISE
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: A strong 1H25. Avantium: Nearly there. Eurocommercial Properties: Good results, positive effects of remerchandising. Recticel: Weak 1H25 calls for a 12% downgrade to consensus at Adj. EBITDA level. Sif Group: 2025 and 2026 guidance cuts. Staffing: Belgium - July Temp volume weaker at -3.5% YoY despite easier comps
- Thijs Berkelder
- ING Helpdesk
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 27 January 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- ING Helpdesk
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