reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
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
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Robert Jan Vos
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
GXI GERRESHEIMER AG
FNAC FNAC DARTY SA
ATE ALTEN SA
EBRO EBRO FOODS SA
G24 SCOUT24 AG
GLB GLANBIA PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SUN SULZER AG
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
EMMN EMMI AG
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EDR EDREAMS ODIGEO SA
CON CONZZETA AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
WLN WORLDLINE SA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
FTG111 FLATEXDEGIRO AG
HOME NEINOR HOMES SA
BFSA BEFESA SA
NFN NFON AG
GRE GRENERGY RENOVABLES
FQT FREQUENTIS AG WIENER
UPG UNIFIEDPOST GROUP
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
ALAFY AFYREN
DEME DEME GROUP NV
ADTN ADTRAN HOLDINGS INC
7V0 DARWIN AG
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
PLNW PLANISWARE
CO CASINO GUICHARD-PERRACHON
4X0 STEYR MOTORS AG
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
GXI GERRESHEIMER AG
FNAC FNAC DARTY SA
ATE ALTEN SA
EBRO EBRO FOODS SA
G24 SCOUT24 AG
GLB GLANBIA PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SUN SULZER AG
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
EMMN EMMI AG
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EDR EDREAMS ODIGEO SA
CON CONZZETA AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
WLN WORLDLINE SA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
FTG111 FLATEXDEGIRO AG
HOME NEINOR HOMES SA
BFSA BEFESA SA
NFN NFON AG
GRE GRENERGY RENOVABLES
FQT FREQUENTIS AG WIENER
UPG UNIFIEDPOST GROUP
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
ALAFY AFYREN
CTPNV CTP NV
DEME DEME GROUP NV
ADTN ADTRAN HOLDINGS INC
7V0 DARWIN AG
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
PLNW PLANISWARE
CO CASINO GUICHARD-PERRACHON
4X0 STEYR MOTORS AG
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
Aalberts: In-line FY25, but low quality / AMG: 4Q25 beat by 7%; in-line 2026 guidance / Bekaert: In-line 2025, cautious outlook for 2026 to result in c.8% consensus cut / CMB.TECH: A small bit beat but not the full story / Corbion: Dividend sweetener / CTP: Q4 results lighter due to some delays; stronger 2026 outlook / DEME: Strong FY25 numbers and FY26 outlook / Elia Group: Preview FY25 results / SBM Offshore: Another step-up in shareholder return / Syensqo: Substantial miss in 4Q25; FY26 outlo...
- Wim Hoste
Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 1...
FY25 adj EBITDA increased by 27% organically and was close to our and consensus forecasts. FY26 guidance of a c. 100bps adj EBITDA margin improvement to around 17% is no surprise (KBCS 16.7%, CSS 16.9%). We remind that Corbion is conducting a strategic review on PLA which we believe will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, al...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
Corbion announces strong full-year 2025 results with +26.7% organic Ad...
Corbion announces strong full-year 2025 results with +26.7% organic Adjusted EBITDA growth, +63.3% EPS growth, and €90.8 million in FCF; announces special dividend Corbion, the Amsterdam-listed sustainable food-ingredients company that champions preservation through application of science, today publishes its results for the year ending 31 December 2025. Key highlights annual results 2025: Organic sales growth: +2.2% (Q4: +5.4%) Volume/mix: +3.4% (Q4: +8.8%) Price: -1.2% (Q4: -3.4%) Sales: € 1,267.4 million (Q4: € 310.2 million) Adjusted EBITDA: € 204.3 million (Q...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
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
- Jean-François Granjon
- Louis Boujard
- CFA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
ITRK INTERTEK GROUP PLC
NOEJ NORMA GROUP SE
XIOR XIOR STUDENT HOUSING N.V.
KRN KRONES AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
CSM CORBION NV
WAVE WAVESTONE SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN ERMENEGILDO ZEGNA NV
LHYFE LHYFE S.A.
VT5 VT5 ACQUISITION COMPANY AG
SGSN SGS SA
4X0 STEYR MOTORS AG
- Jean-François Granjon
- Louis Boujard
- CFA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
ITRK INTERTEK GROUP PLC
NOEJ NORMA GROUP SE
XIOR XIOR STUDENT HOUSING N.V.
KRN KRONES AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
CSM CORBION NV
WAVE WAVESTONE SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN ERMENEGILDO ZEGNA NV
LHYFE LHYFE S.A.
VT5 VT5 ACQUISITION COMPANY AG
SGSN SGS SA
4X0 STEYR MOTORS AG
- Robert Jan Vos
PHA PHARMAGEST INTERACTIVE SA
VIRP VIRBAC SA
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
COTN COMET HOLDING AG
BIG BIGBEN INTERACTIVE SA
BYG BIG YELLOW GROUP PLC
ROS ROSENBAUER INTERNATIONAL AG
KOMN KOMAX HOLDING AG
UCG UNICREDIT S.P.A.
FLU FLUGHAFEN WIEN AG
DGM DIAGNOSTIC MEDICAL SYSTEMS
CSM CORBION NV
HOME NEINOR HOMES SA
JST JOST WERKE AG
2CRSI 2CRSI SA
WAVE WAVESTONE SA
THEP THERMADOR HOLDING SA
NACON NACON SASU
ANR ANSWEAR.COM
- Jeremy Garnier
ODDO : Will small caps sustain their rebound in 2026?
The market environment now appears more favourable for small caps (solid growth prospects, consistent valuations) and the rebound seen in this asset class in 2025 could continue into 2026. After a stellar performance of 32.2% (+16.3 points vs MSCI Europe Smallcaps) from our ODDO BHF European Nextcap list in 2025, we are revising our H1 2026 Nextcap top pick list, which now includes: Comet, Corbion, Equasens, Jacquet Metals, Jost-Werke, PVA Tepla, Rosenbauer, Steyr Motors, Thermador Groupe and Wa...
PHA PHARMAGEST INTERACTIVE SA
VIRP VIRBAC SA
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
ISP INTESA SANPAOLO S.P.A.
COTN COMET HOLDING AG
BIG BIGBEN INTERACTIVE SA
BYG BIG YELLOW GROUP PLC
ROS ROSENBAUER INTERNATIONAL AG
KOMN KOMAX HOLDING AG
UCG UNICREDIT S.P.A.
FLU FLUGHAFEN WIEN AG
DGM DIAGNOSTIC MEDICAL SYSTEMS
CSM CORBION NV
HOME NEINOR HOMES SA
JST JOST WERKE AG
2CRSI 2CRSI SA
WAVE WAVESTONE SA
THEP THERMADOR HOLDING SA
NACON NACON SASU
ANR ANSWEAR.COM
4X0 STEYR MOTORS AG
- Jeremy Garnier
ODDO : Poursuite du rebond des small caps en 2026 ?
L’environnement de marché semble à présent plus porteur pour les small caps (perspectives de croissance solides, valorisations cohérentes) et 2026 pourrait prolonger le rebond observé en 2025 sur cette classe d’actifs. Après une belle performance de 32.2% (+16.3 pt vs MSCI Europe Small Cap) en 2025 de notre liste ODDO BHF European Nextcap, nous revoyons notre liste de convictions Nextcap S1 2026 qui comprend désormais : Comet, Corbion, Equasens, Jacquet Metals, Jost-Werke, PVA Tepla, Rosenbauer,...
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