reports
- 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
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Presents supportive three-year Bimzelx data in HS at EHSF
UCB announced that three-year data from the BE HEARD trials for Bimzelx in moderate to severe HS will be presented at the Conference of the European Hidradenitis Suppurativa Foundation EHSF, being held 4–6 February in Malta. The data show high rates of total HS resolution at 3 years, high rates of improvement from moderate or severe HS to mild disease, as well as strong draining tunnel resolution. This continues to highlight Bimzelx' benefit in this patient group, which we believe will further d...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Model update ahead of FY25 results
Following the second guidance upgrade for FY25 (announced 5 December 2025), we update our UCB model ahead of FY25 results. UCB now expects revenue to exceed €7.6bn, representing +24% y/y (previously at least €7bn). The upgraded guidance reflects - next to the continued growth of Rystiggo, Zilbrysq, Fintepla and Evenity – strong performance of Bimzelx, including a strong momentum in hidradenitis suppurativa (HS) and a favourable payer mix in the US. Our model update increases Bimzelx FY25 sales t...
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Kygevvi receives positive CHMP opinion in ultra-rare disease TK2d
Friday during trading hours, UCB announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending the granting of marketing authorisation under exceptional circumstances for Kygevvi (doxecitine and doxribtimine) for the treatment of pediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. Following the positive CHMP opinion...
- David Vagman
- CFA
Kinepolis/Moment of truth in 2026, M&A case gets real/BUY
The stock underperforms 56% since end-2024, 15% YTD, as the long-awaited attendance recovery failed to materialise and a convincing mid-size M&A deal could not turn the tide yet. The stock has derated to 7x EV/EBITDAL 26F, close to our €20 bear case, investors becoming sceptical on the long-term story, while studios consolidation (Netflix/Warner Bros) fuels fears of dangerous structural changes at play. We acknowledge them but also see the upsides, among others, self-help and converting Netflix ...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Conditional approval for the acquisition of Delfood / Bekaert: Acquires Bridgestone's €80m tyre cord business in China and Thailand / KPN: In-line Q4, 2026 guidance, cash returns / NSI: Results in line, further vacancy weighing on 2026 and cautious tone on new developments / UCB: Cimzia included in Medicare's price negotiations for 2028
- David Vagman
- CFA
- Maxime Stranart
UCB/Bimzelx continues its exceptional launch/BUY
We reiterate our BUY rating and raise our target price from €257 to €310. UCB finished the year strongly, after upgrading its guidance for a second time in FY25. This upgraded guidance was mainly driven by an exceptional performance for Bimzelx, the group's key growth engine and which continues to surprise to the upside. This gives us comfort into our peak sales of €8.5bn for Bimzelx by 2032F, especially as the performance of Bimzelx in Hidradenitis Suppurativa remains strong. Alongside Bimzelx,...
Publication of a transparency notification
Publication of a transparency notification Kinepolis Group NVPress releaseRegulated information Publication of a transparency notification (Article 14, first paragraph, of the law of 2 May 2007 on disclosure of major holdings) 20 January 2026, 17h45 On 16 January 2026, Kinepolis Group NV has received a transparency notification from BNP Paribas Asset Management Holding, notifying that, following a transfer of securities with voting rights, the companies that are controlled by it own 2.98% of the voting rights attached to shares of Kinepolis Group NV, and therefore the threshold of 3% ha...
Publication relative à une notification de transparence
Publication relative à une notification de transparence Kinepolis Group SACommuniqué de presseInformation réglementée Publication relative à une notification de transparence (article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes) 20 janvier 2026, 17h45 Le 16 janvier 2026, Kinepolis Group SA a reçu une notification de transparence de la part de BNP Paribas Asset Management Holding, dont il résulte que, suite à un transfert de titres conférant le droit de vote par les sociétés qu’elle contrôle, celles-ci possèdent au total 2,98% des droits d...
Openbaarmaking van een transparantiekennisgeving
Openbaarmaking van een transparantiekennisgeving Kinepolis GroupPersberichtGereglementeerde informatie Openbaarmaking van een transparantiekennisgeving (artikel 14, eerste lid, van de wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen) 20 januari 2026, 17u45 Op 16 januari 2026 heeft Kinepolis Group NV een kennisgeving ontvangen van BNP Paribas Asset Management Holding waaruit blijkt dat de door haar gecontroleerde ondernemingen, door een overdracht van stemrechtverlenende effecten, in totaal 2,98% van de stemrechten van Kinepolis Group NV bezitten en aldus de deelnemin...
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Dominic Rose
- Naresh Chouhan
UCB - Highest Conviction Long (BUY, TP EUR300, 13pgs)
Deeper analysis on Bimzelx pricing means UCB is now our highest conviction long (Roche & AZN have had big moves). We show that: 1) Bimzelx ’26 pricing concerns are overdone, 2) 55% US volume growth in 2026 is likely, 3) Consensus is likely too low for H225 on US Bimzelx (pricing is likely +ive vs H125), 4) Guidance is likely in-line with cons. & 5) H225 has 2 upside drivers, with BE-BOLD boosting rheum volumes & one big payor likely unlocking HS access. Our proprietary product-by-product model s...
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Pre-close 4Q: positive read, but with recent CMD, no surprises on guidance / Ahold Delhaize: New US distribution centre to be leased from Blackstone / Kinepolis: Peer Cineplex December 2025 box office revenue at 89% of 2019 level, up 3% YoY / Randstad: Preview 4Q25F results due 11 February; consensus released / Staffing sector: Hays' 2Q26 trading update; miss vs consensus / Zabka: Peer Biedronka FY25 sales.
- Guy Sips
- Jacob Mekhael
- Guy Sips
Kinepolis Group One Battle After Another
Following weaker-than-expected December 2025 admissions in North America and Europe, we updated our Kinepolis visitor model to reflect a softer 4Q25 and FY25 than originally anticipated. In the US, December Box Office declined -2.3% y/y, resulting in a –6.9% quarter as an overcrowded release slate diluted demand across major titles. This drove FY25 admissions below expectations, despite a 1% y/y increase in Box Office revenue supported by premium pricing. We expect Canada to show the same patter...
UCB SA: 2 directors
Two Directors at UCB SA bought/sold after exercising options 3,500 shares at between 254.270EUR and 255.491EUR. The significance rating of the trade was 75/100. 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 compa...
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