reports
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Wim Lewi
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- ING Helpdesk
Benelux Morning Notes
Colruyt: FY24/25F set to be in line with recently revised guidance. Exor: In search of a €2bn deal. Flow Traders: Sell In May And Go Away. Kinepolis: Peer Cineplex May 2025 box office revenue up 63% YoY, at 81% of 2019 level. Staffing: Dutch Period 5 - May vols up, strong pricing, working days/comps might distort. Staffing: French staffing - strong April data, May outlook also better
- ING Helpdesk
Benelux Morning Notes
Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar
PROX PROXIMUS SA DE DROIT PUBLIC
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
PHIA KONINKLIJKE PHILIPS N.V.
WKL WOLTERS KLUWER NV
ASM ASM INTERNATIONAL N.V.
ASRNL ASR NEDERLAND NV
LIGHT SIGNIFY NV
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ASML ASML HOLDING NV
TKWY JUST EAT TAKEAWAY.COM N.V.
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
TOM2 TOMTOM NV
PRX PROSUS N.V. CLASS N
DSC1 DUTCH STAR C SHAR
BAR BARCO NV
FAST FASTNED
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update June: Removing Merus, Shurgard and Adyen ...
In this June update, we've made four adjustments to the KBC Securities Dynamic Top Pick List: 1.Merus (Removed – 27 May) was removed following the release of strong interim Phase 2 data at the ASCO 2025 conference. Its lead asset, petosemtamab, in combination with Keytruda, showed a 63% overall response rate in first-line treatment of head and neck cancer—significantly outperforming Keytruda monotherapy. The resulting share price surge validated our investment thesis. 2. Adyen (Removed) has de...
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
MRUS MERUS B V
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
Minutes General Meeting
Minutes General Meeting Minutes General Meeting Regulatory release 20 May 2025, 8.00 a.m. CET Kinepolis Group NV has held her Ordinary General Meeting on 14 May 2025. All proposed agenda items were approved.The minutes of the meeting can be consulted on the website of Kinepolis Group KINEPOLIS GROUP NV Eeuwfeestlaan 20, 1020 BrusselsEnterprise Number VAT BE 0415.928.179 RLP Brussels, Dutch speaking department -
Procès-Verbal de l’Assemblée générale
Procès-Verbal de l’Assemblée générale Procès-Verbal de l’Assemblée générale Information réglementée 20 mai 2025, 8h00 L’Assemblée générale ordinaire de Kinepolis Group SA s’est tenue en date du 14 mai 2025. Tous les points de l’ordre du jour ont été approuvés.Le procès-verbal de l’assemblée peut être consulté sur le site web de Kinepolis Group KINEPOLIS GROUP SA Boulevard du Centenaire 20, 1020 BruxellesN° d'entreprise TVA BE 0415.928.179 RPM Bruxelles, département néerlandophone -
Notulen Algemene Vergadering
Notulen Algemene Vergadering Notulen Algemene Vergadering Gereglementeerde informatie 20 mei 2025, 8u00 Kinepolis Group NV heeft op 14 mei 2025 een Gewone Algemene Vergadering gehouden. Alle voorgestelde agendapunten werden goedgekeurd.De notulen van de vergadering zijn te raadplegen op de website van Kinepolis Group NV KINEPOLIS GROUP NV Eeuwfeestlaan 20, 1020 BrusselOndernemingsnummer BTW BE 0415.928.179 RPR Brussel, Nederlandstalige afdeling -
Payment of dividend
Payment of dividend Payment of dividend Regulatory release 14 May 2025, 1 p.m. CET The Ordinary General Meeting of Kinepolis Group NV has decided today to pay out a dividend of € 0.55 gross per share to the shareholders (€ 0.385 net after deduction of 30% withholding taxes). The dividend will be paid out as from 20 May 2025. The ex coupon date is fixed at 16 May 2025 and the record date at 19 May 2025. KINEPOLIS GROUP NV Public limited company that is making or has made a public appeal to savingsEeuwfeestlaan 20, 1020 BrusselsEnterprise Number VAT BE 0415.928.179 RLP Brussels
Paiement dividende
Paiement dividende Paiement dividende Information réglementée 14 mai 2025, 13h00 L'Assemblée générale ordinaire de Kinepolis Group SA a décidé aujourd’hui de payer aux actionnaires un dividende de 0,55 € brut par action (0,385 € net après déduction du précompte mobilier de 30%). Le dividende sera mis en paiement à partir du 20 mai 2025. La date ex coupon a été fixée au 16 mai 2025 et la date d’enregistrement au 19 mai 2025. KINEPOLIS GROUP SA Société anonyme qui fait ou a fait publiquement appel à l'épargneBoulevard du Centenaire 20, 1020 BruxellesN° d'entreprise TVA BE 0415.928.179...
Dividenduitkering
Dividenduitkering Dividenduitkering Gereglementeerd bericht 14 mei 2025, 13u00 De Gewone Algemene Vergadering van Kinepolis Group NV heeft vandaag besloten een dividend van € 0,55 bruto per aandeel (€ 0,385 netto na aftrek van 30% roerende voorheffing) uit te betalen aan de aandeelhouders. Het dividend wordt betaalbaar gesteld vanaf 20 mei 2025. De ex-coupon datum is vastgesteld op 16 mei 2025 en de record datum op 19 mei 2025. KINEPOLIS GROUP NV Naamloze vennootschap die publiek beroep doet of gedaan heeft op het spaarwezenEeuwfeestlaan 20, 1020 BrusselOndernemingsnummer BTW...
- ING Helpdesk
Benelux Morning Notes
AB InBev: Strong brew. Adecco: 1Q25 beats on timing of JV income; 2Q25 outlook momentum positive. Alfen: Preview - 1Q25 should arrive in line. AMG: Strong 1Q25 EBITDA beat, guidance raised. BAM Group: Non-residential backs EBITDA increase. CTP: Strong results combined with strong message on demand dynamics. JDE Peet's: Jumping Beans. Kinepolis: Peer AMC 1Q25 results - revenues per visitor more subdued. Prosus: CEO letter highlights strong profit growth in 2026. Proximus: CpaaS ...
- ING Helpdesk
Benelux Morning Notes
Kinepolis: Box office doubles in US/Canada, flat attendance in France. KPN: VodafoneZiggo goes for accelerated DOCSIS 4.0 roll out, answering infra question. Lotus Bakeries: CEO expects US$100m in sales in India by the end of the decade. Philips: 1Q25 results – Guidance lowered on tariffs. PostNL: 1Q25 in line with consensus; FY25 outlook reiterated
- ING Helpdesk
Benelux Morning Notes
BE Semiconductor Industries: Important TCB Next order. Belgian telcos: Telenet weak Q1 commercially across the board, financials reasonable. D'Ieteren: Belgian April car registrations down 5%, VW down 11%. GBL: NAV per share above estimates. Kinepolis: US Peer Cinemark 1Q25 results a slight miss. KPN: VodafoneZiggo 1Q25 very weak, cut guidance on EBITDA, revenue after 2 months
- David Vagman
- CFA
Kinepolis/Weak start, macro, long-term worries priced in/BUY
We cut our EPS by 13% on lower attendance and our target price by 14% to €43, while factoring in slightly lower long-term growth and a slower M&A restart. The share price has underperformed by 20% YTD, reflecting a weak 1Q25, some specific country issues (Netherlands, Spain, France), macro fears and, we think, more longer term concerns that the industry cannot pull off a material recovery despite an improvement in content. We keep our BUY rating on: (1) Kinepolis self-help and, above all, its M&...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: 1Q25 Preview. Azelis: 1Q25 EBITA miss on tariff uncertainty, €20m self-help to support margins. Exor: Announces oversubscribed €1bn SBB tender offer, strike at VWAP +2%. Flow Traders: Mike drop. Fugro: 1Q25 as expected but outlook a question mark. IMCD: Breaking with tradition: CEO gone within 15 months. Kinepolis: Weak 1Q25, offset by a strong 2Q25 start. KPN: Small 1Q25 EBITDAal beat, guidance reiterated. Randstad: Capital Markets Event. RELX: 1Q25 trading...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
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