reports
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Expect buoyed contribution from Private Banking. ASR: 1H: strong solvency, buyouts at 12% IRR. Deceuninck: Weak set of results, as expected following the change in CEO. EVS: Very weak 1H25, but guidance unchanged; convincing bolt-on deal in the US. IBA: IBA to install one P1 system at university campus in Heidelberg, Germany. NEPI Rockcastle: Robust performance, small upward revision to guidance
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment 1H25 below expectations, guidance maintained a...
Although 1H25 revenues (€91.8m) and EBIT (€14.8m) came in below our (€96.6m, €18.7m) and CSS (€100.2m, €20.0m) expectations, EVS remains cautiously optimistic for FY25 and reaffirms its previously announced guidance as the foundations laid in 1H25 will support a strong 2H25. We also welcome EVS' significant strategic acquisition of US based Telemetrics, specialised in robotic camera systems for live news and live content production. This acquisition not only broadens EVS product portfolio but al...
- 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
Benelux Morning Notes
Aalberts: First hydronic flow control takeover in US; Ahold Delhaize: Preview 2Q25; EVS: Wins 2026 world cup contract Big Event Rental; Exor: A tad more Philips; Via Transportation reviving IPO plans; Heijmans: 1H25 preview; looks to be on track; KPN: 2Q25 preview; Montea: €24m acquisition in Dutch logistics hotspot; Ontex: Peer Essity 2Q25 results; RELX: 1H25 preview; Sligro: Weak 1H25 calls for 7.5% downgrade to consensus at EBITDA level; Events Calendar
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding...
Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, ...
- David Vagman
- CFA
EVS/Swiftly navigating more difficult waters/BUY
We reiterate our BUY as we think EVS will do well in a tougher environment for European exporters, especially those looking to grow in the US, with broadcasting clients exposed to advertising cycles. As last year, EVS again had a weak 1Q order intake, fuelling concerns given the stock had been very strong after a very solid 2H24. We think these fears are exaggerated, with management issuing a reassuring EBIT guidance at 1Q, confirming its sales range guidance excluding FX, and indicating its pip...
- 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
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
EVS Communicates the Results of the Extraordinary General Meeting of J...
EVS Communicates the Results of the Extraordinary General Meeting of June 10, 2025 EVS COMMUNICATES THE RESULTS OF THE EXTRAORDINARY GENERAL MEETING OF JUNE 10, 2025 EVS Broadcast Equipment SA, leading provider of live video production systems, held a postponed Extraordinary General Meeting on Tuesday, June 10, 2025 (due to the lack of attendance quorum at the Extraordinary General Meeting convened on May 20, 2025). In total 163 shareholders representing 3,721,388 shares, or 25.97% of the company shares, attended (by proxy) the Extraordinary General Meeting held physically at the compan...
EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE EXTRAORDINAIRE DU...
EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE EXTRAORDINAIRE DU 10 JUIN 2025 EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE EXTRAORDINAIRE DU 10 JUIN 2025 EVS Broadcast Equipment SA, leader des systèmes de production vidéo en direct, a tenu ce mardi 10 juin 2025 une Assemblée Générale Extraordinaire reportée (l’Assemblée Générale Extraordinaire convoquée le 20 mai 2025 n’ayant pas réuni le quorum de présence requis). Au total, 163 actionnaires représentant 3.721.388 titres, soit 25,97% du capital de la société, ont pris part (par procuration) à cette Assemblée qui s’est dér...
- 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
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment Target Tweaked, Confidence Sustained
We updated our model after EVS highlighted 1Q25 was slightly below its own expectations, primarily due to the deferral of certain customer deliveries from March to April. EVS stressed that this timing-related impact does not alter their underlying business momentum. EVS indicated that customer demand remains robust across all regions. We welcome EVS remains cautiously optimistic about achieving its FY25 revenue objectives though, given the macro-economic tensions, the tariff discussions and the ...
EVS Invites Its Shareholders to a Postponed Extraordinary General Meet...
EVS Invites Its Shareholders to a Postponed Extraordinary General Meeting on June 10, 2025 EVS INVITES ITS SHAREHOLDERS TO A POSTPONED EXTRAORDINARY GENERAL MEETING ON JUNE 10, 2025 As already communicated on May 20, 2025, due to the lack of attendance quorum, the Extraordinary General Meeting of EVS Broadcast Equipment SA convened on May 20, 2025 is postponed to June 10, 2025, at 12:00 pm, at its registered office in Liège, to deliberate on the agenda available on the website of the company (see link below). The Board of Directors will propose to this effect to the Shareholders to appr...
EVS INVITE SES ACTIONNAIRES À UNE ASSEMBLÉE GÉNÉRALE EXTRAORDINAIRE RE...
EVS INVITE SES ACTIONNAIRES À UNE ASSEMBLÉE GÉNÉRALE EXTRAORDINAIRE REPORTEE LE 10 JUIN 2025 EVS INVITE SES ACTIONNAIRES À UNE ASSEMBLÉE GÉNÉRALE EXTRAORDINAIRE REPORTEE LE 10 JUIN 2025 Comme déjà communiqué le 20 mai 2025, l’Assemblée Générale Extraordinaire de EVS Broadcast Equipment SA convoquée le 20 mai 2025 n’ayant pas réuni le quorum de présence requis est reportée au 10 juin 2025, à 12:00 heures, à son siège social à Liège pour se prononcer sur l’agenda tel que publié sur le site internet de la société (voir lien ci-dessous). Le Conseil d'Administration proposera à cet effet aux...
EVS Communicates the Results of the Ordinary General Meeting
EVS Communicates the Results of the Ordinary General Meeting EVS COMMUNICATES THE RESULTS OF THE ORDINARY GENERAL MEETING EVS Broadcast Equipment SA, leading provider of live video production systems, held its Ordinary General Meeting on May 20, 2025. In total 154 shareholders representing 3,726,794 shares, or 26.01% of the company shares, attended (by proxy and physically) the Ordinary General Meeting held physically at the company's registered office. All the resolutions have been approved, i.e.:- The remuneration report, the discharge of the Directors and the Auditor;- The 2024 a...
EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE ORDINAIRE
EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE ORDINAIRE EVS COMMUNIQUE LES RESULTATS DE L’ASSEMBLEE GENERALE ORDINAIRE EVS Broadcast Equipment SA, leader des systèmes de production vidéo en direct, a tenu ce mardi 20 mai 2025 son Assemblée Générale Ordinaire. Au total, 154 actionnaires représentant 3.726.794 titres, soit 26,01% du capital de la société, ont pris part par procuration et physiquement à cette Assemblée qui s’est déroulée physiquement au siège social de la société. Toutes les résolutions ont été approuvées, à savoir :- Le rapport de rémunération, la décharge aux A...
- ING Helpdesk
Benelux Morning Notes
EVS: Weak start to the year, sales guidance maintained excluding FX, EBIT guidance low Just Eat Takeaway.com: Prosus offer launched KBC: CFO meeting – navigating above targets, strong loan growth & NII path NEPI Rockcastle: Robust Q1 results, strong top line Xior Student Housing: Dutch rent freeze not applicable to Xior
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
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