reports
- Delphine Brault
- Juan Ros-Padilla
- Luis de Toledo Heras
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
KBX KNORR-BREMSE AG
THEP THERMADOR HOLDING SA
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
AG1 AUTO1 GROUP
OVH OVH GROUPE
EPI A EPIROC AB
ALLFG ALLFUNDS (UK) LTD
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
SHA SCHAEFFLER AG
CIRSA CIRSA ENTERPRISES S.A.
- Delphine Brault
- Emira Sagaama
- Juan Ros-Padilla
- Luis de Toledo Heras
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
KBX KNORR-BREMSE AG
THEP THERMADOR HOLDING SA
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
AG1 AUTO1 GROUP
OVH OVH GROUPE
EPI A EPIROC AB
ALLFG ALLFUNDS (UK) LTD
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Julian Dobrovolschi
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: Business as usual. Basic-Fit: Good news - senior unsecured convertible bonds due 2028 put option waiver. D'Ieteren: Belgian February new car registrations down 7.7%, VW down 13.1% EVS: Analyst meeting feedback. Sif Group: Preview - order intake window rapidly closing. Wereldhave: €250m refinanced
- Carole Braudeau
Credit Morning 03/02/2026
Picard: sharp deleveraging in Q3 thanks to strong free cash flow despite slightly weaker sales|THOM Group: a more reassuring start to Q2, guidance maintained, strategic measures developed.|SoftBank Group will invest an additional $ 30bn in OpenAI|Airlines and Chemicals: potential impacts from the war in Iran|
- Carole Braudeau
Morning Crédit 02/03/2026
Picard : solide diminution du levier au T3 grâce à un bon free cash-flow malgré un CA un peu faible|THOM : un début de T2 plus rassurant, guidances maintenues, mesures stratégiques développées|SoftBank va investir 30 mds USD supplémentaires dans OpenAI|Airlines and Chemicals: potential impacts from the war in Iran|
- Amira Manai
- Andreas Riemann
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
PNL POSTNL NV
01913 PRADA S.P.A.
KRN KRONES AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HOME NEINOR HOMES SA
MEDCL MEDINCELL SA
AEDAS AEDAS HOMES SA
MRX MISTER SPEX SE
FUR FUGRO NV
ZGN ERMENEGILDO ZEGNA NV
AF AIR FRANCE - KLM
EXENS EXOSENS
- Amira Manai
- Andreas Riemann
- Bruno Cavalier
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
PNL POSTNL NV
01913 PRADA S.P.A.
KRN KRONES AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HOME NEINOR HOMES SA
MEDCL MEDINCELL SA
AEDAS AEDAS HOMES SA
MRX MISTER SPEX SE
FUR FUGRO NV
ZGN ERMENEGILDO ZEGNA NV
AF AIR FRANCE - KLM
EXENS EXOSENS
- Martial Descoutures
- Oussema Denguir
- Martial Descoutures
- Oussema Denguir
- Daniel Großjohann
Hardly any organic growth expected in 2026, single-digit P/E ratio
The figures for 2025 showed pro forma revenue growth of 5%. TMV is planning for revenue growth of 0% to 3% in 2026. It emphasises that Q1 and Q2 are likely to be weak (the same quarters last year benefited from price increases in the SMB segment). Based on 2025 EPS (€0.75), TMV is currently trading at an unusually low P/E ratio of around 7 for the current year. The reasons for this are lost confidence, the underperformance of the acquired 1E to date and the structurally weak remote SMB business,...
- Daniel Großjohann
Kaum organisches Wachstum in 2026 zu erwarten, einstelliges KGV
Die vorläufigen 2025er-Zahlen brachten auf Pro-forma-Basis noch ein Umsatzwachstum von 5%. Für 2026 plant TMV mit 0% bis 3%igem Umsatzwachstum. Dabei wird betont, dass Q1 und Q2 schwach werden dürften (die Vorjahresquartale hatten von Preisanhebungen im SMB-Bereich profitiert). Auf Basis des 2025er EPS (€ 0,75) handelt TMV derzeit mit einem ungewöhnlich niedrigen KGV um 7 für das laufende Jahr. Gründe hierfür liegen in verlorenem Vertrauen, der bisherigen Unterperformance der zugekauften 1E und ...
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- Carole Braudeau
- Mariem Ben Nejma
- Sinan Doganli
- Carole Braudeau
- Mariem Ben Nejma
- Sinan Doganli
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