reports
- Emira Sagaama
- Jeremy Garnier
- Martial Descoutures
DGE DIAGEO PLC
RNO RENAULT SA
RI PERNOD RICARD SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
UNIQA INSURANCE GROUP AG
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
EKI EKINOPS SA
VLS VALNEVA SE
LNA LNA SANTE SA
JCQ JACQUET METALS SA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
TPE PVA TEPLA AG
QDT QUADIENT SA
IMPN IMPLENIA AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
COR CORTICEIRA AMORIM SGPS SA
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
EDR AMG ADVANCED METALLURGICAL GROUP N.V.
ZAG EDREAMS ODIGEO SA
POST ZUMTOBEL GROUP AG
INSD OSTERREICHISCHE POST AG
FACC VERIMATRIX SA
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
TRE HORNBACH HOLDING AG & CO. KGAA
SMCP TECNICAS REUNIDAS SA
BFSA SMCP SA
VOS BEFESA SA
BESI VOSSLOH AG
CAF BE SEMICONDUCTOR INDUSTRIES N.V.
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
GRE AMREST HOLDINGS SE
ALCUR GRENERGY RENOVABLES
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
BNTX HOFFMANN GREEN CEMENT TECHNOLOGIES SA
NACON BIONTECH SE
CPR NACON SASU
KTA DAVIDE CAMPARI-MILANO N.V.
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
EAPI WAGA ENERGY SA
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
LOCAL ORPEA
SOLOCAL GROUP
- Emira Sagaama
- Martial Descoutures
- Robert Jan Vos
- 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
- Chaima Ferrandon
- Sven Edelfelt
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
CPG COMPASS GROUP PLC
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
EOAN E.ON SE
ALO ALSTOM SA
VER VERBUND AG CLASS A
ITX INDUSTRIA DE DISENO TEXTIL S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BNR BRENNTAG SE
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HLAG HAPAG-LLOYD AG
INPST INPOST S.A.
DTG DAIMLER TRUCK
FER FERROVIAL SA
- Chaima Ferrandon
- Sven Edelfelt
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
CPG COMPASS GROUP PLC
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
EOAN E.ON SE
ALO ALSTOM SA
VER VERBUND AG CLASS A
ITX INDUSTRIA DE DISENO TEXTIL S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BNR BRENNTAG SE
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HLAG HAPAG-LLOYD AG
INPST INPOST S.A.
DTG DAIMLER TRUCK
FER FERROVIAL SA
- Robert Jan Vos
- Hans D’Haese
- Maxime Stranart
Colruyt/FY24/25 profit warning/BUY
We reiterate our BUY rating on Colruyt but reduce our target price from €48 to €45.5 following the profit warning management issued on Friday. Colruyt's share price has corrected by c.15% following this release, despite consensus needing only to cut estimates by c.5% at EBIT level, in our view. Furthermore, we believe that the competitive environment should improve for Colruyt, as: (1) we lap tough comps on competitors opening stores on Sundays; and (2) Colruyt's potential to also open on Sunday...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Thomas Vranken
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
AB InBev: Cash is King. Adecco: 4Q24 result beats by 6%, stabilising trends in 4Q24, balance sheet relief. ASM International: 1H25 guidance slightly better but orders missed in 4Q24. Colruyt: Expects to open OKay stores on Sundays. Deceuninck: Soft FY24 results due to Turkey. DEME Group: Strong FCF. JDE Peet's: Mean green beans. Kinepolis: Peer AMC 4Q24 results. NEPI Rockcastle: Strong performance at all levels. Wolters Kluwer: FY24 results; in line, new CEO in 2026
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...
- Hans D’Haese
- Maxime Stranart
Colruyt/Forget all about the Jims/BUY
We reiterate our BUY rating on Colruyt but reduce our target price from €52 to €48 due to a c.2% lower EBIT forecast over the medium term and an increase in 10-year treasury yields. We remain convinced Colruyt's current discount to peers is unwarranted, given its healthy balance sheet and EBIT growth over the medium term. At our €48 target price, Colruyt would trade at 11.2x EV/EBIT FY25/26F, a 5% discount to its 12m fwd EV/EBIT average over-the-cycle and a c.10% discount to European Food Retail...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.