reports
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Maxime Stranart
Colruyt/FY guidance reiterated despite weaker 1H25-26/BUY
We reiterate our BUY rating on Colruyt but lower our target price from €44 to €38 following Colruyt's 1H25/26F results, which came in below expectations at the operating profit level. While we note management's confident tone during its conference call, we reduce our EBIT forecast by 3.6% for FY25/26F, implying that we now sit roughly 2% below company-guidance. We expect Sunday openings as of January 2026, as well as a strong price position in Belgium to benefit top-line growth over the next eig...
- Michiel Declercq
Colruyt 1H25/26 disappoints, outlook reiterated, but with caution
Although Colruyt already flagged during the AGM that the operating result in 1H25/26 would be lower, the -15.8% EBIT decline in 1H25/26 to € 213m came in below our estimates (kbcse: € 230m). While Colruyt still banks on a stable operating result and net profit for FY25/26, the group did highlight that the situation has become more complicated following the ongoing price and promo pressure, increased Sunday openings, abolition of the mandatory closing day and uneven level playing field in labour ...
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
KCO KLOECKNER & CO SE
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
JCQ JACQUET METALS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
EZJ EASYJET PLC
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
GEST GESTAMP AUTOMOCION S.A.
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Anthony Dick
- Marc Lavaud
- Michael Foundoukidis
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
KCO KLOECKNER & CO SE
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
JCQ JACQUET METALS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
VOW3 VOLKSWAGEN AG PREF
EZJ EASYJET PLC
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
GEST GESTAMP AUTOMOCION S.A.
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- ING Helpdesk
Benelux Morning Notes
Colruyt: Guidance reiterated despite weaker-than-expected 1H25/26. Dutch Pension Buyouts: Regulator DNB's view, c.€7bn so far, insurers at 15% market share now. OCI: Dutch investor association VEB and other shareholders take legal action to block Orascom merger. Proximus: CFO Mark Reid to leave Proximus by end of January 2026. Staffing Sector: US temp volume YoY declined vs October; NFP jobs beat expectations. Var Energy: Boosting production bodes well for years to come. Events Calendar
- Guy Sips
- Michiel Declercq
- Robert Jan Vos
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Ahmed Ben Salem
- Baptiste Salaville
- Oddo Sustainability Team
- Ahmed Ben Salem
- Baptiste Salaville
- Oddo Sustainability Team
- Robert Jan Vos
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Colruyt: Only 5 stores left to divest in France. EVS: Lower end of the range becomes the base case, on longer lead times. Fagron: Two EMEA acquisitions and California license for FSS. Kinepolis: “Wicked” achieves solid box office. OCI: Divesting Rotterdam ammonia terminal for €290m. Prosus: 1HFY26 results – on track
- Livio Luyten
Quest for Growth Pivot to Underperforming VC portfolio undermines our ...
Quest for growth has decided to reduce its exposure to public equity in favour of private equity. The announced €18.7m capital reduction will be financed by selling part of the quoted portfolio. This also shrinks the already small €137m NAV, and defeats the purpose of a listed holding that should be compounding. We believe this reduces the investment case for QfG as it cuts (retail) investors access to an experienced investment team with a public equity track record. The listed portfolio deliver...
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
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