Benelux Morning Notes

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ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/09/2025

TKH GROUP NV : CMD Preview – Cautious targets expected. Lowering estim...

Morning Notes : AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXF...

: AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXFIL NA, IMCD NA

TKH Group What to expect for 2H25

We revised our 2025 forecasts to reflect recent performance and updated guidance across TKH's divisions. Smart Vision showed strong momentum in 1H25, which is expected to continue in 2H25. Smart Manufacturing outlook decreased following a sharper than expected decline in 1H25 and a 12.5% drop in the order book. Smart Connectivity saw better than expected revenue in 1H25, but EBITA disappointed due to lower GPm and elevated OpEx. We expect a recovery in 2H25, driven by the subsea segment and lowe...

Lotus Bakeries/1H25 results: factory to open ahead of schedule/BUY

We reiterate our BUY on Lotus Bakeries but lower our target price from €12,000 to €10,300 on the back of lower short-term estimates, due to the deconsolidation of ice cream and chocolate sales, as well as a higher WACC. We believe that Lotus Bakeries has underperformed key peers Mondelez and Lindt & Sprüngli this year due to investor concerns on constrained volume growth for Lotus Biscoff and to a potential slowdown in Natural Foods growth. We note that both those concerns have been put to rest ...

Deceuninck/1H25: weak performance in Turkey/HOLD

We reiterate our HOLD on Deceuninck, but lower our target price to €2.3, from €2.5, following the group's 1H25 results. We note that the profitability in Turkey has disappointed, following a double-digit drop in sales, materially below the Street's expectations. Turkey accounted for >50% of group Adj. EBITDA last year. We expect high interest rates and inflation to continue to negatively affect the group's operating profit, but also its financial expenses due to its hedging policy in the country...

Deceuninck Feedback analyst meeting

Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly at...

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

Morning Notes : ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

: ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

Deceuninck FIRST LOOK: 1H25 adj EBITDA -16%, no precise guidance

Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly at...

Morning Notes : DECB BB, SHUR BB, AUTL US, PHVS US

: DECB BB, SHUR BB, AUTL US, PHVS US

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/12/2025

Benelux Morning Notes

Euronext: Fixed income volume growth remains strong; Fastned: Preview 1H25; Talabat: 2Q25 results; beat and raise; TKH Group: Connectivity EBITA margin drops to 1%

TKH GROUP NV : Subsea problems in Smart Connectivity wreak havoc on H1...

Morning Notes : TWEKA NA, TKWY NA

: TWEKA NA, TKWY NA

Benelux Morning Notes

bpost: 2Q25 results beat 22%, outlook raised further, room for another upgrade at 3Q25. Lotus Bakeries: APAC factory ahead of schedule. NN Group: 1H on track with May CMD, longevity deal a positive surprise (Sol 2 PF 205%). Talabat: 2Q25 Preview. Vopak: AVTL's FID on Mumbai expansion

Morning Notes : BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA

: BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA