reports
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
SK SEB SA
NOKIA NOKIA OYJ
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAF SAFRAN S.A.
DTE DEUTSCHE TELEKOM AG
BKT BANKINTER SA
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
SK SEB SA
NOKIA NOKIA OYJ
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAF SAFRAN S.A.
DTE DEUTSCHE TELEKOM AG
BKT BANKINTER SA
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - priced like it is 2009 all over again. ABN AMRO: Pre-close 1Q – focus on capital & new CEO. Ahold Delhaize: Preview 1Q25. Arcadis: Gatwick work. Basic-Fit: 1Q25 trading update; strong membership ingrowth; CB repayment refinancing. CM.com: 1Q25 trading update. Fastned: 1Q25 trading update; disappointing charging volumes. NSI: A steady quarter, increasing vacancy on the horizon. Sligro: Soft 1Q25 sales, no outlook provided. Wereldhave: Guidance at the higher e...
Intertek Group: 1 director
A director at Intertek Group bought 4,410 shares at 4,511p and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Another Delen Private Bank acquisition in the Netherlands. Ahold Delhaize: Peer Albertsons FY24/25 results. ASML: 1Q25 results; already weaker ahead of the tariffs. Barco: Calm before the storm. Heineken: In the hold. Melexis: Partial move to China. Staffing sector: Hays' 3Q24/25 trading update; in line. Vopak: New industrial terminal or energy transition facility? WDP: €60m investment with KDL
- ING Helpdesk
Benelux Morning Notes
Acomo: A game of two halves. Ahold Delhaize: Peer Kroger FY24 results. Belgian telecoms: Telenet 2.9% price increase. D'Ieteren: FY24 results preview. Elia: Strong results and 2025 outlook, €2.2bn equity financing. Eurocommercial Properties: Sound results, positive revaluations, lighter LTV. Melexis: Attractive bid on direct peer Allegro. Universal Music Group: Much better Q4 - on strong subscription, DSP catch-up payment.
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Geoffroy Michalet
- Geoffroy Michalet
- 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
- Hans D’Haese
- Maxime Stranart
Ahold Delhaize/4Q24 postview: US margins still a question mark/HOLD
We reiterate our HOLD rating on Ahold Delhaize but increase our target price from €32 to €33 on increased estimates in the United States thanks to the strength of the dollar. We, however, continue to carry below-consensus estimates for FY25/26F due to required price investments in the United States to reignite volume growth for some store formats. We expect this to allow Ahold Delhaize to meet its HSD Core EPS CAGR target over 2024-28F, our estimates being roughly in line with Visible Alpha Cons...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results
- Bruno Cavalier
- Jean Danjou
AAL ANGLO AMERICAN PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
HOT HOCHTIEF AG
KER KERING SA
01913 PRADA S.P.A.
LPP LPP S.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ADYEN ADYEN NV
MRNA MODERNA INC.
NEXI NEXI S.P.A.
FDJ LA FRANCAISE DES JEUX SA
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
AAL ANGLO AMERICAN PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
HOT HOCHTIEF AG
KER KERING SA
01913 PRADA S.P.A.
LPP LPP S.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ADYEN ADYEN NV
MRNA MODERNA INC.
NEXI NEXI S.P.A.
FDJ LA FRANCAISE DES JEUX SA
- Robert Jan Vos
- 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...
- Jerôme Bodin
HEIA HEINEKEN NV
UBSN UBS GROUP AG
CA CARREFOUR SA
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
AFX CARL ZEISS MEDITEC AG
KER KERING SA
RAND RANDSTAD NV
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
ENR SIEMENS ENERGY AG
UMG UNIVERSAL MUSIC GROUP NV
- Jerôme Bodin
HEIA HEINEKEN NV
UBSN UBS GROUP AG
CA CARREFOUR SA
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
AFX CARL ZEISS MEDITEC AG
KER KERING SA
RAND RANDSTAD NV
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
ENR SIEMENS ENERGY AG
UMG UNIVERSAL MUSIC GROUP NV
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