reports
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
01913 PRADA S.P.A.
ADVI ADVINI
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TINC TINC COMM. VA
MAU ETABLISSEMENTS MAUREL & PROM SA
ZGN ERMENEGILDO ZEGNA NV
FI-N GEORG FISCHER AG
DEME DEME GROUP NV
- Ahmed Ben Salem
- Baptiste Lebacq
- Bruno Cavalier
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
01913 PRADA S.P.A.
ADVI ADVINI
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TINC TINC COMM. VA
MAU ETABLISSEMENTS MAUREL & PROM SA
ZGN ERMENEGILDO ZEGNA NV
FI-N GEORG FISCHER AG
DEME DEME GROUP NV
- Usama Tariq
TINC NV : Tomorrow’s Infrastructure, Today’s Yield
We initiate coverage on TINC with an Outperform recommendation and a target price of € 13.0/sh. With investments focused on securing long-term cashflows, we see TINC generating cash far in excess of distributions in future, enabling distribution growth at a CAGR of ~4% in our forecast period. We also forecast the portfolio fair value (FV) expanding strongly (CAGR +9.4% 2024-34), largely on the back of unrealised gains, as the company is expected to expand its sector agnostic investments in the S...
Zealand Pharma conference call on February 19 at 2pm CET (8am ET) to p...
Zealand Pharma conference call on February 19 at 2pm CET (8am ET) to present full year 2025 financial results Press Release – No. 3 / 2026 Zealand Pharma conference call on February 19 at 2pm CET (8am ET) to present full year 2025 financial results Copenhagen, Denmark, February 12, 2026 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming the future of metabolic health, announced that it will host a conference call on February 19, 2026, at 2:00 pm CET (8:00 am ET) following the announcement of financial results for the full year of 2025. Participat...
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Francesca Ferragina
- Michiel Vereycken
WDP/Deep dive into the 2030 plan/BUY
WDP's FY25 results were fully in line but the company surprised in already revealing its 2030 targets. We like such long-term visibility combined with very clear targets: €500m of yearly capex that can be auto-financed, delivering a +6% CAGR. WDP now has pan-European ambitions and aims to establish a presence in Italy and Spain. While the company has not delivered on its entrance into Germany, we think that opening itself to new countries is the right ambition to have at this stage. The plan loo...
Galapagos Receives Transparency Notifications from Bank of America
Galapagos Receives Transparency Notifications from Bank of America Mechelen, Belgium; February 10, 2026, 22:01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) received transparency notifications from Bank of America. Pursuant to Belgian transparency legislation1, Galapagos received transparency notifications on February 5, 6, and 9, 2026, from Bank of America Corporation. The initial notification indicates that Bank of America Corporation, as controlling entity, crossed above the threshold of 5% of Galapagos’ voting rights on February 2, 2026, followed by its controlle...
Galapagos ontvangt transparantieverklaringen van Bank of America
Galapagos ontvangt transparantieverklaringen van Bank of America Mechelen, België; 10 februari 2026, 22:01 CET; gereglementeerde informatie – Galapagos NV (Euronext & NASDAQ: GLPG) heeft transparantieverklaringen ontvangen van Bank of America. Overeenkomstig de Belgische transparantiewetgeving1 ontving Galapagos op 5, 6 en 9 februari 2026 transparantieverklaringen van Bank of America Corporation. Daaruit blijkt dat Bank of America Corporation, als controlerende entiteit, op 2 februari 2026 de drempel van 5% van de stemrechten van Galapagos heeft overschreden, gevolgd door haar gecontro...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Mathijs Geerts Danau
- Wim Lewi
- Jacob Mekhael
Zealand Pharma Model update, multiple important catalysts ahead
We update our Zealand model following the company's recent CMD held in December 2025. Zealand outlined its plans to become a generational metabolic health company, as well as sharing clear targets with 5 product launches in the next 5 years, and to have 10+ clinical programs by 2030. Our model update incorporates adjusted milestone timing from Roche, removes dapiglutide, as well as a few small tweaks on the rare disease pipeline. All in all, this brings us to a new TP of DKK 960 (from DKK 1,120)...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
Syensqo - Participation notification by BlackRock Inc.
Syensqo - Participation notification by BlackRock Inc. Communiqué de pressePersbericht Regulated Participation notification by BlackRock Inc. Brussels, Belgium – February 04, 2026 - 08:30 CET According to Belgian transparency legislation (Law of May 2, 2007), BlackRock Inc. (12 Throgmorton Avenue, London EC2N 2DL, UK) recently sent Syensqo the following transparency notifications indicating that it crossed the threshold of 3%. Here is the summary of the moves: Date on which the threshold was crossedVoting rights after the transactionEquivalent financial instruments after the transaction...
- Bruno Cavalier
- Jean-François Granjon
- Martial Descoutures
IPN IPSEN SA
CRI CHARGEURS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
TIETO TIETOEVRY OYJ
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
FDR FLUIDRA S.A.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SSO SCATEC ASA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
- Florent Laroche-Joubert
- Roy Külter
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Roy Külter
- Steven Boumans
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
CAP CAPGEMINI SE
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
ALIV SDB AUTOLIV INC.
- Ahmed Ben Salem
- Pierre François Merveille
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RCO REMY COINTREAU SA
ISS ISS A/S
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
VETO VETOQUINOL SA
ATE ALTEN SA
ALLAN LANSON-BCC
ENI ENI S.P.A.
ELIS ELIS SA
REP REPSOL SA
AOF ATOSS SOFTWARE AG
EMMN EMMI AG
SLIGR SLIGRO FOOD GROUP N.V.
SSO SCATEC ASA
LIGHT SIGNIFY NV
WLN WORLDLINE SA
BRD BRD-GROUPE SOCIETE GENERALE
ALM ALMIRALL SA
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
2CRSI 2CRSI SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TOM2 TOMTOM NV
WDP WAREHOUSES DE PAUW SCA
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- Ahmed Ben Salem
- Pierre François Merveille
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RCO REMY COINTREAU SA
ISS ISS A/S
CGM CEGEDIM SA
VRAP VRANKEN-POMMERY MONOPOLE SA
VETO VETOQUINOL SA
ATE ALTEN SA
ALLAN LANSON-BCC
ENI ENI S.P.A.
ELIS ELIS SA
REP REPSOL SA
AOF ATOSS SOFTWARE AG
EMMN EMMI AG
SLIGR SLIGRO FOOD GROUP N.V.
SSO SCATEC ASA
LIGHT SIGNIFY NV
WLN WORLDLINE SA
BRD BRD-GROUPE SOCIETE GENERALE
ALM ALMIRALL SA
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
2CRSI 2CRSI SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
TOM2 TOMTOM NV
WDP WAREHOUSES DE PAUW SCA
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
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