ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/16/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 16/02/2026

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...

Anheuser-Busch InBev : TP increased to € 74 from € 69 and Outperform r...

Benelux Morning Notes

Aedifica: Results slightly better, guidance for the combined entity to come in Sept. CM.com: 4Q25 results – no turning point yet. D'Ieteren: Allstate reports bumper 4Q25, touts premium cuts, consensus prudent. Heijmans: Construction cool cat. Proximus: CPaaS peer Twilio 4Q25 results better than expected. Talabat: 4Q25 results, doubling down on investments. Theon International: Preview – a busy year it was.

Morning Notes : AED BB, OPTI BB, HOMI BB, KIN BB, MONT BB

: AED BB, OPTI BB, HOMI BB, KIN BB, MONT BB

Montea Good things come to those who wait (for the big boxes)

Yesterday, Montea reported results that had an initial negative market reaction. After the call, the management and chairman Dirk De Pauw were available for a sit-down lunch to give more colour. The Q&A session centered on the pace of the development pipeline. Montea removed its project table as it believes it hurts their negotiating capacity. Now, it just reports an expected GLA of 236k sqm that will be completed over the next 2 years. The reason why it takes longer to develop the landbank is a...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/12/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/12/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/02/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/02/2026

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:...

Morning Notes : ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB...

: ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

Anheuser-Busch InBev : Very decent end to 2025, and no prudence observ...

Montea FY25 Results in line with guidance

Montea reported FY25 results in line with its guidance. EPRA earnings grew 18% to €112.8m and EPRA EPS +8% at €4.90 vs. €5.00 expected(KBCS). Net rental income grew 21% yoy, driven by the NL Intergamma completion to €139.8m. We anticipated a higher NRI of 143.3m, mainly driven by more acquisitions. The portfolio maintained a high occupancy of 99.8% and achieved like-for-like rental growth of 3.2% (2.9% indexing). The cost of debt declined to 2.1% vs. 2.3% FY24. Montea's financial position remain...

AB InBev FIRST LOOK: FY25 EBITDA +4.9%, FY26 guidance of 4-8% organic ...

4Q organic top line and EBITDA growth was slightly better than consensus. ABI FY26 guidance of 4-8% organic EBITDA growth is in line with the mid term guidance and our & consensus estimates at c. +5%. Total FY25 dividend is upped from € 1 to € 1.15, including an earlier interim dividend of € 0.15. We still see AB InBev as the undisputed leader in the beer market, with leading market shares in many markets, ongoing digitization and premiumization trends allowing to generate healthy free cash flow...

Montea : FY2025 results: Slight miss, solid operations, pipeline still...

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PH...

: ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

Lotus Bakeries Three Continents, One Momentum: Lotus Turns Up the Heat

We updated our model after Lotus Bakeries delivered in FY25 a 10% revenue increase to a very nice € 1,355m (KBCSe 1,355m, CSS 1,346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue. By the end of 2025, Biscoff production expanded to three continents. We welco...

AB InBev/Hold my Beer/HOLD (previously Buy)

AB InBev is due to report its full year results on 12 February. We have adjusted our forecasts for the fourth quarter to account for weaker than previously expected volumes in North America, Brazil and China. We have also increased our 12-month target price from €56.18 to €66.20 but change our recommendation from Buy to HOLD.