IMCD/Good start, valuation attractive/BUY

After surprisingly good numbers 1Q25, we believe there is more upside but 1Q has the easiest comp. Also, trade tariffs might disturb the distribution chain of chemicals. Overall, we modestly adjust our estimates for FY25-27, but we do not change our BUY rating. IMCD is in excellent shape in our view – the company's track record in growth, value enhancement and M&A continues, and its strong asset light model is intact. The share price fall since December has led to 18% lower multiples, suggesting...

D'Ieteren DIE CMD Feedback: Steady as she goes, but with some extra co...

Yesterday, D'Ieteren disclosed its new 2024-2028 ambitions during a CMD in London. In general, D'Ieteren's new ambitions were broadly in line with our expectations and reconfirm the structural growth trends of the recent years. We therefore do not expect major changes to css expectations. While the event did not contain any major surprises, we did get some extra colour on certain topics, with the key new elements summarized below. We further also welcome the solid 1Q25 results at Belron. As the ...

Benelux Morning Notes

CM.com: CMD – AI-first strategy, new medium-term targets. CVC Capital Partners: Good realisations. D'Ieteren: CMD feedback. Euronext: An even stronger April is Next. Flow Traders: Promising April. KBC: M&A in Slovakia, capital changes, beat in 1Q. Prosus: iFood partners with Uber. SBM Offshore: FY25 starts reasonably well, decarbonization gains momentum. Syensqo: Modest 1Q25 beat, +€1.4bn FY EBITDA guidance excludes FX, tariff impact

Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

: CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

Anheuser-Busch In Bev SANV: 3 directors

Four Directors at Anheuser-Busch In Bev SANV sold/sold after exercising options 192,123 shares at between 59.590EUR and 62.826EUR. The significance rating of the trade was 100/100. 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 tra...

Morning Notes : ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MA...

: ABN NA, AGFB BB, BEKB BB, COFB BB, DIE BB, SHUR BB, MAAT FP, DEME BB, PHVS US

Benelux Morning Notes

ABN AMRO: Surprise higher cet1 bodes well. Bekaert: In-line 1Q25 revenues, margin guidance more cautious as Specialty misses. Cofinimmo: Counter proposal to Aedifica. DEME Group: Confirms FY25 outlook. D'Ieteren: Solid 2028 targets

D'Ieteren New 2024-2028 targets in line with expectations, but will th...

This morning D'Ieteren announced its new 2024-2028 ambitions which will be followed by a CMD in London later today. While the mid-single digit adj. EBIT growth target came below our estimate of 7.1%, we believe the outlook is rather prudent as the outlook for the different entities is almost perfectly in line with our expectations. No other major news was announced. While the 1Q25 sales update came in slightly below our estimates , we want to highlight that this was partially due to fewer tradi...

Benelux Morning Notes

Alfen: Dead cat bounce? Ayvens: Overhang cure. Belgian telcos: Hey! discontinues €5 offer, OBEL price increases from June 2025. B&S Group: Pulls FY EBITDA guidance in light of tariffs. D'Ieteren: CMD, 1Q25 Preview. Kendrion: Wrestling through difficult macro conditions. NN Group, ASR: Vote on Dutch pension reforms postponed. TKH Group: Not that bad, good progress at Eemshaven. UCB: US Most Favoured Nation initiative back on the agenda. Vastned: Good results, integration ongoing...

Moody's Ratings assigns A3 ratings to ABI's EUR notes; outlook positiv...

Moody's Ratings (Moody's) today assigned A3 ratings to the EUR backed senior unsecured notes offered by Anheuser-Busch InBev SA/NV (ABI) in multiple tranches. The proceeds will be used for general corporate purposes including repayment of debt. The ratings of ABI and its subsidiaries including the A...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/12/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/05/2025

Anheuser-Busch InBev : Beat in Q1 2025, not to be extrapolated in full...

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

IMCD NV: 1 director

A director at IMCD NV bought 840 shares at 118.690EUR and the significance rating of the trade was 55/100. 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 showing...

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

Benelux Morning Notes

Aedifica, Cofinimmo: Aedifica CMD feedback bpost: 1Q25 results beat strongly, outlook surprises Brunel: 1Q25 results disappoint on perm, weak revenue Cofinimmo, Aedifica: Negative reaction on Aedifica offer Eurocommercial Properties: Good with no surprise Montea: Good results, guidance reconfirmed Proximus: Small 1Q beat, guidance reiterated, soft commercial performance Sif Group: The jury is still out Talabat: Preview 1Q25 Universal Music Group: Peer Warner Music slowdown in streaming and prof...

Morning Notes : AED BB, BPOST BB, COFB BB, MONT BB, ONTEX BB, PROX BB,...

: AED BB, BPOST BB, COFB BB, MONT BB, ONTEX BB, PROX BB, UCB BB, VGP BB, AUTL US, ECMPA NA

Montea : Q1 2025 results: Finally leasing success for its pipeline