reports
- Ahmed Ben Salem
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
UNIQA INSURANCE GROUP AG
SZG SALZGITTER AG
ITP INTERPARFUMS
SRP SRP GROUPE SA
VIRP VIRBAC SA
MRN MERSEN SA
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
LNZ LENZING AG
NDA AURUBIS AG
RIEN ROYAL VOPAK NV
AMG RIETER HOLDING AG
WBD AMG ADVANCED METALLURGICAL GROUP N.V.
VIG WEBUILD S.P.A.
LTA VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
INSD ALTAMIR ACT PORTEUR
VLTSA VERIMATRIX SA
RIO VOLTALIA
BHP RIO TINTO PLC
RUI BHP GROUP LTD
BP. RUBIS SCA
DMP BP P.L.C.
AMAG DERMAPHARM HOLDING SE
SHEL AMAG AUSTRIA METALL AG
SHELL PLC
- Ahmed Ben Salem
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
STF STEF
UNIQA INSURANCE GROUP AG
SZG SALZGITTER AG
ITP INTERPARFUMS
SRP SRP GROUPE SA
VIRP VIRBAC SA
MRN MERSEN SA
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
LNZ LENZING AG
MBWS MARIE BRIZARD WINE & SPIRITS SA
NDA AURUBIS AG
RIEN ROYAL VOPAK NV
AMG RIETER HOLDING AG
WBD AMG ADVANCED METALLURGICAL GROUP N.V.
VIG WEBUILD S.P.A.
LTA VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
INSD ALTAMIR ACT PORTEUR
VLTSA VERIMATRIX SA
RIO VOLTALIA
BHP RIO TINTO PLC
RUI BHP GROUP LTD
BP. RUBIS SCA
DMP BP P.L.C.
AMAG DERMAPHARM HOLDING SE
SHEL AMAG AUSTRIA METALL AG
SHELL PLC
- ING Helpdesk
Benelux Morning Notes
GBL: Beat on NAV thanks to strong Affidea & Sanoptis, changes in governance. OCI: 2H24 EBITDA loss on soft Nitrogen Europe and corporate costs. Proximus: Belgian state not yet proposing a new chairman. Universal Music Group: Ackman to sell a 2.7% stake. Vopak: Aiming for acceleration, opportunities promising
- Hilde Van Boxstael
- Jacob Mekhael
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Thijs Berkelder
- Kristof Samoy
Vopak Key take-aways CMD Vopak
Yesterday, we attended Vopak's insightful Capital Markets Day (CMD). Given the publication of our recent company note “The Flow Must Go On” dd. February 26, and the alignment of the insights shared with our views, we limit our comments to a few takeaways. We have included a few slides from the extensive PPT deck at the end of this FRN. Buy and €50 TP reiterated.
- Thibault Leneeuw
IMCD Organic growth, Acquisitions and Operational leverage
In this note we go over the most important drivers of our business case. We provide a breakdown of our organic growth assumptions and shift some of the recovery from FY25 to FY26. We reduce acquisitional growth due to lower spillover from 2024 acquisitions and provide a detailed overview of expected acquisition dynamics. Our long term Gross profit margin forecasts increase, due to structural improvements. We expect significant operational leverage given the elevated OpEx levels, due to acquisiti...
- Michiel Declercq
D'Ieteren Growth drivers remain intact
Following the publication of the FY24 results on Monday, we have slightly tweaked our estimates to the downside, partially driven by the depreciation of the USD and softer sales growth outlook at Belron. After applying a 20% discount to our new SOTP valuation of € 275ps (prev. € 281ps), we reiterate our Buy rating but lower our TP from € 225 to € 220ps.
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Lotus Bakeries Bake Baby Bake
We updated our model after Lotus Bakeries achieved in FY24 significant double-digit growth of almost 15.9% to € 1,232m. The organic growth in FY24 was driven almost exclusively by record volume growth. We maintain our DCF backed € 10 750 Target Price but -after the recent share price weakness- we increase our rating to Accumulate as the growth strategies of Lotus Biscoff and Lotus Natural Foods will further drive the ambition to become a global top 3 cookie and a leader in the better-for-you ...
Vopak hosts Capital Markets Day, reconfirms its strategic priorities a...
Vopak hosts Capital Markets Day, reconfirms its strategic priorities and announces EUR 1 billion additional investments in gas and industrial infrastructure Vopak hosts Capital Markets Day, reconfirms its strategic priorities and announces EUR 1 billion additional investments in gas and industrial infrastructure Rotterdam, the Netherlands, 13th March 2025Today, Royal Vopak (Euronext: VPK) reconfirms its strategic priorities to improve financial and sustainability performance of its portfolio, to grow in industrial and gas terminals and to accelerate towards energy transition infrastructur...
Corona Cero Becomes the Official Global Beer Sponsor of the World Surf...
LISBON, Portugal--(BUSINESS WIRE)-- Today, Corona Cero, the award-winning no-alcohol beer brand, proudly announces a new four-year partnership with the World Surf League (WSL). This marks the league's first-ever global partnership with a no-alcohol beer brand, building on its eight-year partnership with Corona. Together, Corona Cero and WSL will bring more choice for athletes and fans while embracing the laid-back spirit that defines both surfing and the Corona brand ethos. This press release features multimedia. View the full release here: Corona Cero x WSL Official Global Beer Sponsor (Photo...
- Michiel Declercq
D'Ieteren FY24: good results, outlook slightly disappoints
D'Ieteren reported good FY24 results, with the adj. PBT (gs) up 9.6% and 12.7% at ccy and excluding the financing impact to € 1065m (kbcse: € 1018m, css: € 1006m). The better than expected performance was largely driven by Auto, while Belron performed broadly in line. However, the outlook slightly disappointed with the group banking on a slight increase in Adj. PBT (gs) from € 924m on a comparable basis (kbcse: € 995m, css: € 974m). On a reported basis, the adj. PBT (gs) is expected to decline f...
- ING Helpdesk
- Guy Sips
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- ING Helpdesk
- Wim Lewi
Brownfield Developments An opportunity for a European Industry in Tran...
In this segment note, we want to look beyond the current noise of tariff plans and European deficit spending that has been rocking the logistic segment. The “old-continent” has experience a demise of a lot of its large industrial complexes due to high labour and energy costs. Especially in Western-Europe, car manufacturers and heavy industries have downsized their vast historical industrial complexes which they often occupied for more than a century. These locations are close to scarce resources...
- 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.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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