AB InBev Preview: uninspiring 3Q expected

We lowered our forecasts for 3Q25 and the remainder of the year after signals of weak trading in markets like the US, China and Brazil. ABI's organic volume growth has been negative in 2023 and 2024 and now we also bank on a negative 2025 number. Despite lower growth, we still see ABI as the undisputed leader in the beer space, with leading market shares in many markets, ongoing digitization and premiumization trends allowing to generate healthy free cash flows. We believe the lower top line gr...

Morning Notes : ABI BB, ASML NA, BAR BB, OPTI BB, HEIA NA, IVA FP, PRO...

: ABI BB, ASML NA, BAR BB, OPTI BB, HEIA NA, IVA FP, PROX BB, SEQUA BB, MRUS US

Benelux Morning Notes

Ahold Delhaize: 3Q25 preview - USD headwind to take centre stage. Basic-Fit: 3Q25 results preview, new consensus, we expect strong membership ingrowth. Fagron: 3Q25 growth hiccup in N America, strong organic performance in EMEA, Latam. Lotus Bakeries: UK VAT conflict for Näkd negatively impacts 2024 profitability. Ontex: 3Q25 preview: consensus implies a second profit warning for FY25F. Randstad: Preview 3Q25F results due 22 October; consensus released. Staffing: French revenue impro...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/07/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/10/2025

Anheuser-Busch InBev : For brewers including ABI, Q3 2025 will not be ...

Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...

In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/30/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 30/09/2025

Benelux Morning Notes

AB InBev: On Track. UCB: Galvokimig, an opportunity for long-term growth

Anheuser-Busch InBev : Negative tone in ABI’s group call, ahead of sta...

Morning Notes : JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

: JEN BB, NEXTA BB, PNL NA, UCB BB, MRUS US

Morning Notes : JEN BB, NEXTA BB, PNL NA, MRUS US

: JEN BB, NEXTA BB, PNL NA, MRUS US

ING Benelux Favourites/ASM, Basic-Fit, dsm-firmenich, Lotus Bakeries, ...

We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks that provide the best (relative) upside within our Benelux coverage universe and these stocks need clear catalysts. Besides this, we screen the ING Benelux coverage on key investment themes that are topical and which provide insights into the relative risk-reward of the individual stocks, which could affect earnings potential and thus a stock's share price performance: (1) we screen ou...

Benelux Morning Notes

Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...

Dynamic Top Pick List Update September: Adding AB InBev and Exor

In this September update we added 2 stocks to the KBC Securities Dynamic Top Pick List : We added AB InBev after the share price weakened post-2Q results. ABI's 2Q volumes fell 1.9% organically, below expectations, mainly due to a 9% drop in Brazil where a price hike led to temporary market share loss. However, strong revenue per hl growth (+4.9%) drove a 6.5% organic EBITDA increase, with 1H growth at +7.2%, near the top of FY guidance (+4–8%). AB InBev, the world's largest brewer, generates ...

Anheuser-Busch In Bev SANV: 2 directors

Two Directors at Anheuser-Busch In Bev SANV sold 43,901 shares at between 53.780EUR and 54.270EUR. 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 trades by all the company's directo...

Lotus Bakeries/1H25 results: factory to open ahead of schedule/BUY

We reiterate our BUY on Lotus Bakeries but lower our target price from €12,000 to €10,300 on the back of lower short-term estimates, due to the deconsolidation of ice cream and chocolate sales, as well as a higher WACC. We believe that Lotus Bakeries has underperformed key peers Mondelez and Lindt & Sprüngli this year due to investor concerns on constrained volume growth for Lotus Biscoff and to a potential slowdown in Natural Foods growth. We note that both those concerns have been put to rest ...

Jensen-Group Further enhancing its market position after an exceptiona...

We updated our model (New € 62 Target Price, Accumulate rating) after Jensen-Group's exceptional 1H25. Jensen-Group highlighted in its outlook statement it is aiming for 2H25, without giving exact numbers, to hold firm to its strategic course : driving customer centricity and sustainable innovation while further enhancing the optimization and digitalization of business processes and applications. We incorporated in our updated model Jensen-Group's targeted investments in expanding production c...

Benelux Morning Notes

bpost: 2Q25 results beat 22%, outlook raised further, room for another upgrade at 3Q25. Lotus Bakeries: APAC factory ahead of schedule. NN Group: 1H on track with May CMD, longevity deal a positive surprise (Sol 2 PF 205%). Talabat: 2Q25 Preview. Vopak: AVTL's FID on Mumbai expansion