reports
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
US Tariffs Navigating the impact on Benelux equities
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
COFB COFINIMMO SA
DIE D'IETEREN SA
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
AALB AALBERTS N.V.
ONTEX ONTEX GROUP N.V.
MELE MELEXIS NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
AUTL AUTOLUS THERAPEUTICS ADS
BAR BARCO NV
DEME DEME GROUP NV
FLOW FLOW TRADERS LTD
SYENS SYENSQO
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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...
Anheuser-Busch In Bev SANV: 1 director
A director at Anheuser-Busch In Bev SANV sold/sold after exercising options 34,935 shares at 57.500EUR and 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...
- Emira Sagaama
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
SREN SWISS RE AG
ADS ADIDAS AG
GFC GECINA SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
BAYN BAYER AG
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
INX IMCD N.V.
VACN VAT GROUP AG
ABI ANHEUSER-BUSCH INBEV SA/NV
NEOEN NEOEN S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
AM DASSAULT AVIATION
- Emira Sagaama
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
SREN SWISS RE AG
ADS ADIDAS AG
GFC GECINA SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
BAYN BAYER AG
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
INX IMCD N.V.
VACN VAT GROUP AG
ABI ANHEUSER-BUSCH INBEV SA/NV
NEOEN NEOEN S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
AM DASSAULT AVIATION
- Robert Jan Vos
Astronics Corporation Reports 2024 Fourth Quarter and Full Year Financ...
EAST AURORA, N.Y.--(BUSINESS WIRE)-- (“Astronics” or the “Company”), a leading supplier of advanced technologies and products to the global aerospace, defense, and other mission critical industries, today reported financial results for the three and twelve months ended December 31, 2024. This press release features multimedia. View the full release here: Astronics Segment Sales and Bookings (Graphic: Business Wire) Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “2024 was another year of solid progress ending with a strong fourth quarter. For the quarter, we a...
- Wim Hoste
AB InBev Feedback conference call
Below are the highlights from the conference call. Despite weaker than expected 4Q volumes (-1.9% y/y), ABI reported 10% organic EBITDA growth which was 3% above our forecast and 2% above CSS. FY25 guidance of 4-8% organic EBITDA growth is in line with mid term guidance. 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. Valuation remains attractive w...
- Konrad Zomer
AI AIR LIQUIDE SA
IPN IPSEN SA
BVI BUREAU VERITAS SA
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
ADEN ADECCO GROUP AG
WKL WOLTERS KLUWER NV
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AENA AENA SME SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
JDEP JDE PEET'S NV
STLA STELLANTIS N.V.
- Konrad Zomer
AI AIR LIQUIDE SA
IPN IPSEN SA
BVI BUREAU VERITAS SA
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
ADEN ADECCO GROUP AG
WKL WOLTERS KLUWER NV
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AENA AENA SME SA
ABI ANHEUSER-BUSCH INBEV SA/NV
JDEP JDE PEET'S NV
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
AB InBev: Cash is King. Adecco: 4Q24 result beats by 6%, stabilising trends in 4Q24, balance sheet relief. ASM International: 1H25 guidance slightly better but orders missed in 4Q24. Colruyt: Expects to open OKay stores on Sundays. Deceuninck: Soft FY24 results due to Turkey. DEME Group: Strong FCF. JDE Peet's: Mean green beans. Kinepolis: Peer AMC 4Q24 results. NEPI Rockcastle: Strong performance at all levels. Wolters Kluwer: FY24 results; in line, new CEO in 2026
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Hoste
AB InBev FIRST LOOK: 4Q: weak volume, solid EBITDA - FY25: +4-8% EBITD...
Despite weaker than expected 4Q volumes (-1.9% y/y), ABI reported 10% organic EBITDA growth which was 3% above our forecast and 2% above CSS. FY25 guidance of 4-8% organic EBITDA growth is in line with mid term guidance. 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. Valuation remains attractive with EV/EBITDA25e at 8.9x and FCF yield25e at 7.3% a...
AB InBev Reports Full Year and Fourth Quarter 2024 Results
BRUSSELS--(BUSINESS WIRE)-- Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD): This press release features multimedia. View the full release here: Figure 14. Terms and debt repayment schedule as of 31 December 2024 (billion USD) (Graphic: Business Wire) Regulated and inside information1 “Beer is a passion point for consumers and a vibrant category globally. The strength of our 2024 results is a testament to the consistent execution of our strategy and the hard work and dedication of our people. We delivered EBITDA growth at the top-end of our outlook and a step change in our...
AB InBev publie les résultats de l’exercice et du quatrième trimestre ...
BRUXELLES--(BUSINESS WIRE)-- Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD): Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : Tableau 14. Echéancier de remboursement des dettes au 31 décembre 2024 (milliards d'USD) (Graphic: Business Wire) Information réglementée et privilégiée1 « La bière est une véritable passion pour les consommateurs et une catégorie dynamique à l’échelle mondiale. La solidité de nos résultats en 2024 témoigne de l’exécution cohérente de notre stratégie ainsi que du travail acharné et du dévouement de nos équ...
Astronics Corporation Announces Damages Ruling on Lufthansa Technik In...
EAST AURORA, N.Y.--(BUSINESS WIRE)-- (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense and other mission critical industries, announced today that a judgment has been issued by the UK court presiding over its long-running patent infringement dispute with Lufthansa Technik AG. The ruling requires Astronics to pay approximately $11.9 million as a damage award for infringement of the subject patent. Any additional amounts required to be paid by the Company related to certain other factors peripheral to the damages award will be determined at a consequenti...
- Reg Watson
- CFA
US beer market/Trumped up beer
We have been Sellers of Heineken for the past four years and Holders of AB InBev for an even longer period of time. Following the share price underperformance of both companies, we upgrade Heineken to a HOLD and AB InBev to a BUY. We believe the market is overly penalising Heineken for the threat of US tariffs on imported beer while failing to price in the upside which would accrue to AB InBev if the tariffs are implemented.
Astronics Corporation Appoints Fay West to its Board of Directors
EAST AURORA, N.Y.--(BUSINESS WIRE)-- (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense and other mission critical industries, announced the appointment of Fay West to its Board of Directors, effective February 6, 2025. Ms. West brings over two decades of financial leadership experience across various industries. Since April 2021, she has served as Senior Vice President and Chief Financial Officer at Tennant Company (NYSE: TNC), a global leader in designing, manufacturing, and marketing solutions that help create a cleaner, safer, and healthier world. ...
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