A positive set of 1Q results, slightly better than our forecast allows us to raise our estimates that remain overall consistent with the guidance. We lift our target price to €37 (from €35 previously), on the back of more positive assumptions on NTA and we reiterate our positive view on the stock. A positive message on the portfolio outlook combined with appetite for assets with structural growth and stable cash flows in uncertain times appears to provide further support. BUY reiterated.
Ahold Delhaize: Strong 1Q25 in the US, additional details on FY25 guidance. Arcadis: Mixed start to FY25, US not to blame. PostNL: Highlights of 1Q25 analyst meeting. Sif Group: Preview - EBITDA capacity of new factory is key. Vonovia: Good results, positive message about valuations, new CEO. Wolters Kluwer: 1Q25 trading update – good start to the year
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