reports
- Livio Luyten
Holdings Report - July 2025 KBCS Holdings Universe Returns -0.5% Durin...
1M Performance - Absolute Total Return: During Jul'25 (1M period), the KBCS Holdings Universe posted a total return of -0.5% which was mainly driven by the performance of the multi-asset holdings (-0.9%), while the single-asset holdings posted a return of +0.4%. The 3 top performers during the period were Financière de Tubize (+11.7%), KBC Ancora (+9.4%) and Quest For Growth (+5.5%) while the 3 worst performers were Brederode (-6.4%), Heineken Holding (-5.0%) and D'Ieteren Group (-4.7%). YTD Pe...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
- Livio Luyten
Exor Tata Motors To Buy Italy's Iveco From Exor
Exor has finalized the sale of Iveco Group's commercial vehicle business to Tata Motors for €3.8bn and its defence unit (IDV) to Leonardo for €1.7bn, totaling €5.5bn. Exor, holding a 27.1% stake with 43.1% voting rights, will transfer its stake to Tata, which will launch a tender offer at €14.1 per share. The deal excludes IDV, aligning with Exor's strategy to diversify away from automotive. Exor's stake is currently valued at ~€1.33bn or 3.6% of NAV. Exor trades at a 52.3% discount to NAV, abov...
- ING Helpdesk
Benelux Morning Notes
Akzo Nobel: FX drives 2Q25 miss and FY guidance cut. dsm-firmenich: Givaudan 1H25 results. Exor: In talks over Iveco sale. Lotus Bakeries: Peer Lindt & Sprüngli 1H25 results. Proximus: CpaaS peer Sinch 2Q25 results hurt by FX. Signify: 2Q25 Preview, challenges ahead. Var Energi: Promising continuation of dividend. Vopak: Continued story. Wereldhave: Strong operational results, positive market tone, guidance raised. Events Calendar
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Aalberts: First hydronic flow control takeover in US; Ahold Delhaize: Preview 2Q25; EVS: Wins 2026 world cup contract Big Event Rental; Exor: A tad more Philips; Via Transportation reviving IPO plans; Heijmans: 1H25 preview; looks to be on track; KPN: 2Q25 preview; Montea: €24m acquisition in Dutch logistics hotspot; Ontex: Peer Essity 2Q25 results; RELX: 1H25 preview; Sligro: Weak 1H25 calls for 7.5% downgrade to consensus at EBITDA level; Events Calendar
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- ING Helpdesk
- Wim Lewi
Exor Exor Explores Sale of GEDI, Publisher of La Repubblica and La Sta...
On July 4, 2025, EXOR confirmed receiving multiple expressions of interest for GEDI, the publisher of Italian dailies La Repubblica and La Stampa. Italian newspaper Il Foglio reported that EXOR is considering selling GEDI, with French media group Vivendi and Greek media company Antenna Group as potential buyers. No deal has been finalized. In 2024, GEDI generated €224m in revenue but posted a €15m loss. EXOR's full ownership of the group is valued at €118m (0.3% of NAV). This potential divestmen...
- ING Helpdesk
Benelux Morning Notes
Colruyt: FY24/25F set to be in line with recently revised guidance. Exor: In search of a €2bn deal. Flow Traders: Sell In May And Go Away. Kinepolis: Peer Cineplex May 2025 box office revenue up 63% YoY, at 81% of 2019 level. Staffing: Dutch Period 5 - May vols up, strong pricing, working days/comps might distort. Staffing: French staffing - strong April data, May outlook also better
- Livio Luyten
Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During Ma...
1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as o...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
Exor Press Release - 2025 AGM
Exor Press Release - 2025 AGM Amsterdam, 22 May 2025 EXOR SHAREHOLDERS APPROVE ALL RESOLUTIONS AT AGM Exor N.V. (“Exor” or the “Company”) shareholders approved all resolutions proposed by the Board of Directors at the Annual General Meeting (the “AGM”) held today in Amsterdam. The AGM adopted Exor’s 2024 annual accounts and approved a dividend distribution of €0.49 per outstanding share, for a total of approximately €100 million. The dividend will become payable on 28 May 2025, with an ex-dividend date of 26 May 2025, and will be paid to the holders of shares held on 27 May 2025 (rec...
- Livio Luyten
Holdings Report - April 2025 KBCS Holdings Universe Returns 2.7% Durin...
1M Performance - Absolute: During April'25 (1M period), the KBCS Holdings Universe posted a return of +2.7% which was mainly driven by multi-asset holdings (+3.0%) while single-asset holdings posted a smaller return of +2.0%. The 3 top performers during the period were D'Ieteren (+10.6%), Ackermans & van Haaren (+7.7%) and Groupe Bruxelles Lambert (+5.4%) while the 3 worst performers were Exor (-0.8%), HAL Trust (-1.5%) and Quest for Growth (-5.5%). YTD Performance - Relative: On a YTD basis (a...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Livio Luyten
Exor Exor announces oversubscribed €1 billion tender offer
Exor announced the results of its €1 billion tender offer which is part of a broader share buyback program. The reverse Dutch auction, which closed on April 23, 2025, saw 22,965,749 ordinary shares tendered by qualifying shareholders. Due to oversubscription, Exor purchased 12,254,495 shares (5.5% of issued shares) at a strike price of €81.6 per share, reflecting a 2% premium over the reference volume-weighted average price (VWAP) of €80.0, and a 1.8% premium over yesterday's close at €80.2. The...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: 1Q25 Preview. Azelis: 1Q25 EBITA miss on tariff uncertainty, €20m self-help to support margins. Exor: Announces oversubscribed €1bn SBB tender offer, strike at VWAP +2%. Flow Traders: Mike drop. Fugro: 1Q25 as expected but outlook a question mark. IMCD: Breaking with tradition: CEO gone within 15 months. Kinepolis: Weak 1Q25, offset by a strong 2Q25 start. KPN: Small 1Q25 EBITDAal beat, guidance reiterated. Randstad: Capital Markets Event. RELX: 1Q25 trading...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
Exor Press Release - Tender Offer Result
Exor Press Release - Tender Offer Result THIS PRESS RELEASE IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. Amsterdam, 24 April 2025 EXOR ANNOUNCES OVERSUBSCRIBED TENDER OFFER, AS PART OF €1 BILLION SHARE BUYBACK PROGRAM Exor N.V. (“Exor” or the “Company”) announces the results of the Tender Offer set out in the Offer Memorandum published by the Company on 26 March 2025 (the “Offer Memorandum”). ...
Exor Press Release - Announcement of the Reference VWAP for the Tender...
Exor Press Release - Announcement of the Reference VWAP for the Tender Offer THIS PRESS RELEASE IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. Amsterdam, 17 April 2025 EXOR N.V.: ANNOUNCEMENT OF THE REFERENCE VWAP FOR THE TENDER OFFER On 17 April 2025, the reported closing price of the Ordinary Shares on Euronext Amsterdam was EUR 78.30 per Ordinary Share. The volume weighted average market pri...
Exor Press Release - Karl Guha Nomination
Exor Press Release - Karl Guha Nomination Amsterdam, 10 April 2025 ING CHAIRMAN KARL GUHA NOMINATED TO JOIN EXOR BOARD Exor nominates ING Chairman Karl Guha as a non-executive member of its Board of Directors, subject to approval at the Company’s next Annual General Meeting on 22 May 2025. Karl is an international banker with over three decades of experience across the United States, Europe, Australia and Asia. He began his career at ABN Amro in 1989, holding various executive roles. He then served as Group Chief Risk Officer of Unicredit (2008-2013) and Chairman of the Managing Board...
- David Vagman
- CFA
- Hans D’Haese
Exor/Committing to NAV per share growth/BUY
After the successful sale of 7m Ferrari shares for a total consideration of €3bn and taking into account Exor's €1bn share buyback (SBB), the rest of the proceeds are to be used to pursue diversification into the healthcare, luxury and technology sectors. This will balance the cyclical profile of Stellantis and CNHi (together 21% of NAV) and the overweight in Ferrari (43% of NAV). We see the upcoming investment as a catalyst for the stock considering its impressive track record while potential o...
- 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
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