reports
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Exor Press Release - Announcement on Juventus
Exor Press Release - Announcement on Juventus Amsterdam, 13 December 2025 EXOR BOARD UNANIMOUSLY REJECTS TETHER’S PROPOSAL TO ACQUIRE EXOR’S CONTROLLING STAKE IN JUVENTUS Exor N.V. (“Exor” or the “Company”) announces that its Board of Directors has unanimously rejected an unsolicited proposal submitted by Tether Investments, S.A. de C.V. (“Tether”) to acquire all of the shares of Juventus Football Club S.p.A. (“Juventus” or the “Club”) owned by Exor. Exor reaffirms its previous, consistent statements that it has no intention of selling any of its shares in Juventus to a third party, incl...
- Marc Hesselink
- CFA
- Thymen Rundberg
Fastned/Ongoing bond raises, a lot more is needed/HOLD
Fastned's 3Q25 trading update showed charging volume growth picked up slightly vs prior quarters but remains below BEV penetration growth. We modestly raise volume estimates yet expect growth to slow and stay under BEV penetration levels and stay uncomfortable on the significant funding gap. We maintain our HOLD rating and lift our target price to €20.50 per share (from €20).
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November: Removing Xior; Adding Aedifica
The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...
Exor Press Release - Closing Announcement
Exor Press Release - Closing Announcement Amsterdam, 5 November 2025 EXOR ANNOUNCES THE CLOSING OF ITS NOTES OFFERING Exor N.V. announces the settlement of the previously announced offering of €600 million notes priced on 29 October 2025 with a fixed annual coupon of 3.75% and due on 5 November 2035. The notes, rated A- by S&P Global Ratings, have been listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market. This press release is not, and shall not contain or constitute, an offer to sell or a solicitation of an offer to buy or subscribe for the notes, nor ...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...
KPN ROYAL KPN NV
WKL WOLTERS KLUWER NV
VNA VONOVIA SE
UCB UCB S.A.
DIE D'IETEREN SA
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
EXO EXOR N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ALFEN ALFEN NV
DSC1 DUTCH STAR C SHAR
UMG UNIVERSAL MUSIC GROUP NV
VAR VAR ENERGI ASA
Exor Press Release - Pricing Announcement
Exor Press Release - Pricing Announcement Amsterdam, 29 October 2025 EXOR ANNOUNCES THE PRICING OF €600 MILLION NOTES MATURING IN 2035 Exor N.V. (rated A– with a stable outlook by Standard & Poor’s) announces that it has priced €600 million notes due 5 November 2035 carrying a fixed annual coupon of 3.75%, with an issue price of 99.386%. The purpose of the issue is to raise new funds for Exor’s general corporate purposes, including refinancing of existing debt. The notes will be listed on the Luxembourg Stock Exchange, admitted to trading on the Euro MTF Market, and the settlement of th...
- Thijs Berkelder
SSAB A SSAB AB CLASS A
POM PLASTIC OMNIUM SE
MBB MBB INDUSTRIES SE
ANA ACCIONA SA
RIEN RIETER HOLDING AG
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
WLN WORLDLINE SA
FTG111 FLATEXDEGIRO AG
TMV TEAMVIEWER AG
DSC1 DUTCH STAR C SHAR
FAST FASTNED
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
CABKA CABKA N.V.
- Thijs Berkelder
SSAB A SSAB AB CLASS A
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
MBB MBB INDUSTRIES SE
ANA ACCIONA SA
RIEN RIETER HOLDING AG
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
WLN WORLDLINE SA
FTG111 FLATEXDEGIRO AG
TMV TEAMVIEWER AG
DSC1 DUTCH STAR C SHAR
FAST FASTNED
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
CABKA CABKA N.V.
- Thijs Berkelder
Fastned : Time to recalibrate to weaker BEV outlook
Fastned is one of Europe’s leading fast-charging network operators in Europe with 380 stations in operation. Albeit aiming to accelerate its station expansion pace from 50 to 100-150 pa, it has not yet delivered on the desired construction pace, this while capex and operating expenses are exceeding earlier expectations, and its operational stations are also not keeping up with the market growth (session per station up 10% vs. BEV fleet +22%). Today, we further lower our expectations and downgrad...
- Ahmed Ben Salem
- Baptiste Lebacq
TEMN TEMENOS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
HCO HIGHCO SA
GLO GL EVENTS SA
ENI ENI S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
REP REPSOL SA
SIX2 SIXT SE
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
THEP THERMADOR HOLDING SA
FAST FASTNED
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- Ahmed Ben Salem
- Baptiste Lebacq
TEMN TEMENOS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
HCO HIGHCO SA
GLO GL EVENTS SA
ENI ENI S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
REP REPSOL SA
SIX2 SIXT SE
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
THEP THERMADOR HOLDING SA
FAST FASTNED
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- ING Helpdesk
Benelux Morning Notes
DEME Group: First Havfram vessel ready. Fastned: 3Q25 trading update – new stations boost growth, organic lags BEV penetration. NN Group & ASR: Pension reform on track for 1st tranche move from DB to DC in Jan 26. Sligro: Another weak trading update, but FY25 guidance reiterated. Talabat: Surprise CEO departure
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- ING Helpdesk
- Hilde Van Boxstael
- Livio Luyten
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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...
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
ROYAL VOPAK NV
VGP VGP NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- ING Helpdesk
Benelux Morning Notes
B&S: Sarabel launches recommended all cash offer; Belgian Telecoms: Digi confirms possible minority stake disposal in Spain; market test for Flanders cooperation agreement due any time; Exor: Great companies outperforming the benchmark; PostNL: Feedback on Capital Markets Day event 2025 - new strategy and ambitions 2028; UCB: Encouraging P2a data for Galvokimig in Atopic Dermatitis; Wolters Kluwer: Accelerating share buyback programme and good start to 2H25
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