reports
- ING Helpdesk
Benelux Morning Notes
Acomo: Acquires Manuzzi, expanding footprint in Southern Europe ASR: Ingrid de Swart to succeed Jos Baeten as CEO of ASR in May 2026 Fagron: Antitrust clearance for Brazilian Purifarma and Injeplast deals PostNL: Relaxation USO D+3 brought forward, pre-earnings analyst call 3Q25 Sofina: Over €0.5bn of additional firepower
- 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
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Livio Luyten
Sofina Sofina launches €545 rights offering
This morning Sofina announced a rights offering of up to €545.6m, issuing a maximum of 2,446,428 new shares at €223.00 per share. This represents a 12.1% discount to the TERP of €253.61 (based on the 23 September 2025 closing price of €255.80). The subscription ratio is 1 new share for 14 preferential rights. The proceeds aim to enhance Sofina's investment platform, enabling increased capital deployment, larger investment tickets, and flexibility in exit timing. Sofina's reference shareholder (c...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Livio Luyten
Sofina TikTok deal nears, clearing political overhang on Sofina's larg...
The WSJ reported that ByteDance, parent of TikTok, is nearing a deal to resolve U.S. regulatory concerns. A consortium led by Oracle, Silver Lake, and Andreessen Horowitz are set to control 80% of its U.S. business under a U.S.-China framework. The arrangement also includes an American-dominated board and Oracle handling U.S. user data in Texas, while licensing ByteDance's algorithms. Sofina acquired a minority stake in ByteDance in 2016 through a special purpose vehicle alongside other investor...
- Guy Sips
- Livio Luyten
- Thibault Leneeuw
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
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 ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Guy Sips
What's Cooking? Acquisition in Rennes contributing immediately to 1H25...
We saw a good set of 1H25 results as a 13% y/y increase in turnover translates into an increase in underlying operating profit from EUR 8.4m (excluding Savoury business) to €12.7m although raw material costs remain historically high, mainly for animal proteins and ingredients. Energy and transport costs have also risen further. We maintain our positive stance (Accumulate, € 135 Target Price) as What's Cooking? expects to continue the good results of 1H25 in 2H25. They expect FY25 REBITDA to be b...
- Livio Luyten
Sofina Cognita €6bn deal collapse impacts Sofina's 13.4% stake
A €6bn private equity deal for Cognita, a UK-based private school operator and one of Sofina's key holdings, is on the brink of collapse. Jacobs Capital, the majority shareholder, aimed to sell a significant stake in Cognita in Apr'25. The stake sale to the primary bidders, Blackstone and CVC, is now unlikely to proceed, according to the Financial Times. The deal's failure stems from a valuation mismatch and the UK's new 20% VAT on private school fees, which has introduced market uncertainty. In...
- 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.
- ING Helpdesk
Benelux Morning Notes
ASM International: 2Q25 Results; Positive tone, weak orders. CM.com: 1H25 results; disappointing performance, guidance downgrade. Gimv: Gimv fuels Hemink's sustainable expansion. KPN: Solid 2Q25, guidance raised largely on €25m IPR claim benefit. Philips: 2Q25 Preview; improvement needed. Randstad: 2Q25 in line; outlook touch below; FX spoils the party but operational leverage story is unfolding. Sofina: Newsletter #16. Universal Music Group: EU opens in-depth investigation into Downtown ...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding...
Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, ...
- ING Helpdesk
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
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