Morning Notes : DIE BB

: DIE BB

D'Ieteren All eyes on Belron in 2H25

Following the publication of D'Ieteren's 1H25 results, we have slightly adjusted our estimates to the downside and currently bank on an FY25 adj. PBT (gs) of € 935m (prev. € 946m). Adjusting for constant exchange rates, our estimates imply a 2.8% growth on a comparable basis, or in line with the group's guidance (slight increase). While our new estimates reflect lower margin assumptions for Belron and TVH Parts, this effect is partially offset by lower financing costs at Belron on the back of fa...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/09/2025

Ontex : Post H1 results, we remain skeptical of the new guidance: Neut...

Benelux Morning Notes

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Basic-Fit Frontloaded Costs, Strengthened Liquidity, and Upward Valuat...

We revise our FY25 and FY26 underlying EBITDA less rent forecasts upward by +3.2% and +1.7%, respectively. Our FY25 estimate now stands at EUR 343.6m, which remains at the lower end of management's guidance range (EUR 330–370m). Importantly, we lower our risk premium following the EUR 350.0m in additional secured bank financing obtained in 1H25. This enhanced liquidity profile and extended maturities reduce refinancing risk and support our confidence in Basic-Fit's capital structure. As a result...

Morning Notes : BFIT NA, TINC BB, WDP BB

: BFIT NA, TINC BB, WDP BB

D`ieteren Group: 2 directors

Two Directors at D`ieteren Group bought 4,500 shares at between 162.611EUR and 165.970EUR. 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 directors over ...

Benelux Morning Notes

Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...

Argen X SE: 2 directors

Two Directors at Argen X SE sold 10,608 shares at between 609.000EUR and 610.600EUR. 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 directors over the la...

D'Ieteren No room for error in 2H25, with Belron in focus

1H25 results disappointed with the adj. PBT (gs) down 22.7% to € 452.4m (kbcse: € 493m, css: € 475m). Note that on a comparable basis, the adj. PBT (gs) only decreased by 8.7%, but remained below the full year guidance (slight improvement). The miss was driven by a weak performance at TVH Parts, and only modest margin improvement at Belron. While the reiteration of the FY25 outlook implies a big step up in Belron's margins in 2H25, we give the group the benefit of the doubt. This because manage...

Benelux Morning Notes

Avantium: Expanded rights. CVC Capital Partners: 1H25 results. D'Ieteren: 1H25 5% miss, guidance reiterated on confidence for a much better 2H25. Kinepolis: August 2025 box office revenue/ attendance in US/Canada, France down >20%

Morning Notes : DIE BB, HOMI BB, CTPNV NA

: DIE BB, HOMI BB, CTPNV NA

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 ...

D'Ieteren 1H25: Soft results, but reiterated outlook implies large ste...

1H25 results disappointed, with the adj. PBT (gs) down 22.7% to € 452.4m (kbcse: € 493m, css: € 475m). On a comparable basis, the adj. PBT (gs) only decreased by 8.4%, falling short of the “slight improvement” guided for FY25. The miss was driven by soft results at TVH Parts and only modest margin improvement at Belron. While the reiteration of the FY25 outlook implies a big step up in Belron's margins in 2H25, we give the group the benefit of the doubt. This because management highlighted durin...

Benelux Morning Notes

D'Ieteren: Belgian August car registrations down 11%, easy comps, VW down 8.4% Gimv: Cash in motion: over €300m invested, still €400m to go. KPN: KPN and Vodafone yearly mobile price increases

Morning Notes : CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, ...

: CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, JDEP NA

D'Ieteren 1H25 Preview

On September 3rd, D'Ieteren's will report its 1H25 results after market close. In our estimates, we expect the adj. PBT (gs) to decline 15.8% on a reported basis to € 493m (css: € 475m). Note however that we expect this decline to be fully driven by refinancing as our estimates still assume a 1.1% increase in adj. EBIT (gs). As usual, the highlight of the results will be the performance at Belron. Contrary to the traditional seasonality, we expect margin improvement at Belron to be weighed towar...