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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Alfen: CEO intends to retire early. D'Ieteren: Belgian June car registrations down 16%, VW down only 5%, good mix. Euronext: Bearing gifts to Greeks. JDE Peet's: Instant Decaf

Guy Sips ... (+9)
  • 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, ...

Carole Braudeau
  • Carole Braudeau

Credit Morning 07/01/2025

Acqua e Sapone: high cash burn in Q1 and higher leverage|Flos B&B Italia Group dissolves its joint venture with Fendi|BBVA goes ahead with Sabadell offer|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 01/07/2025

Acqua e Sapone : consommation de cash importante au T1 et hausse du levier|Flos B&B Italia met fin à sa JV avec Fendi|BBVA décide de poursuivre son offre sur Sabadell|

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Basic-Fit: Expands and extends banking facility. PostNL: USO mail proposal – step in right direction but timing late, no compensation. Umicore: Raises FY 2025 EBITDA guidance by c.9%

Jacob Mekhael ... (+6)
  • Jacob Mekhael
  • Livio Luyten
  • Michiel Declercq
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste

Morning Notes : ARGX BB, BFIT NA, PNL NA, QFG BB, UMI BB, BTLS BB, ONW...

: ARGX BB, BFIT NA, PNL NA, QFG BB, UMI BB, BTLS BB, ONWD BB, JDEP NA

Jacob Mekhael
  • Jacob Mekhael

argenx FDA FAERS reporting flags Vyvgart Hytrulo in routine update

Yesterday during trading hours, the FDA flagged worsening of CIDP with Vyvgart Hytrulo as a new safety signal via a routine update to the FDA adverse event reporting system (FAERS), which sent the argenx' stock down approx. 8%. While CIDP worsening was also reported in patients switching between treatments from IVig to SCig in the PATH study, physicians navigate treatment switches carefully, and based on argenx' own post-marketing surveillance,

Jacob Mekhael
  • Jacob Mekhael

argenx FIRST LOOK: ARGX-119 Ph1b shows POC in CMS, Ph3 in preparation

argenx announced its plan to advance the clinical development of ARGX-119 (muscle-specific kinase [MuSK] agonist antibody) to a registrational study in patients with congenital myasthenic syndromes (CMS) following the analysis of topline data from the phase 1b study, which showed consistent improvements through the 12-week study across multiple efficacy scores. This marks the 3rd candidate to advance to phase 3 from argenx' internal pipeline, which in our view supports the company's future growt...

Guy Sips ... (+6)
  • Guy Sips
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Thomas Couvreur
 PRESS RELEASE

argenx Advances Clinical Development of ARGX-119 in Congenital Myasthe...

argenx Advances Clinical Development of ARGX-119 in Congenital Myasthenic Syndromes Phase 1b study supports proof-of-concept in DOK7 congenital myasthenic syndromes Decision informed by favorable safety profile and consistent functional improvement over time across multiple efficacy measures Advancing ARGX-119 further validates strong track record of Immunology Innovation Program (IIP), argenx's collaborative discovery model June 30, 2025, 7:00 AM CET Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company committed to improving the lives of p...

Maxime Stranart
  • Maxime Stranart

Ontex/Another year of heavy restructuring ahead/HOLD (Change in primar...

We downgrade Ontex from Buy to HOLD and cut our target price from €13.83 to €8.2 following a change in primary analyst. We expect 2025 to be another year of heavy restructuring, leading to peak capex which is required, in our view, to modernise its industrial footprint and enable it to compete profitably on larger contracts going forwards. We see this limiting Ontex's organic growth in the short term to 2.7% in FY25F, despite capex on sales of c.6%. Although €115m in divestment proceeds is expec...

Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
Felix Fischer ... (+6)
  • Felix Fischer
  • Haidje Rustau
  • Peter Low
  • Si Yong Ng
  • Tanvi Arora
  • Trung Nguyen

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Almaviva, Iliad, Ontex, Techem, Softbank Group, Sammontana Italia, Maxam Prill, Modulaire

 PRESS RELEASE

Ontex Group NV announces the redemption of the outstanding 3.500% seni...

Ontex Group NV announces the redemption of the outstanding 3.500% senior notes due 2026 Regulated information Aalst, Belgium, June 26, 2025 – Ontex Group NV (the “Issuer”) is pleased to announce that, pursuant to an unconditional notice of redemption dated June 26, 2025, it has notified the holders of the 3.500% Senior Notes due 2026 (ISIN: BE6329443962) (the “Notes”), that it will redeem all of its remaining outstanding Notes, plus accrued and unpaid interest and additional amounts, if any, on July 15, 2025. Following the cash tender offer launched in March and concluded in April 2026, wh...

 PRESS RELEASE

Ontex Group NV kondigt de aflossing aan van diens uitstaande 3,500% se...

Ontex Group NV kondigt de aflossing aan van diens uitstaande 3,500% senior obligaties met vervaldag in 2026 Gereglementeerde informatie Aalst, België, 26 juni 2025 – Ontex Group NV (de “Emittent”) is verheugd aan te kondigen dat, overeenkomstig een onvoorwaardelijke kennisgeving van aflossing gedateerd 26 juni 2025, het de houders van de 3,500% Senior Notes met vervaldatum in 2026 (ISIN: BE6329443962) (de “Notes”) heeft geïnformeerd dat het al zijn resterende uitstaande Notes zal aflossen op 15 juli 2025, inclusief opgebouwde en onbetaalde rente en bijkomende bedragen, indien van toepassin...

Jacob Mekhael
  • Jacob Mekhael

argenx European Commission approves Vyvgart SC in CIDP

argenx announced that the European Commission (EC) approved Vyvgart SC for the treatment of adults with progressive or relapsing active CIDP after prior treatment with corticosteroids or immunoglobulins, which comes in line with expectations following the positive CHMP opinion issued in April 2025. We anticipate a steady country by country EU launch, and continue to expect the US to remain the main driver for Vyvgart's commercial launch. We currently estimate approx. $ 1.1bn in peak sales for CI...

Hilde Van Boxstael ... (+3)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Wim Lewi
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