reports
- ING Helpdesk
- Adrian Pehl
- Marc Lavaud
FII LISI SA
VOE VOESTALPINE AG
SDF K+S AG
INH INDUS HOLDING AG
PAL PALFINGER AG
SEM SEMPERIT HOLDING AG
ADN1 ADESSO AG
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
POST OSTERREICHISCHE POST AG
TWEKA TKH GROUP N.V. CERT
CSM CORBION NV
FACC FACC AG
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
VT5 VT5 ACQUISITION COMPANY AG
SPG SPRINGER NATURE AG & CO. KGAA
CAN CANAL+
- Adrian Pehl
- Marc Lavaud
FII LISI SA
VOE VOESTALPINE AG
SDF K+S AG
INH INDUS HOLDING AG
PAL PALFINGER AG
SEM SEMPERIT HOLDING AG
ADN1 ADESSO AG
PAT PATRIZIA AG
SAX STROEER SE & CO. KGAA
POST OSTERREICHISCHE POST AG
TWEKA TKH GROUP N.V. CERT
CSM CORBION NV
FACC FACC AG
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
KTA KNAUS TABBERT
SFQ SAF-HOLLAND SE
VT5 VT5 ACQUISITION COMPANY AG
SPG SPRINGER NATURE AG & CO. KGAA
CAN CANAL+
- Martijn Den Drijver
- Martin Marandon-Carlhian
- Sinan Doganli
- Usama Tariq
- Martin Marandon-Carlhian
- Sinan Doganli
- Usama Tariq
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Thibault Leneeuw
- Thomas Couvreur
- Martijn Den Drijver
- ING Helpdesk
Benelux Morning Notes
Adyen: CMD press release; strong growth for the years ahead. Heijmans: Nice bolt-on! Kendrion: Hitting a 15.5% EBITDA margin in 3Q25. Staffing Sector: French staffing: September trend weaker but October outlook slightly better despite tougher comps. TKH Group: Weak 3Q EBITA, keeps FY outlook
- Roy Külter
- Steven Boumans
BVI BUREAU VERITAS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EVT EVOTEC SE
TNG TRANSGENE SA
ISS ISS A/S
ITRK INTERTEK GROUP PLC
BOSS HUGO BOSS AG
ACX ACERINOX SA
TRI TRIGANO SA
FAE FAES FARMA S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
DGM DIAGNOSTIC MEDICAL SYSTEMS
RUI RUBIS SCA
DIGI DIGI COMMUNICATIONS NV
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
HFG HELLOFRESH SE
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AG1 AUTO1 GROUP
SGSN SGS SA
SHA SCHAEFFLER AG
- Roy Külter
- Steven Boumans
BVI BUREAU VERITAS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EVT EVOTEC SE
TNG TRANSGENE SA
ISS ISS A/S
ITRK INTERTEK GROUP PLC
BOSS HUGO BOSS AG
ACX ACERINOX SA
TRI TRIGANO SA
FAE FAES FARMA S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
DGM DIAGNOSTIC MEDICAL SYSTEMS
RUI RUBIS SCA
DIGI DIGI COMMUNICATIONS NV
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
HFG HELLOFRESH SE
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AG1 AUTO1 GROUP
SGSN SGS SA
SHA SCHAEFFLER AG
- Martijn Den Drijver
- ING Helpdesk
Benelux Morning Notes
AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...
- 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.
- Martijn Den Drijver
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
BON BONDUELLE SCA
01913 PRADA S.P.A.
KENDR KENDRION NV
MONC MONCLER SPA
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRP TERAPLAST
AVTX AVANTIUM N.V.
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ATE ALTEN SA
BON BONDUELLE SCA
01913 PRADA S.P.A.
KENDR KENDRION NV
MONC MONCLER SPA
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRP TERAPLAST
AVTX AVANTIUM N.V.
- Martijn Den Drijver
TKH GROUP NV : Massive value creation in the works…if executed well
We upgrade TKH from Neutral to Outperform with a DCF/SOTP based price target of €48 per share. TKH has decided to divest Electrification (EF), Digitization and other non-core units, with the largest divestments expected in the next 6 to 18 months. We estimate the proceeds to be c. € 640m, of which the vast majority will be returned to shareholders via share buy backs. Together with regular dividend of the core activities, this implies a cash return (on average) in the next three years of € 7 per...
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