reports
- ING Helpdesk
Benelux Morning Notes
AMG: Withdraws guidance on Covid-19. Deceuninck: exceptional 1Q20 release due to Covid-19 outbreak. IMCD: Have you seen any Covid-19 effect? Orange Belgium: 1Q20 preview. Randstad: preview of 1Q20 results due on Wednesday 22 April Royal Philips: Strong order intake but weak profitability Coverage change: VolkerWessels
- Albert Ploegh
- CEFA
- David Vagman
- CFA
- Hans D’Haese
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Quirijn Mulder
- Reginald Watson
- CFA
- Stijn Demeester
- Tijs Hollestelle
Benelux thematic equity research/Covid-19 scenario analysis
The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attracti...
DSM KONINKLIJKE DSM N.V.
HEIA HEINEKEN NV
ENX EURONEXT NV
NVJP UMICORE
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
COV COVIVIO SA
GFC GECINA SA
600690 HAIER SMART HOME CO. LTD. CLASS A
TOM2 TOMTOM NV
AKU1 AKZO NOBEL N.V.
GBLB GROUPE BRUXELLES LAMBERT SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
BEFB BEFIMMO SA
AGN AEGON NV
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
FUR FUGRO NV CERT OF SHS
WHA WERELDHAVE N.V.
A14V70 FLOW TRADERS NV
PHIA KONINKLIJKE PHILIPS N.V.
FAGR FAGRON SA
WKL WOLTERS KLUWER NV
INTO INTERVEST OFFICES & WAREHOUSES SA
EVS EVS BROADCAST EQUIPMENT SA
BAR BARCO NV
LEAS LEASINVEST REAL ESTATE SCA
HOMI HOME INVEST BELGIUM SA
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
RAND RANDSTAD NV
A2JH5S UNIBAIL-RODAMCO SE
EXM EXMAR N.V.
TESB TESSENDERLO GROUP N.V.
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
SOLB SOLVAY SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
CLB CORE LABORATORIES NV
ACOMO AMSTERDAM COMMODITIES N.V.
REN RELX NV
COFB COFINIMMO SA
LOTB LOTUS BAKERIES NV
CFEB COMPAGNIE D'ENTREPRISES CFE SA
REC RECTICEL SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
DECB DECEUNINCK S.A.
ECMPA EUROCOMMERCIAL PROPERTIES NV
SIP SIPEF GROUP
VASTN VASTNED RETAIL NV
SIOE SIOEN INDUSTRIES N.V.
ASM ASM INTERNATIONAL N.V.
GIMB GIMV NV
ORDI ORDINA N.V.
NIUWF NSI NV
RET RETAIL ESTATES NV
QFG QUEST FOR GROWTH
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
WDP WAREHOUSES DE PAUW SCA
ACKB ACKERMANS & VAN HAAREN NV
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
ACCEL ACCELL GROUP N.V.
ELI ELIA GROUP SA/NV
DWNI DEUTSCHE WOHNEN SE
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
KENDR KENDRION NV
AALB AALBERTS N.V.
KBCA KBC ANCORA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
BPOST BPOST SA
ONTEX ONTEX GROUP N.V.
ADJ ADLER GROUP SA
MITRA N.V. MITHRA PHARMACEUTICALS S.A.
LIGHT SIGNIFY NV
MELE MELEXIS NV
BBED BETER BED HOLDING N.V.
ASC ASCENCIO SCA
TWEKA TKH GROUP N.V. CERT
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
INX IMCD N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
GVNV GRANDVISION NV
CRES COIMA RES S.P.A.
RDSB ROYAL DUTCH SHELL PLC CLASS B
ABI ANHEUSER-BUSCH INBEV SA/NV
KVW KONINKLIJKE VOLKERWESSELS N.V.
AVTX AVANTIUM NV
OBEL ORANGE BELGIUM SA
BALTA BALTA GROUP
NIBC NIBC HOLDING N.V.
BSGR B&S GROUP S.A.
AC8 AUSCANN GROUP HOLDINGS
MTL ARCELORMITTAL
3NY1 NYRSTAR
VONOVIA SE
FNG FNG NV
53812 AGEAS N.V.
DWS0D2 DWS AKTIEN SCHWEIZ
ARM ARIMA REAL ESTATE SOCIMI SA
AL8 ALDERAN RESOURCES
MARELE INVERSIONES S.A.
- ING Helpdesk
- ING Helpdesk
- Marc Zwartsenburg
- CEFA
ING Benelux equities screening/Coronavirus impact
The coronavirus continues to dominate the news headlines and in terms of number of infections has already exceeded the SARS number from 2003. What the impact will be on equity prices is uncertain and very much dependent on how rapidly the virus can be controlled and contained. Meantime, the measures being taken to control the spread are hitting world trade. Although the SARS outbreak saw only a temporary and limited impact, we feel with: (1) China now much more dominant in world trade; (2) faste...
DSM KONINKLIJKE DSM N.V.
HEIA HEINEKEN NV
NVJP UMICORE
PROX PROXIMUS SA DE DROIT PUBLIC
APAML APERAM SA
KPN ROYAL KPN NV
TOM2 TOMTOM NV
AKU1 AKZO NOBEL N.V.
GBLB GROUPE BRUXELLES LAMBERT SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
AGN AEGON NV
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
FUR FUGRO NV CERT OF SHS
A14V70 FLOW TRADERS NV
PHIA KONINKLIJKE PHILIPS N.V.
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
BAR BARCO NV
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
RAND RANDSTAD NV
EXM EXMAR N.V.
BAMNB KONINKLIJKE BAM GROEP NV
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
SOLB SOLVAY SA
AF AIR FRANCE-KLM SA
CLB CORE LABORATORIES NV
ACOMO AMSTERDAM COMMODITIES N.V.
LOTB LOTUS BAKERIES NV
CFEB COMPAGNIE D'ENTREPRISES CFE SA
REC RECTICEL SA
DECB DECEUNINCK S.A.
SIOE SIOEN INDUSTRIES N.V.
ASM ASM INTERNATIONAL N.V.
GIMB GIMV NV
ORDI ORDINA N.V.
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
ACCEL ACCELL GROUP N.V.
ELI ELIA GROUP SA/NV
SLIGR SLIGRO FOOD GROUP N.V.
KENDR KENDRION NV
AALB AALBERTS N.V.
KBCA KBC ANCORA SCA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BPOST BPOST SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
MELE MELEXIS NV
BBED BETER BED HOLDING N.V.
TWEKA TKH GROUP N.V. CERT
INX IMCD N.V.
RDSB ROYAL DUTCH SHELL PLC CLASS B
ABI ANHEUSER-BUSCH INBEV SA/NV
TKWY JUST EAT TAKEAWAY.COM N.V.
KVW KONINKLIJKE VOLKERWESSELS N.V.
AVTX AVANTIUM NV
OBEL ORANGE BELGIUM SA
BALTA BALTA GROUP
NIBC NIBC HOLDING N.V.
BSGR B&S GROUP S.A.
AC8 AUSCANN GROUP HOLDINGS
FNG FNG NV
53812 AGEAS N.V.
MARELE INVERSIONES S.A.
Koninklijke Volkerwessels N.V.: 1 director bought
A director at Koninklijke Volkerwessels N.V. bought 14,995 shares at 21.900EUR and the significance rating of the trade was 83/100. 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 last ...
- ING Helpdesk
Benelux Morning Notes
AB InBev: Miss Saigon. ASML: 4Q19 results – FY20 should be good. Basic-Fit: FY19 preview - consensus optimistic on modeling issues, fundamentals strong. Dutch construction: Market expected to drop 1% Heineken: Good Morning Vietnam Randstad: Consensus published; no surprise expected; preview FY19F
VOLKERWESSELS WI sees an upgrade to Slightly Positive due to a better ...
The general evaluation of VOLKERWESSELS WI (NL), a company active in the Heavy Construction industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 17, 2020, the closing pric...
- ING Helpdesk
Benelux Morning Notes
BAM, VolkerWessels: Second caisson successfully put into position. Euronext: 2022 financial targets (organic) in line, explicit on M&A ambitions. Fagron: 2% organic sales growth beat, Wichita yet to accelerate. Flow Traders: Low seasonal headwinds on 3Q19. FNG: Reorganisation of its Dutch head offices
- ING Helpdesk
TOM2 TOMTOM NV
TNET TELENET GROUP HOLDING NV
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
BAR BARCO NV
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
RAND RANDSTAD NV
BAMNB KONINKLIJKE BAM GROEP NV
BOKA KONINKLIJKE BOSKALIS WESTMINSTER N.V.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB AALBERTS N.V.
BPOST BPOST SA
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
INX IMCD N.V.
KVW KONINKLIJKE VOLKERWESSELS N.V.
OBEL ORANGE BELGIUM SA
BSGR B&S GROUP S.A.
53812 AGEAS N.V.
Benelux Morning Notes
Euronext: On track to reach FY19 cost guidance. KBC: Underlying results in line (solid), CET1 underlying a touch light. NN Group: Decent results but less strong than headlines suggest. SBM Offshore: Moving forward, preferably fast. Sligro: Ambitious goals for the Belgian operations. TomTom: Capital repayment sheds light on attractive FCF yield. VolkerWessels: Solid first quarter
Benelux Morning Notes
Euronext: Regulatory clearance obtained to acquire up to 100% of Oslo Børs VPS. Fagron: Gains foothold in Mexican market with €16.5m Cedrosa acquisition. Heijmans: Dutch SME sector lobbies for shorter payment terms. NN Group and Ageas: Potential interest in Spanish Caser (press articles). VolkerWessels: Preview: Be aware of IFRS 16
Benelux Morning Notes
AB InBev: And the brand played on. Ackermans & Van Haaren: FY18 in line but quality, outlook disappoint. Adecco: 4Q18 results in line but deceleration of trend in Jan/Feb. AMG: 4Q18 EBITDA beats by 15% driven by Vanadium. CFE: Weaker-than-expected results at DEME. Merlin Properties: delivering on promises. Recticel: A lot of uncertainties at this point. VolkerWessels: Numbers arrive in line with estimates
Benelux Morning Notes
ASM International: Preview 4Q18 – outperforming the sector. BAM: Preview - very likely to meet its guidance. BE Semiconductor Industries: Preview 4Q18 – expect a slow start to the year. Beter Bed: Preview - 2H18F margins and cash flow. B&S Group: Preview - heading for a strong last quarter. NSI: Small acquisition in Leiden. Retail Estates: Higher pay-out ratio drives dividend. VolkerWessels: Preview: To meet its guidance
Benelux Morning Notes
Cofinimmo: to ‘double healthcare assets in 5 years'. Colruyt: Feedback from analyst meeting. Corbion: Steady as she goes. EVS: €4.2m contract. Orange Belgium: Testing 5G in Brussels in 2019, commercial launch in 2020. SBM Offshore: Mero-2 postponed. Sif Group: SeaMade already in the 2019 order book. Van Lanschot Kempen: Sale of a non-strategic stake in Medsen – book gain €35m. VolkerWessels: JV with BBGI (sell PFI stakes).
- Marc Zwartsenburg
- CEFA
ING Benelux coverage screening/Brexit cracks it
Prime Minister May has postponed the Parliamentary vote on Brexit which makes for a more volatile period for the UK economy and markets. Although Brexit concerns seem largely priced in, we believe Brexit-exposed stocks could still be impacted as long as a broader global recession is looming. In anticipation, we perform a Brexit screening of ING's Benelux coverage, excluding Real Estate, in which we consider direct UK exposure as well as indirect exposure and we back-test this against fears that ...
AKU1 AKZO NOBEL N.V.
AGN AEGON NV
A14V70 FLOW TRADERS NV
RAND RANDSTAD NV
WES WESSANEN B.V.
BAMNB KONINKLIJKE BAM GROEP NV
REC RECTICEL SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
ACCEL ACCELL GROUP N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
GVNV GRANDVISION NV
KVW KONINKLIJKE VOLKERWESSELS N.V.
BALTA BALTA GROUP
Benelux Morning Notes
Aedifica: No surprise, ahead of guidance. Bekaert: Continues to see 2H18 EBIT up HoH. B&S Group: 3Q18 preview - expected to be qualitative. EVS: Better 3Q, guidance maintained. Fugro: Straightforward. IBA: guidance reiterated, new PT One contract signed. Kinepolis: In line 3Q visitors, inferior mix. Merlin Properties: office rents growing, retail not selling. NN Group: Review – Solid operating capital generation and non-life performance. Ontex: Changing of the guard, Charles II. SBM ...
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