Benelux Morning Notes

AkzoNobel: 3Q25 in-line, FY guidance trimmed, €300m provision for Ichthys court case. Gimv: ImCheck Therapeutics checked out. Heineken: 3Q25 trading update; outlook FY25 slightly lowered. KPN: Ziggo 2Gbits internet roll out for c.7m homes by end 2025, full Netherlands by 2026. Randstad: 3Q25 result beats 5%; outlook 4Q25 also beats; strong OPEX performance

Morning Notes : AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

: AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

Morning Notes : AGFB BB, EXM BB, FLOB BB, GLPG NA, GIMB BB, AUTL US

: AGFB BB, EXM BB, FLOB BB, GLPG NA, GIMB BB, AUTL US

Belysse Weak 3Q revenue performance

3Q25 revenue dropped by 10.9%, which was below our forecast of about -1%. Both Europe and US saw revenue decline by double digits, although the drop in the US was only mid single digits when excluding FX effects. 3Q25 adjusted EBITDA was not disclosed but was said to be down y/y, which is not surprising given the weak top line momentum. We have lowered our FY25 and FY26 adjusted EBITDA forecasts by respectively 10% and 8%. Despite the disappointing top line momentum, valuation continues to look ...

Morning Notes : ASRNL NA, FAGR BB, HAL NA, TESB BB

: ASRNL NA, FAGR BB, HAL NA, TESB BB

Hal Trust Top tier investment firm with a fading appeal

HAL Trust, a prestige investment firm, has delivered over 100x returns to shareholders since 1977 with a small, talented team. Its portfolio stands out with maritime assets like Boskalis (33% of NAV), Vopak (14.3%), SBM Offshore (5%), and well-known names like Coolblue and Siltronic. Despite this, HAL's share price is down 20% from its peak in 2016 and the stock is trading at a 24% discount to book value. Apart from sluggish portfolio performance, we see four reasons for fading investor interes...

Morning Notes : GIMB BB, HEIA NA, WDP BB

: GIMB BB, HEIA NA, WDP BB

Hal Trust: 1 director

A director at Hal Trust maiden bought 350 shares at 139.880EUR and the significance rating of the trade was 70/100. 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 two years clearl...

Belysse 1H adjusted EBITDA down on Europe but market bottoming out?

1H adjusted EBITDA dropped by c. 20% which was below our expectations. Belysse. The decline is entirely due to Europe, as the US business held up very well and even increased adjusted EBITDA y/y, on stable volumes and higher unitary margins. After the weaker than expected 1H performance, we have lowered our FY25/26 adjusted EBITDA forecasts by c. 9%. Nevertheless, European volumes appear to be bottoming out and any volume rebound might have a significant positive effect on margins. Valuation con...

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 : ACKB BB, AGS BB, GIMB BB, ONWD BB

: ACKB BB, AGS BB, GIMB BB, ONWD BB

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/08/2025

HAL Trust : Underlying H1 EPS up 85% to € 10.3 ps

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

REVISED VERSION - Benelux Morning Notes - updated to include IBA news

CFE: 1H results a bit light, FY outlook maintained. CMB.TECH: VLCC reasonable, pressure on Dry Bulk rates. dsm-firmenich: Givaudan CMD; Strategy 2030. Gimv: Investing in specialised healthcare services in the Netherlands. IBA: More sales but at lower margin

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/15/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 15/08/2025

HAL Trust : Boskalis H1 results far better than expected

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...