reports
- Kristof Samoy
CMB.Tech Supplementary payment of $0.52 on former bid price and bid re...
On September 6th the market court of Brussels ruled on a case between CMB (reference shareholder of CMB.Tech, formerly Euronav) and FourWorld. The court found that the pricing of certain vessels sold by Euronav to Frontline last November implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 per Euronav share. In connection with CMB's mandatory takeover bid for Euronav (presently CMB.Tech) earlier this year, the FSMA now made public its decision to require...
- Kristof Samoy
- Sharad Kumar S.P
- ING Helpdesk
Benelux Morning Notes
Ageas: The Saga continues. ASM International: KKR reportedly interested in ASM PT. D'Ieteren: Belron €8.1bn debt financing at better rates than expected. Elia: Challenges ahead, CEO appointment necessary. Gimv: €150-250m bond issue by Gimv controlling anchor investor WorxInvest. PostNL: Preparation letter on future of Dutch mail market sent to Parliament. Vonovia: Good progress on disposals
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update October 2024 – Adding NN Group
We maintain a defensive stance on the market for 2H24. The long anticipated expectations for interest rate cuts by central banks will finally come to pass. The election fever in the US is reaching boiling point and the conversations are becoming more polarised than before. Also corporate profit growth in Europe slows and the French elections have cast a negative spell. In Germany by-elections in the Eastern part showed a shift to extreme right and left that will make budget decisions even more ...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
COFB COFINIMMO SA
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
TINC TINC COMM. VA
FUR FUGRO NV
SYENS SYENSQO
- Wim Lewi
Elia Group Analyst Day Take-Aways
Elia hosted its first Analyst day on the site of its National Control Center (NCC) in Vilvoorde (BXL). Elia intended mainly to educate Analysts on its operations, but also provided a Q&A session with the (interim) CEO and CFO. A new CEO is expected before the year end. Elia is examining different scenario's on the equity needs. There is a lot of noise at the moment with a new government shift in BE, potential early elections in GE and the pending sale of Tennet. The visit to the NCC gave a perfe...
- Baptiste Salaville
- Charlotte Vaisse
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/10/2024
Rechutant début septembre à cause des inquiétudes sur un risque de récession aux USA, les marchés actions se sont ensuite repris grâce au pivot de la Fed et au plan de relance chinois qu’on n’attendait plus. La baisse des taux courts permet de mettre fin à l’inversion de la courbe sur les rendements souverains. Autos, Energy et Healthcare ont nettement sous-performé le Stoxx 600. Demain, la Golden Week, l’élection US et le budget français seront clés pour une poursuite de la progressi...
- Baptiste Salaville
- Charlotte Vaisse
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/02/2024
Falling back sharply in early September due to concerns about a risk of recession in the US, equity markets then recovered thanks to the Fed's pivot and the Chinese stimulus plan that was no longer expected. The fall in short-term rates did put an end to the inversion of the curve on sovereign yields. Autos, energy and healthcare significantly underperformed the Stoxx 600. To come, Golden Week, the US election and the French budget will be key to a continued market progress. With, of ...
- Thijs Berkelder
Elia Group : Not yet a new CEO but on track to deliver on its growth p...
>Feedback analyst day - Yesterday, Elia Group held its Analyst Day in its Belgian National Control Centre in Schaerbeek, near Brussel. Next to the expanded IR team also present were interim-CEO Catherine Vandenborre and interim-CFO Marco Nix. Selection new CEO takes more time. Where analysts were hoping for a surprise CEO reveal party, reality is that Elia is still busy with the selection of a new CEO preferable having experience in an international industrial gr...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
- Francesca Ferragina
- Hans D’Haese
- Jason Kalamboussis
- Javier Campos Unda
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Quirijn Mulder
- Reg Watson
- CFA
- Stijn Demeester
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/ASM, ASR, D'Ieteren, EVS, Fugro, Randstad, SBM ...
We refresh our ING Benelux Favourites list. We still apply a fundamental bottom up approach in which we select stocks that provide the best (relative) upside within our Benelux coverage universe and these stocks need clear catalysts. Besides this, we screen our ING Benelux coverage universe on some key investment themes that are topical and which could affect earnings potential and thus a stock's share price performance: (1) interest rate/refinancing opportunity in a lower rates environment; (2)...
- David Vagman
- CFA
D'Ieteren/Digesting the deal, we see a nice entry point/BUY
The shares have underperformed >15% since the announcement of the family transaction and €4bn dividend, €74 per share. We think this is excessive. The shares imply that: (1) all shareholders price in the maximum 30% withholding tax despite a majority not paying it; and (2) the ‘remainco' discount is up from 30% to c.45%. Tax aside, post dividend, the ‘remainco' will trade at >50% discount. Post dividend, there is >70% upside to our new €196 target price, which factors in a 20% discount, up from ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
D`ieteren Group: 1 director
A director at D`ieteren Group bought 1,300 shares at 197.959EUR and the significance rating of the trade was 75/100. 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 clear...
- Quirijn Mulder
Elia/Rapid growth/HOLD
Elia is a good company in the sweetspot of the EU's ambitious plans to have one European electricity network and with Germany-specific plans to replace nuclear power with wind. Elia's asset base is growing fast, with €31bn in capex until FY28 being more than quadruple the FY19-23 level. This is good for profitability in its regulatory framework. While its growth means that the company deserves a premium to its peers, at the same time Elia falls >60% short of the dividend yield offered by peers. ...
- Nadège Tillier
Elia/Holding tight
The Elia Group's results for the first six months of 2024 showed some growth and management upgraded its bottom-line guidance for year-end 2024. The group's capital expenditure reached €1,736m and should total €4,700m by the end of the year. A substantial part of the investments requires new financial debt and mitigating measures, such as additional capital increases. We expect new bond issuance on the € market to be regular in order to finance capex and redemptions. Elia issues bonds at three e...
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Michiel Declercq
D'Ieteren Shareholder shift & extraordinary dividend in focus after go...
D'Ieteren reported a good set of 1H24 results, with the adj. PBT (gs) up 6.4% to € 586m (kbcse: € 572m, css: € 546m), while FCF (gs) improved materially to € 540m (1H23: € 187m). The group also confirmed its outlook. More important was the shareholder reorganisation, with Nayarit to acquire 16.7% from SPDG. Secondly, D'Ieteren announced the proposal of an extraordinary dividend of € 74 per share. Buy and € 260 TP reiterated.
- ING Helpdesk
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